Renasant (NASDAQ:RNST) Given New $45.00 Price Target at TD Cowen

Renasant (NASDAQ:RNST) had its price objective lifted by TD Cowen from $44.00 to $45.00 in a research note released on Wednesday morning,Benzinga reports. TD Cowen currently has a buy rating on the financial services provider’s stock.

Several other equities research analysts also recently issued reports on the company. Cowen reiterated a “buy” rating on shares of Renasant in a report on Wednesday. Hovde Group raised Renasant from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $40.00 to $41.00 in a research report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. According to data from MarketBeat, Renasant has a consensus rating of “Buy” and a consensus price target of $43.33.

Renasant Stock Performance

Shares of RNST stock opened at $35.52 on Wednesday. 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 has a market cap of $3.37 billion, a P/E ratio of 10.86 and a beta of 0.97. The firm’s 50 day moving average price is $35.46 and its 200-day moving average price is $36.58. Renasant has a one year low of $26.97 and a one year high of $40.40.

Renasant (NASDAQ:RNST) last posted 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). Renasant had a net margin of 17.91% and a return on equity of 6.58%. The company had revenue of $269.55 million during the quarter, compared to analyst estimates of $271.96 million. During the same quarter last year, the business posted $1.18 EPS. As a group, equities research analysts predict that Renasant will post 2.68 EPS for the current year.

Renasant Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 1st. Investors of record on Thursday, December 18th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Thursday, December 18th. This is a positive change from Renasant’s previous quarterly dividend of $0.22. Renasant’s payout ratio is presently 46.23%.

Hedge Funds Weigh In On Renasant

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. First Horizon Corp acquired a new position in shares of Renasant during the third quarter worth about $25,000. EverSource Wealth Advisors LLC lifted its stake in Renasant by 68.7% in the third quarter. EverSource Wealth Advisors LLC now owns 857 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 349 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Renasant during the 2nd quarter worth approximately $37,000. PNC Financial Services Group Inc. increased its position in shares of Renasant by 42.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 345 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Renasant by 49.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,489 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 493 shares during the last quarter. Hedge funds and other institutional investors own 77.31% of the company’s stock.

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.