Renasant (NASDAQ:RNST) Given New $35.00 Price Target at Hovde Group

Renasant (NASDAQ:RNST - Get Free Report) had its price target raised by analysts at Hovde Group from $34.50 to $35.00 in a research report issued to clients and investors on Monday, Marketbeat reports. The firm presently has a "market perform" rating on the financial services provider's stock. Hovde Group's price target suggests a potential upside of 4.19% from the stock's current price.

A number of other research analysts have also recently weighed in on the company. Raymond James raised Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price objective on the stock in a research report on Thursday, April 24th. Piper Sandler upped their price target on shares of Renasant from $41.00 to $44.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Stephens increased their price objective on shares of Renasant from $44.00 to $47.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $46.00 price objective (up from $45.00) on shares of Renasant in a research report on Thursday, January 30th. Finally, StockNews.com downgraded Renasant from a "hold" rating to a "sell" rating in a research note on Friday, January 31st. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $41.50.

Renasant Stock Performance

Shares of NASDAQ RNST traded up $1.25 during midday trading on Monday, hitting $33.59. 777,092 shares of the company's stock traded hands, compared to its average volume of 630,834. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The stock has a market capitalization of $2.14 billion, a price-to-earnings ratio of 10.27 and a beta of 0.93. The firm has a fifty day moving average of $32.37 and a 200 day moving average of $35.03. Renasant has a 1 year low of $26.97 and a 1 year high of $39.63.

Renasant (NASDAQ:RNST - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.06. Renasant had a net margin of 17.91% and a return on equity of 6.58%. The business had revenue of $170.59 million for the quarter, compared to analysts' expectations of $170.38 million. During the same quarter last year, the company posted $0.65 EPS. On average, analysts forecast that Renasant will post 2.68 earnings per share for the current year.

Insider Activity at Renasant

In related news, CAO Kelly Hutcheson sold 1,310 shares of Renasant stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $36.72, for a total value of $48,103.20. Following the completion of the transaction, the chief accounting officer now owns 17,586 shares in the company, valued at approximately $645,757.92. This trade represents a 6.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Renasant

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Mascagni Wealth Management Inc. purchased a new position in Renasant during the fourth quarter worth $44,000. CWM LLC increased its position in shares of Renasant by 42.7% during the first quarter. CWM LLC now owns 1,330 shares of the financial services provider's stock worth $45,000 after acquiring an additional 398 shares during the period. Covestor Ltd raised its stake in shares of Renasant by 73.7% during the fourth quarter. Covestor Ltd now owns 1,838 shares of the financial services provider's stock valued at $66,000 after acquiring an additional 780 shares in the last quarter. KBC Group NV grew its stake in Renasant by 36.7% in the fourth quarter. KBC Group NV now owns 3,358 shares of the financial services provider's stock worth $120,000 after purchasing an additional 901 shares in the last quarter. Finally, Smith Shellnut Wilson LLC ADV purchased a new position in Renasant during the 4th quarter worth $201,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Renasant Company Profile

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.