Hovde Group Increases Renasant (NASDAQ:RNST) Price Target to $39.00

Renasant (NASDAQ:RNST - Free Report) had its price target hoisted by Hovde Group from $35.00 to $39.00 in a report published on Wednesday, MarketBeat.com reports. They currently have a market perform rating on the financial services provider's stock.

A number of other brokerages have also recently commented on RNST. Raymond James Financial raised shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price objective on the stock in a research note on Thursday, April 24th. Keefe, Bruyette & Woods cut their price objective on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $41.67.

Renasant Stock Performance

RNST stock traded up $0.28 on Wednesday, hitting $36.68. The company's stock had a trading volume of 622,467 shares, compared to its average volume of 753,377. The firm has a 50 day moving average of $36.33 and a two-hundred day moving average of $35.06. Renasant has a 1 year low of $26.97 and a 1 year high of $39.63. The stock has a market cap of $3.48 billion, a price-to-earnings ratio of 11.22 and a beta of 0.90. 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 announced its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.66 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.06. Renasant had a net margin of 17.91% and a return on equity of 6.58%. The company had revenue of $170.59 million during the quarter, compared to the consensus estimate of $170.38 million. During the same quarter in the prior year, the firm earned $0.65 EPS. Equities analysts predict that Renasant will post 2.68 EPS for the current fiscal year.

Institutional Investors Weigh In On Renasant

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. grew its stake in Renasant by 49.0% during the 1st quarter. Principal Financial Group Inc. now owns 459,124 shares of the financial services provider's stock valued at $15,578,000 after acquiring an additional 150,929 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its holdings in Renasant by 292.4% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 68,655 shares of the financial services provider's stock worth $2,330,000 after purchasing an additional 51,161 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Renasant by 31.5% during the first quarter. Amalgamated Bank now owns 24,216 shares of the financial services provider's stock worth $822,000 after buying an additional 5,802 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Renasant by 11.8% during the first quarter. Bank of New York Mellon Corp now owns 606,884 shares of the financial services provider's stock worth $20,592,000 after buying an additional 63,956 shares during the last quarter. Finally, New York State Teachers Retirement System lifted its holdings in shares of Renasant by 38.9% during the first quarter. New York State Teachers Retirement System now owns 24,006 shares of the financial services provider's stock worth $815,000 after buying an additional 6,720 shares during the last quarter. 77.31% of the stock is currently owned by institutional investors.

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.