Renasant (NASDAQ:RNST) Issues Earnings Results, Beats Estimates By $0.11 EPS

Renasant (NASDAQ:RNST) posted its quarterly earnings results on Tuesday. The financial services provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.11, Briefing.com reports. Renasant had a return on equity of 6.58% and a net margin of 17.91%.During the same quarter in the previous year, the company earned $0.73 earnings per share.

Renasant Stock Down 0.2%

Renasant stock traded down $0.07 during mid-day trading on Tuesday, hitting $37.20. The company had a trading volume of 540,586 shares, compared to its average volume of 637,505. Renasant has a 12 month low of $26.97 and a 12 month high of $40.40. The stock’s 50 day moving average price is $36.18 and its two-hundred day moving average price is $36.54. The company has a market capitalization of $3.53 billion, a PE ratio of 11.38 and a beta of 0.97. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16.

Hedge Funds Weigh In On Renasant

Several hedge funds have recently bought and sold shares of RNST. CIBC Bancorp USA Inc. acquired a new position in shares of Renasant in the 3rd quarter valued at $371,000. Danske Bank A S acquired a new position in Renasant in the third quarter worth about $85,000. Kestra Private Wealth Services LLC raised its stake in Renasant by 1.1% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 35,729 shares of the financial services provider’s stock valued at $1,318,000 after acquiring an additional 375 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Renasant by 99.5% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 9,778 shares of the financial services provider’s stock worth $361,000 after purchasing an additional 4,876 shares during the period. Finally, Lido Advisors LLC grew its holdings in shares of Renasant by 5.8% during the 3rd quarter. Lido Advisors LLC now owns 9,247 shares of the financial services provider’s stock valued at $341,000 after acquiring an additional 506 shares in the last quarter. Institutional investors own 77.31% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on RNST shares. TD Cowen reiterated a “buy” rating on shares of Renasant in a research report on Wednesday, January 7th. Hovde Group upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $40.00 to $41.00 in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. Based on data from MarketBeat.com, Renasant presently has a consensus rating of “Buy” and an average target price of $43.33.

About Renasant

Renasant Corporation is a financial holding company providing banking and related services through its primary subsidiary, Renasant Bank. With origins dating back to 1904 in Tupelo, Mississippi, the company offers a comprehensive suite of commercial and consumer banking products, including deposit accounts, lending and treasury management services. Renasant serves individuals, small businesses and corporate clients across the southeastern United States.

The company operates more than 110 banking offices across Mississippi, Alabama, Tennessee, Florida and Georgia, supplemented by a network of ATMs and digital platforms.