Truist Financial Lowers Renasant (NASDAQ:RNST) Price Target to $37.00

Renasant (NASDAQ:RNST) had its price objective lowered by analysts at Truist Financial from $38.00 to $37.00 in a report released on Friday, Benzinga reports. The firm currently has a “hold” rating on the financial services provider’s stock. Truist Financial’s target price points to a potential upside of 9.37% from the stock’s previous close.

RNST has been the topic of several other research reports. Raymond James upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 target price on the stock in a research report on Wednesday, July 31st. Keefe, Bruyette & Woods raised Renasant from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $36.00 to $40.00 in a research note on Friday, August 2nd. Piper Sandler raised Renasant from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $34.00 to $40.00 in a research report on Monday, August 5th. Hovde Group upgraded Renasant from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $38.00 to $39.00 in a research report on Monday, August 5th. Finally, Stephens raised Renasant from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $34.00 to $41.00 in a research note on Wednesday, July 31st. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $39.33.

Renasant Price Performance

Renasant stock traded down $0.77 during mid-day trading on Friday, hitting $33.83. 205,431 shares of the company were exchanged, compared to its average volume of 384,474. Renasant has a 12-month low of $22.99 and a 12-month high of $37.40. The company has a market capitalization of $2.15 billion, a P/E ratio of 13.75 and a beta of 1.02. The business’s 50 day simple moving average is $33.76 and its two-hundred day simple moving average is $31.27. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.93 and a quick ratio of 0.92.

Renasant (NASDAQ:RNST) last announced its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.03. Renasant had a net margin of 15.04% and a return on equity of 6.98%. The firm had revenue of $163.79 million during the quarter, compared to the consensus estimate of $166.05 million. During the same quarter in the previous year, the company posted $0.83 EPS. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. Analysts forecast that Renasant will post 2.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Quarry LP increased its position in shares of Renasant by 698.3% in the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 817 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Renasant by 41.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 1,404 shares during the period. Magnolia Capital Advisors LLC purchased a new stake in Renasant during the 2nd quarter worth $675,000. Millennium Management LLC increased its holdings in Renasant by 189.3% in the 2nd quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider’s stock valued at $12,820,000 after purchasing an additional 274,685 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in Renasant by 24.9% in the second quarter. AQR Capital Management LLC now owns 26,954 shares of the financial services provider’s stock valued at $823,000 after purchasing an additional 5,376 shares during the period. Hedge funds and other 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.