Renasant (NASDAQ:RNST) Price Target Raised to $44.00

Renasant (NASDAQ:RNST) had its target price hoisted by Hovde Group from $41.00 to $44.00 in a report issued on Friday morning, MarketBeat Ratings reports. Hovde Group currently has an outperform rating on the financial services provider’s stock.

Separately, TD Cowen restated a “buy” rating on shares of Renasant in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $43.00.

Renasant Stock Down 0.8%

RNST opened at $37.73 on Friday. Renasant has a 52 week low of $26.97 and a 52 week high of $40.40. The business has a 50 day moving average price of $36.43 and a two-hundred day moving average price of $36.53. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The company has a market cap of $3.59 billion, a PE ratio of 11.54 and a beta of 0.97.

Renasant (NASDAQ:RNST) last released its earnings results on Tuesday, January 27th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.11. Renasant had a return on equity of 6.58% and a net margin of 17.91%.The business had revenue of $216.11 million for the quarter, compared to analyst estimates of $275.40 million. During the same quarter in the previous year, the company posted $0.73 earnings per share. As a group, research analysts anticipate that Renasant will post 2.68 EPS for the current year.

Institutional Trading of Renasant

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. State of New Jersey Common Pension Fund D boosted its position in shares of Renasant by 12.3% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 64,422 shares of the financial services provider’s stock worth $2,269,000 after buying an additional 7,042 shares in the last quarter. Pictet Asset Management Holding SA increased its holdings in Renasant by 12.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 13,423 shares of the financial services provider’s stock valued at $473,000 after acquiring an additional 1,439 shares in the last quarter. UBS Group AG raised its position in Renasant by 27.0% during the fourth quarter. UBS Group AG now owns 367,464 shares of the financial services provider’s stock worth $12,942,000 after acquiring an additional 78,037 shares during the last quarter. Concurrent Investment Advisors LLC lifted its holdings in shares of Renasant by 37.8% in the fourth quarter. Concurrent Investment Advisors LLC now owns 8,658 shares of the financial services provider’s stock valued at $305,000 after purchasing an additional 2,373 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Renasant by 19.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,527 shares of the financial services provider’s stock valued at $899,000 after purchasing an additional 4,175 shares in the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

About Renasant

Renasant Corporation is a financial holding company providing banking and related services through its primary subsidiary, Renasant Bank. With origins dating back to 1904 in Tupelo, Mississippi, the company offers a comprehensive suite of commercial and consumer banking products, including deposit accounts, lending and treasury management services. Renasant serves individuals, small businesses and corporate clients across the southeastern United States.

The company operates more than 110 banking offices across Mississippi, Alabama, Tennessee, Florida and Georgia, supplemented by a network of ATMs and digital platforms.