Renasant (NASDAQ:RNST) Posts Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Renasant (NASDAQ:RNST) issued its quarterly earnings data on Tuesday. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.11, Briefing.com reports. Renasant had a return on equity of 6.58% and a net margin of 17.91%.During the same period last year, the business posted $0.73 earnings per share.

Renasant Price Performance

NASDAQ RNST traded down $0.07 on Tuesday, reaching $37.20. The company’s stock had a trading volume of 540,586 shares, compared to its average volume of 637,505. Renasant has a twelve month low of $26.97 and a twelve month high of $40.40. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The firm’s 50 day moving average is $36.18 and its two-hundred day moving average is $36.54. The stock has a market cap of $3.53 billion, a PE ratio of 11.38 and a beta of 0.97.

Analyst Ratings Changes

Several research firms have recently issued reports on RNST. Hovde Group raised Renasant from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $40.00 to $41.00 in a research note on Thursday, October 30th. TD Cowen reaffirmed a “buy” rating on shares of Renasant in a report on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to data from MarketBeat.com, Renasant currently has an average rating of “Buy” and a consensus target price of $43.33.

Institutional Trading of Renasant

Large investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. increased its holdings in shares of Renasant by 42.8% in the third quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the financial services provider’s stock valued at $42,000 after buying an additional 345 shares in the last quarter. Kestra Private Wealth Services LLC grew its holdings in shares of Renasant by 1.1% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 35,729 shares of the financial services provider’s stock worth $1,318,000 after acquiring an additional 375 shares during the last quarter. Lido Advisors LLC raised its position in shares of Renasant by 5.8% during the third quarter. Lido Advisors LLC now owns 9,247 shares of the financial services provider’s stock worth $341,000 after purchasing an additional 506 shares during the period. Creative Planning raised its position in shares of Renasant by 0.7% during the third quarter. Creative Planning now owns 87,370 shares of the financial services provider’s stock worth $3,223,000 after purchasing an additional 598 shares during the period. Finally, Amundi lifted its holdings in shares of Renasant by 9.4% during the third quarter. Amundi now owns 16,662 shares of the financial services provider’s stock valued at $622,000 after purchasing an additional 1,434 shares during the last quarter. 77.31% of the stock is currently owned by institutional investors.

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.