TD Cowen Has Lowered Expectations for Renasant (NYSE:RNST) Stock Price

Key Points

• TD Cowen lowered its price target for Renasant from $46 to $45 while maintaining a “buy” rating, implying 12.36% potential upside from the prior close.
• Analyst sentiment remains positive overall: Renasant has an average “Buy” rating and a consensus price target of $46, although Raymond James also reduced its target to $45.
• Renasant’s latest quarterly results fell short of expectations, with EPS of $0.86 versus $0.94 forecast and revenue of $272.96 million versus $282.34 million estimated.

Renasant (NYSE:RNST - Get Free Report) had its target price dropped by stock analysts at TD Cowen from $46.00 to $45.00 in a report released on Thursday, Benzinga reports. The firm currently has a "buy" rating on the stock. TD Cowen's price target would indicate a potential upside of 12.36% from the company's previous close.

Other analysts have also issued research reports about the company. Piper Sandler upped their target price on Renasant from $46.00 to $48.00 and gave the company an "overweight" rating in a report on Thursday, July 30th. Weiss Ratings raised Renasant from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Finally, Raymond James Financial downgraded Renasant from a "strong-buy" rating to an "outperform" rating and cut their price target for the stock from $50.00 to $45.00 in a research note on Thursday. Five analysts have rated the stock with a Buy rating. According to data from MarketBeat, Renasant currently has an average rating of "Buy" and an average price target of $46.00.

Renasant Price Performance

Renasant stock traded down $0.14 during mid-day trading on Thursday, reaching $40.05. The company had a trading volume of 386,508 shares, compared to its average volume of 698,497. The stock's 50-day simple moving average is $40.39 and its 200-day simple moving average is $40.15. Renasant has a 1 year low of $33.04 and a 1 year high of $44.54. 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 company has a market capitalization of $3.66 billion, a P/E ratio of 12.00 and a beta of 0.97.

Renasant (NYSE:RNST - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The company reported $0.86 earnings per share for the quarter, missing analysts' consensus estimates of $0.94 by ($0.08). Renasant had a return on equity of 8.67% and a net margin of 19.94%. The firm had revenue of $272.96 million during the quarter, compared to analyst estimates of $282.34 million. During the same quarter in the prior year, the company earned $0.77 EPS. On average, equities analysts predict that Renasant will post 3.77 EPS for the current year.

Insider Transactions at Renasant

In other Renasant news, Director Edward Mcgraw sold 35,000 shares of the stock in a transaction on 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 approximately $9,278,777.04. This represents a 14.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.07% of the company's stock.

Hedge Funds Weigh In On Renasant

A number of institutional investors have recently made changes to their positions in the stock. State of Wyoming lifted its holdings in shares of Renasant by 14.7% during the 3rd quarter. State of Wyoming now owns 9,181 shares of the company's stock worth $357,000 after acquiring an additional 1,178 shares during the period. Rosenthal Henry Capital Advisors Inc. purchased a new stake in Renasant in the third quarter valued at approximately $1,322,000. Inspire Investing LLC grew its holdings in Renasant by 2.2% in the third quarter. Inspire Investing LLC now owns 16,325 shares of the company's stock valued at $635,000 after purchasing an additional 344 shares during the period. Tidal Investments LLC acquired a new position in Renasant during the second quarter worth approximately $1,991,000. Finally, Nykredit A S acquired a new position in Renasant during the second quarter worth approximately $47,000. 77.31% of the stock is owned by institutional investors and hedge funds.

Renasant Company Profile

Renasant Corporation is a financial services holding company headquartered in Tupelo, Mississippi. Through its principal subsidiary, Renasant Bank, the company provides banking and related financial services to individuals, families, small businesses, commercial clients and other organizations.

Renasant Bank offers deposit accounts, consumer and commercial lending, residential mortgages, treasury management and other business banking services. Its broader offerings also include wealth management, trust and investment services, financial planning and insurance-related solutions.

Renasant traces its banking history to 1904 and has expanded through organic growth and acquisitions.

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