Balefire LLC acquired a new position in shares of Renasant Co. (NASDAQ:RNST - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 7,435 shares of the financial services provider's stock, valued at approximately $252,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of RNST. Mascagni Wealth Management Inc. purchased a new stake in Renasant during the fourth quarter valued at $44,000. Covestor Ltd increased its holdings in shares of Renasant by 73.7% in the 4th quarter. Covestor Ltd now owns 1,838 shares of the financial services provider's stock worth $66,000 after buying an additional 780 shares during the last quarter. Smith Shellnut Wilson LLC ADV purchased a new stake in shares of Renasant during the 4th quarter valued at about $201,000. Cibc World Markets Corp bought a new position in shares of Renasant in the 4th quarter valued at about $209,000. Finally, Dark Forest Capital Management LP bought a new position in shares of Renasant in the 4th quarter valued at about $221,000. 77.31% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on RNST shares. Hovde Group upped their price objective on Renasant from $34.50 to $35.00 and gave the company a "market perform" rating in a research report on Monday, April 28th. Raymond James Financial upgraded Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 target price for the company in a report on Thursday, April 24th. Finally, Keefe, Bruyette & Woods decreased their price target on Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $41.00.
Read Our Latest Stock Report on Renasant
Renasant Trading Down 0.4%
Shares of NASDAQ:RNST traded down $0.13 during trading hours on Monday, hitting $35.92. 667,651 shares of the company's stock traded hands, compared to its average volume of 682,137. The firm has a market capitalization of $3.41 billion, a P/E ratio of 10.98 and a beta of 0.91. The business has a fifty day moving average price of $34.53 and a 200-day moving average price of $34.75. Renasant Co. has a 1 year low of $26.97 and a 1 year high of $39.63. 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 posted its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.60 by $0.06. Renasant had a return on equity of 6.58% and a net margin of 17.91%. The company had revenue of $170.59 million during the quarter, compared to analysts' expectations of $170.38 million. During the same quarter in the previous year, the business earned $0.65 EPS. Equities analysts expect that Renasant Co. will post 2.68 earnings per share for the current year.
Renasant Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend is Monday, June 16th. Renasant's payout ratio is presently 27.33%.
About Renasant
(
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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