Truist Financial Lowers Renasant (NASDAQ:RNST) Price Target to $37.00

Renasant (NASDAQ:RNST) had its price objective cut by stock analysts at Truist Financial from $38.00 to $37.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “hold” rating on the financial services provider’s stock. Truist Financial’s price target indicates a potential upside of 10.78% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a report on Wednesday, July 31st. Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $34.00 to $40.00 in a report on Monday, August 5th. Keefe, Bruyette & Woods upgraded Renasant from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $36.00 to $40.00 in a report on Friday, August 2nd. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $34.00 to $41.00 in a report on Wednesday, July 31st. Finally, Hovde Group raised Renasant from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $38.00 to $39.00 in a research note on Monday, August 5th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Renasant has a consensus rating of “Moderate Buy” and an average target price of $39.33.

Renasant Stock Performance

NASDAQ:RNST opened at $33.40 on Friday. The firm has a market cap of $2.16 billion, a PE ratio of 13.58 and a beta of 1.02. Renasant has a fifty-two week low of $22.99 and a fifty-two week high of $37.40. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.92 and a current ratio of 0.93. The business has a 50 day moving average price of $33.78 and a 200-day moving average price of $31.28.

Renasant (NASDAQ:RNST) last announced its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.03. The company had revenue of $163.79 million during the quarter, compared to the consensus estimate of $166.05 million. Renasant had a return on equity of 6.98% and a net margin of 15.04%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.83 earnings per share. Equities research analysts predict that Renasant will post 2.58 earnings per share for the current year.

Institutional Investors Weigh In On Renasant

A number of institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. boosted its position in shares of Renasant by 7.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 755,441 shares of the financial services provider’s stock valued at $25,443,000 after buying an additional 50,084 shares during the last quarter. Norges Bank purchased a new stake in shares of Renasant during the fourth quarter valued at $13,469,000. Trexquant Investment LP purchased a new stake in shares of Renasant during the fourth quarter valued at $487,000. Aigen Investment Management LP purchased a new stake in shares of Renasant during the fourth quarter valued at $251,000. Finally, US Bancorp DE boosted its position in shares of Renasant by 41.0% during the fourth quarter. US Bancorp DE now owns 19,562 shares of the financial services provider’s stock valued at $659,000 after buying an additional 5,684 shares during the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.

About Renasant

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.