Renasant Corp. Rating Lowered to Market Perform at Raymond James (RNST)
Renasant Corp. (NASDAQ:RNST) was downgraded by Raymond James from an “outperform” rating to a “market perform” rating in a research note issued on Thursday, TheFlyOnTheWall.com reports. They currently have a $31.00 price objective on the stock. Raymond James’ target price would indicate a potential upside of 2.45% from the company’s current price.
The analysts wrote, “Despite our less constructive view on the stock, we continue to view its fundamental story positively given further expected improvement in credit metrics and related costs, better than peer core loan growth, projected positive operating leverage, and improving profitability as the earnings accretion from the First M&F acquisition is realized,” the report noted. “Moreover, we believe it could re-enter the M&A arena this year, sooner than the Street may be anticipating.”
Several other analysts have also recently commented on the stock. Analysts at Keefe, Bruyette & Woods raised their price target on shares of Renasant Corp. from $28.00 to $32.00 in a research note to investors on Thursday. Analysts at Wunderlich raised their price target on shares of Renasant Corp. from $32.00 to $36.00 in a research note to investors on Wednesday, December 4th. They now have a “buy” rating on the stock. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Renasant Corp. currently has an average rating of “Hold” and an average target price of $30.37.
Renasant Corp. (NASDAQ:RNST) traded down 2.17% during mid-day trading on Thursday, hitting $30.26. The stock had a trading volume of 97,852 shares. Renasant Corp. has a one year low of $18.62 and a one year high of $32.04. The stock has a 50-day moving average of $30.23 and a 200-day moving average of $28.21. The company has a market cap of $949.0 million and a P/E ratio of 27.13.
Renasant Corp. (NASDAQ:RNST) last posted its quarterly earnings results on Tuesday, January 21st. The company reported $0.40 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.35 by $0.05. During the same quarter in the prior year, the company posted $0.29 earnings per share. On average, analysts predict that Renasant Corp. will post $1.24 earnings per share for the current fiscal year.
Renasant Corporation is a bank holding company. The Company owns and operates Renasant Bank (NASDAQ:RNST), a Mississippi banking association with operations in Mississippi, Tennessee, Alabama and Georgia, and Renasant Insurance, Inc, a Mississippi corporation with operations in Mississippi.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.