Renasant (NASDAQ:RNST) Posts Quarterly Earnings Results

Renasant (NASDAQ:RNST - Get Free Report) issued its earnings results on Tuesday. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.74 by ($0.73), Briefing.com reports. Renasant had a return on equity of 6.58% and a net margin of 17.91%. The firm had revenue of $267.19 million for the quarter, compared to analysts' expectations of $263.97 million. During the same quarter in the previous year, the firm posted $0.69 EPS. The firm's revenue for the quarter was up 63.1% compared to the same quarter last year.

Renasant Stock Up 0.8%

RNST traded up $0.28 during trading on Friday, hitting $36.68. The company had a trading volume of 622,467 shares, compared to its average volume of 753,377. Renasant has a 1-year low of $26.97 and a 1-year high of $39.63. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The company has a market cap of $3.48 billion, a PE ratio of 11.22 and a beta of 0.90. The business has a 50-day moving average of $36.33 and a 200-day moving average of $35.06.

Institutional Trading of Renasant

Several hedge funds and other institutional investors have recently bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Renasant by 13.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 189,105 shares of the financial services provider's stock valued at $6,416,000 after acquiring an additional 23,072 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of Renasant by 128.5% during the first quarter. Royal Bank of Canada now owns 52,238 shares of the financial services provider's stock worth $1,772,000 after purchasing an additional 29,380 shares during the period. Intech Investment Management LLC lifted its position in shares of Renasant by 40.3% in the 1st quarter. Intech Investment Management LLC now owns 41,959 shares of the financial services provider's stock worth $1,424,000 after buying an additional 12,062 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Renasant by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,167 shares of the financial services provider's stock valued at $1,261,000 after buying an additional 1,621 shares during the last quarter. Finally, Jane Street Group LLC acquired a new stake in Renasant during the first quarter worth about $390,000. 77.31% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RNST. Raymond James Financial reissued a "strong-buy" rating on shares of Renasant in a research note on Wednesday. Hovde Group increased their target price on Renasant from $35.00 to $39.00 and gave the company a "market perform" rating in a research note on Wednesday. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating for the company in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, two have given 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, Renasant currently has a consensus rating of "Moderate Buy" and a consensus price target of $41.67.

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.