TD Cowen Issues Pessimistic Forecast for Renasant (NYSE:RNST) Stock Price

Renasant (NYSE:RNST) had its price target dropped by investment analysts at TD Cowen from $49.00 to $46.00 in a report released on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s target price would suggest a potential upside of 16.77% from the stock’s previous close.

A number of other equities analysts have also issued reports on RNST. Piper Sandler upped their target price on shares of Renasant from $46.00 to $48.00 and gave the stock an “overweight” rating in a research report on Thursday, July 30th. Weiss Ratings upgraded shares of Renasant from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Renasant has a consensus rating of “Buy” and a consensus target price of $46.67.

Renasant Stock Performance

Renasant stock opened at $39.39 on Monday. The stock has a 50-day simple moving average of $41.42 and a 200 day simple moving average of $40.83. The stock has a market capitalization of $3.60 billion, a price-to-earnings ratio of 11.79 and a beta of 1.01. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.21. Renasant has a 12-month low of $33.04 and a 12-month high of $44.54.

Renasant (NYSE:RNST) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.03. The firm had revenue of $573.62 million for the quarter, compared to analyst estimates of $280.71 million. Renasant had a net margin of 19.94% and a return on equity of 8.67%. During the same quarter in the prior year, the firm earned $0.01 EPS. On average, research analysts anticipate that Renasant will post 3.78 earnings per share for the current fiscal year.

Insider Transactions at Renasant

In other news, Director Edward Mcgraw sold 35,000 shares of the firm’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $43.88, for a total value of $1,535,800.00. Following the transaction, the director owned 211,458 shares of the company’s stock, valued at approximately $9,278,777.04. This trade represents a 14.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.07% of the company’s stock.

Hedge Funds Weigh In On Renasant

Several large investors have recently bought and sold shares of RNST. Versant Capital Management Inc increased its position in shares of Renasant by 33.6% during the second quarter. Versant Capital Management Inc now owns 1,276 shares of the company’s stock worth $54,000 after acquiring an additional 321 shares in the last quarter. HB Wealth Management LLC increased its holdings in Renasant by 3.5% during the 2nd quarter. HB Wealth Management LLC now owns 10,126 shares of the company’s stock worth $431,000 after purchasing an additional 346 shares in the last quarter. Waverly Advisors LLC raised its stake in shares of Renasant by 1.2% in the 1st quarter. Waverly Advisors LLC now owns 39,200 shares of the company’s stock valued at $1,416,000 after purchasing an additional 473 shares during the period. Resolute Wealth Strategies LLC boosted its position in shares of Renasant by 0.9% during the first quarter. Resolute Wealth Strategies LLC now owns 72,148 shares of the company’s stock worth $2,607,000 after buying an additional 609 shares during the period. Finally, FNY Investment Advisers LLC grew its holdings in shares of Renasant by 151.9% during the second quarter. FNY Investment Advisers LLC now owns 1,063 shares of the company’s stock worth $45,000 after buying an additional 641 shares in the last quarter. 77.31% of the stock is currently owned by institutional investors and hedge funds.

About Renasant

Renasant Corporation is a financial services company headquartered in Tupelo, Mississippi, and the parent company of Renasant Bank. Founded in 1904, the company has grown from a community bank into a regional banking organization serving customers across the Southeastern United States.

Renasant Bank provides a range of personal and business banking services, including checking and savings accounts, consumer and commercial loans, mortgages, treasury management, online and mobile banking, and other deposit products.