Renasant (NASDAQ:RNST) Price Target Lowered to $43.00 at Keefe, Bruyette & Woods

Renasant (NASDAQ:RNST) had its price objective dropped by Keefe, Bruyette & Woods from $45.00 to $43.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 30.64% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Hovde Group boosted their price target on shares of Renasant from $34.50 to $35.00 and gave the stock a “market perform” rating in a research report on Monday, April 28th. Stephens boosted their target price on shares of Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Piper Sandler increased their price target on shares of Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. StockNews.com cut Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Finally, Raymond James raised Renasant from an “outperform” rating to a “strong-buy” rating and set a $40.00 price objective for the company in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $41.00.

Renasant Price Performance

Shares of NASDAQ:RNST opened at $32.92 on Tuesday. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of 10.07 and a beta of 0.86. The firm has a fifty day moving average price of $32.20 and a 200 day moving average price of $35.01. Renasant has a fifty-two week low of $26.97 and a fifty-two week high of $39.63. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.

Renasant (NASDAQ:RNST) last posted its earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.06. The company had revenue of $170.59 million for the quarter, compared to the consensus estimate of $170.38 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%. During the same period in the previous year, the business earned $0.65 earnings per share. As a group, sell-side analysts expect that Renasant will post 2.68 earnings per share for the current fiscal year.

Insider Activity at Renasant

In related news, CAO Kelly Hutcheson sold 1,310 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $36.72, for a total value of $48,103.20. Following the completion of the sale, the chief accounting officer now owns 17,586 shares in the company, valued at approximately $645,757.92. The trade was a 6.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Renasant

A number of hedge funds and other institutional investors have recently made changes to their positions in RNST. William Blair Investment Management LLC purchased a new stake in shares of Renasant in the 4th quarter worth approximately $36,987,000. Jennison Associates LLC lifted its stake in shares of Renasant by 204.9% during the fourth quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider’s stock worth $41,963,000 after buying an additional 788,762 shares during the period. Deprince Race & Zollo Inc. increased its holdings in shares of Renasant by 63.9% in the fourth quarter. Deprince Race & Zollo Inc. now owns 1,283,577 shares of the financial services provider’s stock valued at $45,888,000 after purchasing an additional 500,193 shares during the period. Bank of America Corp DE raised its position in Renasant by 376.5% during the 4th quarter. Bank of America Corp DE now owns 605,303 shares of the financial services provider’s stock worth $21,640,000 after buying an additional 478,266 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new stake in Renasant during the 4th quarter worth about $17,088,000. Institutional investors own 77.31% of the company’s stock.

Renasant Company Profile

Renasant Corporation operates as a bank holding company for Renasant Bank that provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. The company operates through Community Banks, Insurance, and Wealth Management segments. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and factoring equipment leasing services, as well as safe deposit and night depository facilities.