Bank of America Corp DE Buys 478,266 Shares of Renasant Co. (NASDAQ:RNST)

Bank of America Corp DE raised its position in Renasant Co. (NASDAQ:RNST - Free Report) by 376.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 605,303 shares of the financial services provider's stock after buying an additional 478,266 shares during the period. Bank of America Corp DE owned about 0.95% of Renasant worth $21,640,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Covestor Ltd raised its stake in Renasant by 73.7% during 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 period. KBC Group NV raised its stake in shares of Renasant by 36.7% in the 4th quarter. KBC Group NV now owns 3,358 shares of the financial services provider's stock valued at $120,000 after purchasing an additional 901 shares during the period. ZWJ Investment Counsel Inc. acquired a new stake in shares of Renasant in the 4th quarter valued at about $208,000. Cibc World Markets Corp bought a new position in shares of Renasant in the 4th quarter valued at about $209,000. Finally, CIBC Asset Management Inc bought a new position in shares of Renasant in the 4th quarter valued at about $220,000. 77.31% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Keefe, Bruyette & Woods reduced their price target on Renasant from $45.00 to $43.00 and set an "outperform" rating for the company in a report on Tuesday, May 6th. Stephens increased their target price on Renasant from $44.00 to $47.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Hovde Group increased their target price on Renasant from $34.50 to $35.00 and gave the stock a "market perform" rating in a report on Monday, April 28th. Wall Street Zen lowered Renasant from a "hold" rating to a "sell" rating in a report on Friday, January 31st. Finally, Piper Sandler increased their target price on Renasant from $41.00 to $44.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. One analyst has rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $41.00.

Renasant Stock Performance

Shares of RNST traded down $0.09 during mid-day trading on Friday, hitting $34.61. The stock had a trading volume of 596,982 shares, compared to its average volume of 654,530. The firm has a market cap of $3.29 billion, a P/E ratio of 10.58 and a beta of 0.86. The business has a fifty day moving average price of $32.38 and a 200-day moving average price of $35.10. 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 Co. has a 52 week low of $26.97 and a 52 week high of $39.63.

Renasant (NASDAQ:RNST - Get Free Report) last released 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 company had revenue of $170.59 million for the quarter, compared to analyst estimates of $170.38 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%. During the same period in the previous year, the company posted $0.65 EPS. On average, equities research analysts expect that Renasant Co. will post 2.68 EPS for the current year.

Renasant Dividend Announcement

The company also recently disclosed 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 2.54%. The ex-dividend date is Monday, June 16th. Renasant's payout ratio is currently 27.33%.

Renasant 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.