Alps Advisors Inc. bought a new position in Renasant Co. (NASDAQ:RNST - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 10,330 shares of the financial services provider's stock, valued at approximately $350,000.
A number of other institutional investors have also made changes to their positions in RNST. Banque Pictet & Cie SA acquired a new position in shares of Renasant in the 1st quarter valued at about $512,000. Envestnet Asset Management Inc. boosted its stake in Renasant by 15.2% in the first quarter. Envestnet Asset Management Inc. now owns 37,318 shares of the financial services provider's stock valued at $1,266,000 after acquiring an additional 4,922 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Renasant by 11.8% during the first 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 purchasing an additional 63,956 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Renasant by 49.0% during the first quarter. Principal Financial Group Inc. now owns 459,124 shares of the financial services provider's stock valued at $15,578,000 after purchasing an additional 150,929 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its position in shares of 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 during the period. 77.31% of the stock is currently owned by institutional investors.
Renasant Price Performance
Shares of NASDAQ:RNST traded down $0.32 during trading on Friday, reaching $38.75. The company had a trading volume of 590,851 shares, compared to its average volume of 694,284. The firm's fifty day moving average is $36.07 and its 200 day moving average is $34.98. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The firm has a market capitalization of $3.68 billion, a PE ratio of 11.85 and a beta of 0.90. Renasant Co. has a twelve month low of $26.97 and a twelve month high of $39.63.
Renasant (NASDAQ:RNST - Get Free Report) last released its earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.06. The firm had revenue of $170.59 million during the quarter, compared to the consensus estimate of $170.38 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%. During the same period in the prior year, the firm posted $0.65 earnings per share. On average, equities analysts forecast that Renasant Co. will post 2.68 EPS for the current year.
Renasant Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were paid a dividend of $0.22 per share. The ex-dividend date was Monday, June 16th. This represents a $0.88 annualized dividend and a yield of 2.27%. Renasant's dividend payout ratio is currently 27.33%.
Wall Street Analyst Weigh In
A number of research analysts recently commented on the company. Hovde Group upped their price objective on 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 dropped their price target on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. Finally, Raymond James Financial upgraded Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price objective 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 given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $41.00.
Read Our Latest Stock Report on RNST
Renasant Profile
(
Free Report)
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.
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