Renasant Co. (NASDAQ:RNST) Stake Boosted by Ameriprise Financial Inc.

Ameriprise Financial Inc. boosted its position in Renasant Co. (NASDAQ:RNST - Free Report) by 38.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 209,083 shares of the financial services provider's stock after purchasing an additional 58,526 shares during the period. Ameriprise Financial Inc. owned approximately 0.33% of Renasant worth $7,475,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Covestor Ltd increased its holdings in shares of Renasant by 73.7% in 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 in the last quarter. KBC Group NV increased its holdings in shares of Renasant by 36.7% in the fourth quarter. KBC Group NV now owns 3,358 shares of the financial services provider's stock valued at $120,000 after buying an additional 901 shares in the last quarter. ZWJ Investment Counsel Inc. bought a new position in shares of Renasant in the fourth quarter valued at $208,000. Cibc World Markets Corp bought a new position in shares of Renasant in the fourth quarter valued at $209,000. Finally, CIBC Asset Management Inc bought a new position in shares of Renasant in the fourth quarter valued at $220,000. Institutional investors own 77.31% of the company's stock.

Renasant Stock Up 3.3%

Shares of Renasant stock traded up $1.14 on Tuesday, hitting $35.77. 491,867 shares of the company traded hands, compared to its average volume of 653,879. The company has a 50-day moving average price of $32.39 and a 200 day moving average price of $35.08. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. Renasant Co. has a 12-month low of $26.97 and a 12-month high of $39.63. The company has a market cap of $3.40 billion, a PE ratio of 10.94 and a beta of 0.86.

Renasant (NASDAQ:RNST - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 EPS for the quarter, beating the consensus estimate of $0.60 by $0.06. Renasant had a net margin of 17.91% and a return on equity of 6.58%. The business had revenue of $170.59 million for the quarter, compared to analysts' expectations of $170.38 million. During the same period in the previous year, the company posted $0.65 EPS. Sell-side analysts predict that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Dividend Announcement

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 dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Monday, June 16th. Renasant's dividend payout ratio is currently 27.33%.

Analyst Ratings Changes

RNST has been the topic of several research reports. Stephens upped their price target on Renasant from $44.00 to $47.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Wall Street Zen downgraded shares of Renasant from a "hold" rating to a "sell" rating in a research note on Friday, January 31st. Piper Sandler boosted their target price on shares of Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. Keefe, Bruyette & Woods cut their target price 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, 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 equities research analyst has rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $41.00.

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.