Adage Capital Partners GP L.L.C. Has $33.80 Million Stock Holdings in Renasant Co. $RNST

Key Points

• Adage Capital Partners GP L.L.C. increased its holdings in Renasant Co. by 48.1%, owning approximately 996,185 shares valued at $33.80 million as of its latest SEC filing.
• Institutional investors own about 77.31% of Renasant's stock, with several firms including Principal Financial Group and Teachers Retirement System significantly increasing their positions in the first quarter.
• Renasant announced a quarterly dividend of $0.22 per share, providing an annualized dividend yield of 2.3%, set to be paid on September 30th.

Adage Capital Partners GP L.L.C. boosted its position in Renasant Co. (NASDAQ:RNST - Free Report) by 48.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 996,185 shares of the financial services provider's stock after purchasing an additional 323,456 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 1.56% of Renasant worth $33,801,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RNST. Hsbc Holdings PLC boosted its holdings in Renasant by 56.5% in the 4th quarter. Hsbc Holdings PLC now owns 14,473 shares of the financial services provider's stock worth $522,000 after acquiring an additional 5,225 shares during the period. Northern Trust Corp lifted its holdings in shares of Renasant by 7.9% during the fourth quarter. Northern Trust Corp now owns 763,996 shares of the financial services provider's stock valued at $27,313,000 after purchasing an additional 55,620 shares during the last quarter. Comerica Bank lifted its stake in Renasant by 55.3% in the 4th quarter. Comerica Bank now owns 35,708 shares of the financial services provider's stock worth $1,277,000 after acquiring an additional 12,709 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Renasant by 38.9% during the 4th quarter. Ameriprise Financial Inc. now owns 209,083 shares of the financial services provider's stock valued at $7,475,000 after buying an additional 58,526 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Renasant by 376.5% during the 4th quarter. Bank of America Corp DE now owns 605,303 shares of the financial services provider's stock valued at $21,640,000 after acquiring an additional 478,266 shares during the last quarter. Hedge funds and other institutional investors own 77.31% of the company's stock.

Analyst Ratings Changes

RNST has been the topic of a number of research analyst reports. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Renasant in a report on Wednesday, July 23rd. Hovde Group raised their target price on Renasant from $35.00 to $39.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $41.67.

Renasant Stock Performance

Shares of RNST traded down $0.13 during mid-day trading on Monday, reaching $39.35. The company's stock had a trading volume of 347,818 shares, compared to its average volume of 714,174. The stock has a market cap of $3.74 billion, a P/E ratio of 12.03 and a beta of 0.93. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. Renasant Co. has a 1-year low of $26.97 and a 1-year high of $40.40. The business has a 50-day simple moving average of $37.79 and a two-hundred day simple moving average of $35.12.

Renasant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.88 annualized dividend and a dividend yield of 2.2%. Renasant's dividend payout ratio (DPR) is 34.65%.

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.