TD Cowen Initiates Coverage on Renasant (NASDAQ:RNST)

Key Points

• TD Cowen has initiated coverage on Renasant (NASDAQ:RNST) with a buy rating and a price target of $45.00, suggesting a potential upside of 21.28% from its current price.
• Other firms have also increased their price targets for Renasant, with a consensus rating of Buy and an average target price of $43.00.
• Several institutional investors are increasing their stakes in Renasant, with ownership of institutional investors now at 77.31% of the company's stock.

Equities researchers at TD Cowen began coverage on shares of Renasant (NASDAQ:RNST - Get Free Report) in a research report issued on Thursday,Briefing.com Automated Import reports. The brokerage set a "buy" rating and a $45.00 price target on the financial services provider's stock. TD Cowen's price target would indicate a potential upside of 21.28% from the stock's current price.

Several other research firms also recently weighed in on RNST. Hovde Group increased their price target on shares of Renasant from $35.00 to $39.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 23rd. Raymond James Financial reiterated a "strong-buy" rating on shares of Renasant in a research report on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $43.00.

Renasant Stock Down 0.8%

RNST opened at $37.11 on Thursday. 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 has a 1-year low of $26.97 and a 1-year high of $40.40. The company has a market capitalization of $3.53 billion, a PE ratio of 11.35 and a beta of 0.93. The firm's 50 day simple moving average is $37.85 and its two-hundred day simple moving average is $35.35.

Hedge Funds Weigh In On Renasant

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Renasant by 22.0% during the first quarter. Vanguard Group Inc. now owns 8,789,556 shares of the financial services provider's stock worth $298,230,000 after acquiring an additional 1,582,105 shares during the last quarter. State Street Corp boosted its position in shares of Renasant by 14.1% during the second quarter. State Street Corp now owns 4,812,696 shares of the financial services provider's stock worth $172,920,000 after acquiring an additional 595,609 shares during the last quarter. Invesco Ltd. boosted its position in shares of Renasant by 365.6% during the second quarter. Invesco Ltd. now owns 2,215,665 shares of the financial services provider's stock worth $79,609,000 after acquiring an additional 1,739,786 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Renasant by 48.0% during the second quarter. Geode Capital Management LLC now owns 2,203,182 shares of the financial services provider's stock worth $79,169,000 after acquiring an additional 714,972 shares during the last quarter. Finally, Westwood Holdings Group Inc. boosted its position in shares of Renasant by 20.6% during the first quarter. Westwood Holdings Group Inc. now owns 2,121,838 shares of the financial services provider's stock worth $71,994,000 after acquiring an additional 362,835 shares during the last quarter. Institutional investors own 77.31% of the company's stock.

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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