Hovde Group Raises Renasant (NASDAQ:RNST) Price Target to $44.00

Renasant (NASDAQ:RNST) had its price objective upped by equities research analysts at Hovde Group from $41.00 to $44.00 in a report released on Friday, MarketBeat.com reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Hovde Group’s price objective suggests a potential upside of 16.61% from the stock’s current price.

Separately, TD Cowen reissued a “buy” rating on shares of Renasant in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $43.00.

Renasant Stock Performance

Shares of RNST opened at $37.73 on Friday. The stock has a market capitalization of $3.59 billion, a price-to-earnings ratio of 11.54 and a beta of 0.97. The firm has a fifty day simple moving average of $36.43 and a 200 day simple moving average of $36.54. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. Renasant has a 12 month low of $26.97 and a 12 month high of $40.40.

Renasant (NASDAQ:RNST) last issued its quarterly earnings data on Tuesday, January 27th. The financial services provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.11. The company had revenue of $216.11 million for the quarter, compared to analysts’ expectations of $275.40 million. Renasant had a net margin of 17.91% and a return on equity of 6.58%. During the same quarter in the previous year, the firm posted $0.73 earnings per share. Research analysts forecast that Renasant will post 2.68 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Invesco Ltd. grew its stake in Renasant by 365.6% during the second 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 approximately $60,815,000. Geode Capital Management LLC grew its position in shares of Renasant by 48.0% during the 2nd quarter. Geode Capital Management LLC now owns 2,203,182 shares of the financial services provider’s stock worth $79,169,000 after buying an additional 714,972 shares during the period. State Street Corp grew its position in shares of Renasant by 14.1% during the 2nd quarter. State Street Corp now owns 4,812,696 shares of the financial services provider’s stock worth $172,920,000 after buying an additional 595,609 shares during the period. Finally, SG Americas Securities LLC increased its stake in shares of Renasant by 4,534.6% in the 4th quarter. SG Americas Securities LLC now owns 413,173 shares of the financial services provider’s stock valued at $14,552,000 after acquiring an additional 404,258 shares in the last quarter. 77.31% of the stock is owned by institutional investors and hedge funds.

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.