Renasant (NASDAQ:RNST) Stock Rating Upgraded by Raymond James

Raymond James upgraded shares of Renasant (NASDAQ:RNST) from a market perform rating to an outperform rating in a research note released on Wednesday morning, Marketbeat.com reports. The brokerage currently has $39.00 price objective on the financial services provider’s stock.

RNST has been the subject of a number of other reports. Piper Sandler restated a neutral rating and set a $33.00 price objective on shares of Renasant in a research note on Wednesday, July 3rd. Hovde Group cut Renasant from an outperform rating to a market perform rating and upped their price objective for the stock from $36.00 to $38.00 in a research note on Thursday, July 25th. Truist Financial upped their price objective on Renasant from $32.00 to $38.00 and gave the stock a hold rating in a research note on Thursday, July 25th. Keefe, Bruyette & Woods upped their price objective on Renasant from $34.00 to $36.00 and gave the stock a market perform rating in a research note on Thursday, July 25th. Finally, StockNews.com upgraded Renasant from a sell rating to a hold rating in a research note on Saturday, April 27th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Renasant has a consensus rating of Hold and an average price target of $38.17.

Renasant Price Performance

RNST opened at $33.36 on Wednesday. Renasant has a 12-month low of $22.99 and a 12-month high of $37.40. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18. The business’s fifty day simple moving average is $31.33 and its 200-day simple moving average is $30.93. The company has a market capitalization of $1.88 billion, a price-to-earnings ratio of 13.56 and a beta of 1.03.

Renasant (NASDAQ:RNST) last posted its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.03. Renasant had a return on equity of 6.98% and a net margin of 15.04%. The business had revenue of $163.79 million for the quarter, compared to the consensus estimate of $166.05 million. During the same quarter in the prior year, the company earned $0.83 EPS. The business’s revenue was up 11.1% compared to the same quarter last year. On average, equities research analysts anticipate that Renasant will post 2.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Renasant

Several institutional investors have recently added to or reduced their stakes in the business. Park Place Capital Corp lifted its holdings in shares of Renasant by 1.7% during the fourth quarter. Park Place Capital Corp now owns 113,158 shares of the financial services provider’s stock worth $3,811,000 after purchasing an additional 1,837 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Renasant by 5.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,202 shares of the financial services provider’s stock worth $849,000 after purchasing an additional 1,315 shares during the period. Louisiana State Employees Retirement System acquired a new stake in shares of Renasant during the fourth quarter worth about $946,000. J.W. Cole Advisors Inc. acquired a new stake in shares of Renasant during the fourth quarter worth about $240,000. Finally, Criterion Capital Advisors LLC acquired a new stake in shares of Renasant during the fourth quarter worth about $113,000. Institutional investors and hedge funds own 77.31% of the company’s stock.

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.