Renasant (NYSE:RNST) Price Target Cut to $45.00 by Analysts at TD Cowen

Renasant (NYSE:RNST) had its price objective decreased by stock analysts at TD Cowen from $46.00 to $45.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen‘s price objective suggests a potential upside of 12.36% from the company’s current price.

RNST has been the topic of several other research reports. Weiss Ratings upgraded shares of Renasant from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Raymond James Financial downgraded shares of Renasant from a “strong-buy” rating to an “outperform” rating and decreased their price objective for the stock from $50.00 to $45.00 in a research note on Thursday. Finally, Piper Sandler increased their price objective on shares of Renasant from $46.00 to $48.00 and gave the stock an “overweight” rating in a research report on Thursday, July 30th. Five analysts have rated the stock with a Buy rating. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $46.00.

Renasant Trading Down 0.3%

NYSE:RNST traded down $0.14 on Thursday, hitting $40.05. 386,508 shares of the stock were exchanged, compared to its average volume of 698,497. The stock has a market cap of $3.66 billion, a PE ratio of 12.00 and a beta of 0.97. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.21. The stock has a fifty day moving average of $40.39 and a 200-day moving average of $40.15. Renasant has a fifty-two week low of $33.04 and a fifty-two week high of $44.54.

Renasant (NYSE:RNST) last released its quarterly earnings data on Tuesday, October 27th. The company reported $0.86 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.08). Renasant had a net margin of 19.94% and a return on equity of 8.67%. The firm had revenue of $272.96 million during the quarter, compared to analyst estimates of $282.34 million. During the same period in the prior year, the firm earned $0.77 earnings per share. As a group, equities analysts expect that Renasant will post 3.77 earnings per share for the current fiscal year.

Insider Activity at Renasant

In related news, Director Edward Mcgraw sold 35,000 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $43.88, for a total transaction of $1,535,800.00. Following the sale, the director directly owned 211,458 shares in the company, valued at approximately $9,278,777.04. This trade represents a 14.20% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.07% of the company’s stock.

Hedge Funds Weigh In On Renasant

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. State of Wyoming grew its position in Renasant by 14.7% in the third quarter. State of Wyoming now owns 9,181 shares of the company’s stock valued at $357,000 after acquiring an additional 1,178 shares in the last quarter. Rosenthal Henry Capital Advisors Inc. acquired a new position in shares of Renasant during the third quarter worth $1,322,000. Inspire Investing LLC lifted its position in shares of Renasant by 2.2% during the third quarter. Inspire Investing LLC now owns 16,325 shares of the company’s stock worth $635,000 after purchasing an additional 344 shares in the last quarter. Tidal Investments LLC purchased a new position in shares of Renasant in the second quarter valued at $1,991,000. Finally, Nykredit A S purchased a new position in shares of Renasant in the second quarter valued at $47,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Renasant Company Profile

Renasant Corporation is a financial services holding company headquartered in Tupelo, Mississippi. Through its principal subsidiary, Renasant Bank, the company provides banking and related financial services to individuals, families, small businesses, commercial clients and other organizations.

Renasant Bank offers deposit accounts, consumer and commercial lending, residential mortgages, treasury management and other business banking services. Its broader offerings also include wealth management, trust and investment services, financial planning and insurance-related solutions.

Renasant traces its banking history to 1904 and has expanded through organic growth and acquisitions.