Renasant (NASDAQ:RNST) Issues Earnings Results

Renasant (NASDAQ:RNST) posted its quarterly earnings data on Tuesday. The financial services provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.03, Briefing.com reports. The business had revenue of $163.79 million during the quarter, compared to the consensus estimate of $166.05 million. Renasant had a return on equity of 7.03% and a net margin of 15.04%. Renasant’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.83 earnings per share.

Renasant Price Performance

NASDAQ RNST traded up $0.50 during mid-day trading on Thursday, hitting $36.41. The stock had a trading volume of 448,784 shares, compared to its average volume of 242,425. The firm’s 50 day moving average is $30.75 and its 200 day moving average is $30.77. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.93 and a quick ratio of 0.92. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of 14.28 and a beta of 1.03. Renasant has a twelve month low of $22.99 and a twelve month high of $37.40.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Piper Sandler reiterated a “neutral” rating and issued a $33.00 price objective on shares of Renasant in a research note on Wednesday, July 3rd. Truist Financial raised their price objective on Renasant from $32.00 to $38.00 and gave the company a “hold” rating in a research note on Thursday. Hovde Group lowered Renasant from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $36.00 to $38.00 in a research note on Thursday. Keefe, Bruyette & Woods raised their price objective on Renasant from $34.00 to $36.00 and gave the company a “market perform” rating in a research report on Thursday. Finally, StockNews.com raised shares of Renasant from a “sell” rating to a “hold” rating in a research report on Saturday, April 27th. Six analysts have rated the stock with a hold rating, According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $36.40.

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.