TD Cowen Raises Renasant (NASDAQ:RNST) Price Target to $45.00

Renasant (NASDAQ:RNST) had its target price boosted by equities research analysts at TD Cowen from $44.00 to $45.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. TD Cowen’s price objective would indicate a potential upside of 26.08% from the stock’s current price.

RNST has been the topic of several other research reports. Hovde Group raised shares of Renasant from a “market perform” rating to an “outperform” rating and increased their target price for the company from $40.00 to $41.00 in a research note on Thursday, October 30th. Cowen reissued a “buy” rating on shares of Renasant in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $43.33.

Renasant Trading Down 1.2%

Shares of NASDAQ:RNST traded down $0.45 during trading on Wednesday, hitting $35.69. The company had a trading volume of 302,107 shares, compared to its average volume of 501,646. The stock has a market cap of $3.39 billion, a price-to-earnings ratio of 10.92 and a beta of 0.97. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The company has a fifty day simple moving average of $35.42 and a two-hundred day simple moving average of $36.59. Renasant has a one year low of $26.97 and a one year high of $40.40.

Renasant (NASDAQ:RNST) last released its earnings results on Tuesday, October 28th. The financial services provider reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.02). The company had revenue of $269.55 million for the quarter, compared to the consensus estimate of $271.96 million. Renasant had a net margin of 17.91% and a return on equity of 6.58%. During the same period in the prior year, the firm posted $1.18 EPS. As a group, equities analysts forecast that Renasant will post 2.68 earnings per share for the current year.

Hedge Funds Weigh In On Renasant

A number of institutional investors have recently modified their holdings of the stock. Invesco Ltd. increased its holdings in Renasant by 365.6% during the 2nd quarter. Invesco Ltd. now owns 2,215,665 shares of the financial services provider’s stock worth $79,609,000 after purchasing an additional 1,739,786 shares during the period. Channing Capital Management LLC bought a new position in shares of Renasant during the 3rd quarter worth $60,815,000. Geode Capital Management LLC increased its stake in shares of Renasant by 48.0% during the second quarter. Geode Capital Management LLC now owns 2,203,182 shares of the financial services provider’s stock valued at $79,169,000 after buying an additional 714,972 shares during the period. State Street Corp increased its stake in shares of Renasant by 14.1% during the second quarter. State Street Corp now owns 4,812,696 shares of the financial services provider’s stock valued at $172,920,000 after buying an additional 595,609 shares during the period. Finally, Wellington Management Group LLP raised its holdings in shares of Renasant by 15.3% in the third quarter. Wellington Management Group LLP now owns 2,962,781 shares of the financial services provider’s stock valued at $109,297,000 after acquiring an additional 394,249 shares in the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.

Renasant Company Profile

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.