Allspring Global Investments Holdings LLC Increases Position in Renasant Co. (NASDAQ:RNST)

Allspring Global Investments Holdings LLC grew its stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 4.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,825,410 shares of the financial services provider's stock after acquiring an additional 82,170 shares during the quarter. Allspring Global Investments Holdings LLC owned about 2.87% of Renasant worth $62,228,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of RNST. Mascagni Wealth Management Inc. bought a new position in Renasant in the 4th quarter valued at approximately $44,000. Covestor Ltd boosted its position in shares of Renasant by 73.7% during the fourth quarter. Covestor Ltd now owns 1,838 shares of the financial services provider's stock valued at $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 fourth quarter valued at $201,000. Cibc World Markets Corp bought a new stake in Renasant in the 4th quarter worth about $209,000. Finally, Dark Forest Capital Management LP purchased a new position in Renasant in the 4th quarter worth about $221,000. 77.31% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on RNST. Raymond James Financial upgraded shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price target for the company in a research note on Thursday, April 24th. Keefe, Bruyette & Woods cut their target price 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, Hovde Group boosted their target price on shares of Renasant from $34.50 to $35.00 and gave the company a "market perform" rating in a research note on Monday, April 28th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Renasant has a consensus rating of "Moderate Buy" and a consensus target price of $41.00.

Renasant Stock Performance

NASDAQ RNST traded up $0.28 during trading hours on Thursday, hitting $38.14. 321,984 shares of the company's stock traded hands, compared to its average volume of 683,696. Renasant Co. has a 52 week low of $26.97 and a 52 week high of $39.63. The firm has a market capitalization of $3.62 billion, a P/E ratio of 11.66 and a beta of 0.91. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The business's fifty day moving average price is $34.84 and its two-hundred day moving average price is $34.78.

Renasant (NASDAQ:RNST - Get Free Report) last issued 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. The firm had revenue of $170.59 million during the quarter, compared to the consensus estimate 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 firm posted $0.65 EPS. Equities research analysts predict that Renasant Co. will post 2.68 EPS for the current year.

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend was Monday, June 16th. Renasant's dividend payout ratio (DPR) is currently 27.33%.

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.