Renasant (NASDAQ:RNST) PT Lowered to $37.00 at Truist Financial

Renasant (NASDAQ:RNST - Free Report) had its price target decreased by Truist Financial from $38.00 to $37.00 in a research report sent to investors on Friday, Benzinga reports. Truist Financial currently has a hold rating on the financial services provider's stock.

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

Renasant Stock Performance

Shares of NASDAQ RNST traded down $1.20 during midday trading on Friday, hitting $33.40. 1,840,732 shares of the stock traded hands, compared to its average volume of 393,460. The firm has a market capitalization of $2.16 billion, a P/E ratio of 11.58 and a beta of 1.02. Renasant has a one year low of $22.99 and a one year high of $37.40. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a 50-day moving average of $33.76 and a two-hundred day moving average of $31.27.

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

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.63%. The ex-dividend date is Monday, September 16th. Renasant's dividend payout ratio is currently 35.77%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Renasant by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 6,416,896 shares of the financial services provider's stock valued at $216,121,000 after purchasing an additional 16,417 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Renasant by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,887,606 shares of the financial services provider's stock worth $118,725,000 after acquiring an additional 22,821 shares in the last quarter. Westwood Holdings Group Inc. grew its position in Renasant by 13.0% in the first quarter. Westwood Holdings Group Inc. now owns 2,151,074 shares of the financial services provider's stock worth $67,372,000 after acquiring an additional 247,354 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Renasant by 4.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 830,687 shares of the financial services provider's stock worth $27,978,000 after acquiring an additional 38,036 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Renasant by 7.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 755,441 shares of the financial services provider's stock valued at $25,443,000 after purchasing an additional 50,084 shares during the period. 77.31% of the stock is owned by hedge funds and other 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.