TD Cowen Cuts Renasant (NASDAQ:RNST) Price Target to $44.00

Renasant (NASDAQ:RNST) had its price objective trimmed by TD Cowen from $45.00 to $44.00 in a report published on Thursday morning,Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

RNST has been the subject of a number of other research reports. Raymond James Financial restated a “strong-buy” rating on shares of Renasant in a research report on Wednesday, July 23rd. Hovde Group upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $40.00 to $41.00 in a research report on Thursday. Finally, Cowen started coverage on shares of Renasant in a research report on Wednesday, September 24th. They set a “buy” rating for the company. One research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company’s stock. According to MarketBeat.com, Renasant currently has an average rating of “Buy” and a consensus price target of $43.17.

Renasant Price Performance

Shares of NASDAQ:RNST opened at $33.58 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The firm has a fifty day moving average price of $36.98 and a 200 day moving average price of $36.01. Renasant has a fifty-two week low of $26.97 and a fifty-two week high of $40.40. The firm has a market cap of $3.19 billion, a price-to-earnings ratio of 10.27 and a beta of 0.89.

Renasant (NASDAQ:RNST) last issued its earnings results on Tuesday, October 28th. The financial services provider reported $0.77 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). Renasant had a return on equity of 6.58% and a net margin of 17.91%.The company had revenue of $269.55 million for the quarter, compared to the consensus estimate of $271.96 million. During the same quarter in the prior year, the company posted $1.18 EPS. As a group, sell-side analysts expect that Renasant will post 2.68 earnings per share for the current fiscal year.

Renasant Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 1st. Investors of record on Thursday, December 18th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Thursday, December 18th. This is a positive change from Renasant’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a yield of 2.7%. Renasant’s payout ratio is currently 46.23%.

Institutional Investors Weigh In On Renasant

A number of hedge funds have recently bought and sold shares of the business. Algebris UK Ltd. purchased a new stake in Renasant during the third quarter valued at $5,645,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Renasant in the third quarter valued at $550,000. Universal Beteiligungs und Servicegesellschaft mbH raised its stake in shares of Renasant by 28.6% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 113,947 shares of the financial services provider’s stock valued at $4,204,000 after acquiring an additional 25,372 shares during the period. Element Wealth LLC purchased a new stake in shares of Renasant in the third quarter valued at $395,000. Finally, Amalgamated Bank raised its stake in shares of Renasant by 7.5% in the third quarter. Amalgamated Bank now owns 27,113 shares of the financial services provider’s stock valued at $1,000,000 after acquiring an additional 1,886 shares during the period. Hedge funds and other institutional investors own 77.31% of the company’s stock.

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.