Allen Mooney & Barnes Investment Advisors LLC Acquires Shares of 10,103 Renasant Co. $RNST

Key Points

• Allen Mooney & Barnes Investment Advisors LLC has acquired a new stake in Renasant Co. by purchasing 10,103 shares valued at approximately $363,000 during the second quarter.
• Renasant has received a consensus rating of "Moderate Buy" from analysts, with a price target increased to $41.67.
• The company recently declared a quarterly dividend of $0.22 per share, resulting in a 2.3% yield for investors.

Allen Mooney & Barnes Investment Advisors LLC purchased a new stake in Renasant Co. (NASDAQ:RNST - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 10,103 shares of the financial services provider's stock, valued at approximately $363,000.

A number of other hedge funds and other institutional investors have also modified their holdings of RNST. Ameriprise Financial Inc. boosted its position in shares of Renasant by 38.9% in the 4th quarter. Ameriprise Financial Inc. now owns 209,083 shares of the financial services provider's stock valued at $7,475,000 after purchasing an additional 58,526 shares during the period. Bank of America Corp DE boosted its position in shares of Renasant by 376.5% in 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 purchasing an additional 478,266 shares during the period. Deutsche Bank AG lifted its stake in Renasant by 61.9% in the 4th quarter. Deutsche Bank AG now owns 50,346 shares of the financial services provider's stock worth $1,800,000 after acquiring an additional 19,240 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Renasant by 19.2% in the 4th quarter. Janus Henderson Group PLC now owns 29,127 shares of the financial services provider's stock worth $1,042,000 after acquiring an additional 4,700 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Renasant by 5.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,546 shares of the financial services provider's stock worth $1,271,000 after acquiring an additional 1,862 shares in the last quarter. Institutional investors and hedge funds own 77.31% of the company's stock.

Renasant Stock Performance

Shares of NASDAQ:RNST traded down $0.43 during trading on Friday, hitting $38.38. 292,717 shares of the stock were exchanged, compared to its average volume of 708,576. Renasant Co. has a 1-year low of $26.97 and a 1-year high of $40.40. The company has a market capitalization of $3.65 billion, a price-to-earnings ratio of 11.74 and a beta of 0.93. The company's fifty day simple moving average is $37.92 and its 200-day simple moving average is $35.27. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.

Renasant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, September 16th. Renasant's dividend payout ratio (DPR) is presently 34.65%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Raymond James Financial reissued a "strong-buy" rating on shares of Renasant in a research note on Wednesday, July 23rd. Hovde Group increased their price objective on Renasant from $35.00 to $39.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $41.67.

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.