Adage Capital Partners GP L.L.C. Acquires 117,385 Shares of Renasant Co. (NASDAQ:RNST)

Adage Capital Partners GP L.L.C. raised its position in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 21.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 672,729 shares of the financial services provider's stock after purchasing an additional 117,385 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 1.06% of Renasant worth $24,050,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in RNST. Covestor Ltd raised its position in Renasant by 73.7% during the fourth quarter. Covestor Ltd now owns 1,838 shares of the financial services provider's stock valued at $66,000 after purchasing an additional 780 shares in the last quarter. KBC Group NV raised its position in Renasant by 36.7% during the fourth quarter. KBC Group NV now owns 3,358 shares of the financial services provider's stock valued at $120,000 after purchasing an additional 901 shares in the last quarter. ZWJ Investment Counsel Inc. purchased a new stake in Renasant during the fourth quarter valued at about $208,000. Cibc World Markets Corp purchased a new position in shares of Renasant in the fourth quarter worth about $209,000. Finally, CIBC Asset Management Inc purchased a new position in shares of Renasant in the fourth quarter worth about $220,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Wall Street Analysts Forecast Growth

RNST has been the topic of several analyst reports. Raymond James upgraded Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price objective on the stock in a report on Thursday, April 24th. StockNews.com downgraded Renasant from a "hold" rating to a "sell" rating in a report on Friday, January 31st. Hovde Group raised their target price on Renasant from $34.50 to $35.00 and gave the stock a "market perform" rating in a research note on Monday. Piper Sandler raised their target price on Renasant from $41.00 to $44.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. Finally, Stephens raised their target price on Renasant from $44.00 to $47.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Renasant has an average rating of "Moderate Buy" and an average target price of $41.50.

Renasant Stock Performance

NASDAQ RNST traded up $0.22 during trading hours on Thursday, hitting $32.29. The company's stock had a trading volume of 135,963 shares, compared to its average volume of 625,445. Renasant Co. has a 12 month low of $26.97 and a 12 month high of $39.63. The company's 50 day simple moving average is $32.50 and its two-hundred day simple moving average is $35.03. The company has a market cap of $2.06 billion, a P/E ratio of 9.89 and a beta of 0.93. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94.

Renasant (NASDAQ:RNST - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.06. Renasant had a return on equity of 6.58% and a net margin of 17.91%. The business had revenue of $170.59 million for the quarter, compared to analysts' expectations of $170.38 million. During the same period last year, the firm posted $0.65 earnings per share. As a group, sell-side analysts expect that Renasant Co. will post 2.68 EPS for the current fiscal year.

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.22 per share. The ex-dividend date is Monday, June 16th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.73%. Renasant's payout ratio is currently 27.33%.

Insider Buying and Selling

In related news, CAO Kelly Hutcheson sold 1,310 shares of the business's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $36.72, for a total value of $48,103.20. Following the transaction, the chief accounting officer now directly owns 17,586 shares of the company's stock, valued at approximately $645,757.92. The trade was a 6.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.81% of the stock is owned by insiders.

About Renasant

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.