SunTrust Banks Lowers Renasant (NASDAQ:RNST) Price Target to $26.00

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Renasant (NASDAQ:RNST) had its price objective decreased by research analysts at SunTrust Banks from $28.00 to $26.00 in a research note issued on Thursday, BenzingaRatingsTable reports. The brokerage presently has a “hold” rating on the financial services provider’s stock. SunTrust Banks’ target price points to a potential upside of 11.92% from the stock’s previous close.

Several other research analysts also recently weighed in on RNST. ValuEngine upgraded Renasant from a “sell” rating to a “hold” rating in a research note on Friday, May 1st. BidaskClub downgraded shares of Renasant from a “sell” rating to a “strong sell” rating in a report on Friday, May 8th. Finally, Zacks Investment Research raised shares of Renasant from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. Renasant has a consensus rating of “Hold” and a consensus price target of $35.25.

Shares of NASDAQ RNST opened at $23.23 on Thursday. The business has a 50-day moving average price of $23.48 and a 200 day moving average price of $25.91. The stock has a market cap of $1.30 billion, a PE ratio of 13.58 and a beta of 1.35. The company has a quick ratio of 0.92, a current ratio of 0.96 and a debt-to-equity ratio of 0.18. Renasant has a 52-week low of $18.22 and a 52-week high of $36.84.

Renasant (NASDAQ:RNST) last released its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.36 EPS for the quarter, beating the consensus estimate of $0.30 by $0.06. Renasant had a net margin of 14.07% and a return on equity of 5.60%. The firm had revenue of $169.95 million during the quarter, compared to the consensus estimate of $147.73 million. During the same quarter in the prior year, the firm earned $0.82 EPS. Sell-side analysts anticipate that Renasant will post 1.59 earnings per share for the current year.

In other news, Director Richard Heyer bought 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was purchased at an average price of $24.58 per share, with a total value of $49,160.00. Following the purchase, the director now owns 28,287 shares of the company’s stock, valued at approximately $695,294.46. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director R Rick Hart sold 4,058 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $24.21, for a total transaction of $98,244.18. Following the completion of the transaction, the director now owns 68,712 shares in the company, valued at $1,663,517.52. The disclosure for this sale can be found here. 3.99% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. UBS Group AG boosted its stake in Renasant by 10.7% during the 4th quarter. UBS Group AG now owns 65,584 shares of the financial services provider’s stock valued at $2,323,000 after purchasing an additional 6,332 shares during the period. Bank of New York Mellon Corp increased its stake in Renasant by 21.8% during the fourth quarter. Bank of New York Mellon Corp now owns 525,082 shares of the financial services provider’s stock valued at $18,599,000 after acquiring an additional 93,994 shares during the period. UBS Asset Management Americas Inc. lifted its position in shares of Renasant by 2.3% in the 4th quarter. UBS Asset Management Americas Inc. now owns 50,978 shares of the financial services provider’s stock worth $1,806,000 after acquiring an additional 1,122 shares during the period. Bank of America Corp DE lifted its position in Renasant by 3.4% in the fourth quarter. Bank of America Corp DE now owns 402,498 shares of the financial services provider’s stock worth $14,257,000 after purchasing an additional 13,262 shares during the period. Finally, Schonfeld Strategic Advisors LLC acquired a new position in shares of Renasant in the 4th quarter valued at $233,000. 66.58% of the stock is currently owned by institutional investors and hedge funds.

Renasant Company Profile

Renasant Corporation operates as a bank holding company for Renasant Bank, which provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings, money market, individual retirement, and health savings accounts, as well as safe deposit and night depository facilities.

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