TD Cowen Cuts Renasant (NYSE:RNST) Price Target to $46.00

Key Points

• TD Cowen lowered Renasant’s price target to $46 from $49 while maintaining a “Buy” rating, implying approximately 16.2% upside from the prior close.
• Analyst sentiment remains positive: four analysts rate the stock “Buy,” and the consensus target price is $46.67.
• Renasant reported quarterly EPS of $0.94, beating estimates of $0.91, while shares recently traded at $39.58. Institutional investors own 77.31% of the company, and a director recently sold 35,000 shares.

Renasant (NYSE:RNST - Get Free Report) had its price objective decreased by research analysts at TD Cowen from $49.00 to $46.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a "buy" rating on the stock. TD Cowen's price target points to a potential upside of 16.23% from the stock's previous close.

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

Renasant Stock Performance

Shares of Renasant stock traded down $0.34 during trading hours on Monday, reaching $39.58. The company had a trading volume of 129,336 shares, compared to its average volume of 700,164. Renasant has a one year low of $33.04 and a one year high of $44.54. The business has a fifty day simple moving average of $41.58 and a 200 day simple moving average of $40.77. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.91 and a quick ratio of 0.90. The firm has a market cap of $3.62 billion, a PE ratio of 11.85 and a beta of 1.01.

Renasant (NYSE:RNST - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported $0.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $0.03. The company had revenue of $573.62 million for the quarter, compared to analyst estimates of $280.71 million. Renasant had a return on equity of 8.67% and a net margin of 19.94%.During the same period in the previous year, the company posted $0.01 EPS. On average, analysts anticipate that Renasant will post 3.78 earnings per share for the current fiscal year.

Insider Transactions at Renasant

In other Renasant news, Director Edward Mcgraw sold 35,000 shares of the firm's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $43.88, for a total transaction of $1,535,800.00. Following the sale, the director owned 211,458 shares in the company, valued at $9,278,777.04. This trade represents a 14.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.07% of the company's stock.

Hedge Funds Weigh In On Renasant

A number of hedge funds and other institutional investors have recently modified their holdings of RNST. Caitong International Asset Management Co. Ltd raised its holdings in shares of Renasant by 241.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the company's stock valued at $43,000 after buying an additional 867 shares in the last quarter. FNY Investment Advisers LLC grew its position in Renasant by 151.9% during the second quarter. FNY Investment Advisers LLC now owns 1,063 shares of the company's stock valued at $45,000 after acquiring an additional 641 shares during the last quarter. Nykredit A S bought a new position in Renasant during the second quarter valued at approximately $47,000. Versant Capital Management Inc raised its stake 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. Finally, Assetmark Inc. purchased a new position in shares of Renasant during the first quarter worth approximately $89,000. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

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.

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