Alps Advisors Inc. Takes Position in Renasant Co. (NASDAQ:RNST)

Alps Advisors Inc. purchased a new stake in Renasant Co. (NASDAQ:RNST - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 10,330 shares of the financial services provider's stock, valued at approximately $350,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Banque Pictet & Cie SA bought a new stake in shares of Renasant during the 1st quarter worth about $512,000. Envestnet Asset Management Inc. raised its position in shares of Renasant by 15.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 37,318 shares of the financial services provider's stock valued at $1,266,000 after buying an additional 4,922 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Renasant by 11.8% in the 1st quarter. Bank of New York Mellon Corp now owns 606,884 shares of the financial services provider's stock valued at $20,592,000 after buying an additional 63,956 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Renasant by 49.0% in the 1st quarter. Principal Financial Group Inc. now owns 459,124 shares of the financial services provider's stock valued at $15,578,000 after buying an additional 150,929 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its position in Renasant by 40.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 21,062 shares of the financial services provider's stock worth $715,000 after purchasing an additional 6,100 shares in the last quarter. Institutional investors own 77.31% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RNST. Hovde Group increased their target price on shares of Renasant from $34.50 to $35.00 and gave the stock a "market perform" rating in a research note on Monday, April 28th. Keefe, Bruyette & Woods cut their price objective on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating for the company in a research report on Tuesday, May 6th. Finally, Raymond James Financial upgraded shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 target price for the company in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Renasant currently has an average rating of "Moderate Buy" and a consensus target price of $41.00.

Renasant Stock Down 0.8%

Shares of NASDAQ:RNST traded down $0.32 during midday trading on Friday, reaching $38.75. The company's stock had a trading volume of 590,851 shares, compared to its average volume of 697,955. The firm has a 50 day moving average of $36.16 and a 200-day moving average of $34.99. The firm has a market capitalization of $3.68 billion, a P/E ratio of 11.85 and a beta of 0.90. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. Renasant Co. has a 12-month low of $26.97 and a 12-month high of $39.63.

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

Renasant Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.27%. The ex-dividend date was Monday, June 16th. Renasant's payout ratio is currently 27.33%.

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.