Hovde Group Issues Positive Forecast for Renasant (NASDAQ:RNST) Stock Price

Renasant (NASDAQ:RNST - Get Free Report) had its price objective lifted by research analysts at Hovde Group from $34.50 to $35.00 in a research note issued to investors on Monday,Briefing.com Automated Import reports. The firm presently has a "market perform" rating on the financial services provider's stock. Hovde Group's price objective indicates a potential upside of 9.50% from the stock's previous close.

Other research analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $46.00 price objective (up from $45.00) on shares of Renasant in a report on Thursday, January 30th. Stephens upped their target price on Renasant from $44.00 to $47.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. Raymond James upgraded shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 target price for the company in a research report on Thursday. Piper Sandler boosted their target price on Renasant from $41.00 to $44.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Finally, StockNews.com cut shares of Renasant from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. One research analyst has rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $41.50.

Renasant Stock Performance

Shares of NASDAQ:RNST opened at $31.96 on Monday. The business has a 50-day moving average price of $32.80 and a two-hundred day moving average price of $35.08. The stock has a market capitalization of $2.03 billion, a P/E ratio of 9.77 and a beta of 0.93. Renasant has a 1-year low of $26.97 and a 1-year high of $39.63. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16.

Renasant (NASDAQ:RNST - Get Free Report) last released its earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share for the quarter, beating 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 during the quarter, compared to analysts' expectations of $170.38 million. During the same period last year, the business earned $0.65 earnings per share. Equities analysts predict that Renasant will post 2.68 earnings per share for the current year.

Insider Activity at Renasant

In other news, CAO Kelly Hutcheson sold 1,310 shares of the business's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $36.72, for a total transaction of $48,103.20. Following the completion of the sale, the chief accounting officer now owns 17,586 shares in the company, valued at approximately $645,757.92. The trade was a 6.93 % 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 2.81% of the company's stock.

Institutional Investors Weigh In On Renasant

Several hedge funds have recently modified their holdings of the company. William Blair Investment Management LLC acquired a new stake in shares of Renasant in the 4th quarter valued at about $36,987,000. Jennison Associates LLC boosted its position in Renasant by 204.9% during the 4th quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider's stock worth $41,963,000 after acquiring an additional 788,762 shares during the period. Deprince Race & Zollo Inc. raised its stake in shares of Renasant by 63.9% during the 4th quarter. Deprince Race & Zollo Inc. now owns 1,283,577 shares of the financial services provider's stock worth $45,888,000 after purchasing an additional 500,193 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Renasant by 376.5% in the 4th quarter. Bank of America Corp DE now owns 605,303 shares of the financial services provider's stock valued at $21,640,000 after acquiring an additional 478,266 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new position in shares of Renasant during the fourth quarter worth approximately $17,088,000. 77.31% of the stock is owned by institutional investors and hedge funds.

About Renasant

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.

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