Renasant (NASDAQ:RNST) Releases Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Renasant (NASDAQ:RNST) posted its earnings results on Tuesday. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.11, Briefing.com reports. Renasant had a net margin of 17.91% and a return on equity of 6.58%. The firm had revenue of $216.11 million during the quarter, compared to analysts’ expectations of $275.40 million. During the same period in the previous year, the business posted $0.73 EPS.

Renasant Stock Down 0.2%

Shares of NASDAQ:RNST opened at $37.20 on Wednesday. The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of 11.38 and a beta of 0.97. Renasant has a 12-month low of $26.97 and a 12-month high of $40.40. The business has a 50-day moving average price of $36.18 and a 200 day moving average price 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.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Amundi grew its position in shares of Renasant by 9.4% in the third quarter. Amundi now owns 16,662 shares of the financial services provider’s stock valued at $622,000 after purchasing an additional 1,434 shares during the last quarter. Magnetar Financial LLC acquired a new position in Renasant in the third quarter valued at $628,000. Tower Research Capital LLC TRC lifted its holdings in shares of Renasant by 160.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 11,237 shares of the financial services provider’s stock worth $404,000 after acquiring an additional 6,915 shares during the period. BNP Paribas Financial Markets raised its stake in Renasant by 15.8% during the second quarter. BNP Paribas Financial Markets now owns 11,808 shares of the financial services provider’s stock worth $424,000 after purchasing an additional 1,612 shares during the period. Finally, Balyasny Asset Management L.P. acquired a new position in Renasant in the second quarter valued at $503,000. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on RNST. Hovde Group upgraded Renasant from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $40.00 to $41.00 in a research report on Thursday, October 30th. TD Cowen reissued a “buy” rating on shares of Renasant in a research note on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $43.33.

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.