TD Cowen Cuts Renasant (NYSE:RNST) Price Target to $46.00

Renasant (NYSE:RNST) had its target price cut by TD Cowen from $49.00 to $46.00 in a research report report published on Monday,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts also recently weighed in on RNST. Weiss Ratings raised Renasant from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Piper Sandler increased their price target on Renasant from $46.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, July 30th. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $46.67.

Renasant Price Performance

Shares of NYSE:RNST opened at $38.85 on Monday. The firm’s 50 day moving average is $41.32 and its two-hundred day moving average is $40.86. Renasant has a 52 week low of $33.04 and a 52 week high of $44.54. The firm has a market capitalization of $3.55 billion, a P/E ratio of 11.63 and a beta of 1.01. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.21.

Renasant (NYSE:RNST) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.03. Renasant had a return on equity of 8.67% and a net margin of 19.94%.The business had revenue of $573.62 million during the quarter, compared to the consensus estimate of $280.71 million. During the same period in the previous year, the firm posted $0.01 earnings per share. Analysts anticipate that Renasant will post 3.78 earnings per share for the current year.

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Wednesday, September 16th. Renasant’s dividend payout ratio (DPR) is currently 28.74%.

Insider Activity at Renasant

In related news, Director Edward Mcgraw sold 35,000 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $43.88, for a total transaction of $1,535,800.00. Following the sale, the director owned 211,458 shares of the company’s stock, valued at $9,278,777.04. The trade was a 14.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Renasant

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RNST. Tidal Investments LLC acquired a new position in shares of Renasant during the 2nd quarter valued at $1,991,000. Nykredit A S acquired a new stake in shares of Renasant in the second quarter valued at $47,000. Corient Private Wealth LP acquired a new stake in shares of Renasant in the second quarter valued at $1,056,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Renasant during the second quarter valued at about $370,000. Finally, HB Wealth Management LLC boosted its stake in Renasant by 3.5% during the second quarter. HB Wealth Management LLC now owns 10,126 shares of the company’s stock valued at $431,000 after buying an additional 346 shares in the last quarter. 77.31% of the stock is owned by institutional investors.

About Renasant

Renasant Corporation is a financial services company headquartered in Tupelo, Mississippi, and the parent company of Renasant Bank. Founded in 1904, the company has grown from a community bank into a regional banking organization serving customers across the Southeastern United States.

Renasant Bank provides a range of personal and business banking services, including checking and savings accounts, consumer and commercial loans, mortgages, treasury management, online and mobile banking, and other deposit products.