Bank of New York Mellon Corp Buys 63,956 Shares of Renasant Co. (NASDAQ:RNST)

Bank of New York Mellon Corp increased its stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 11.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 606,884 shares of the financial services provider's stock after acquiring an additional 63,956 shares during the period. Bank of New York Mellon Corp owned about 0.95% of Renasant worth $20,592,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Principal Financial Group Inc. raised its holdings in shares of Renasant by 49.0% during the first quarter. Principal Financial Group Inc. now owns 459,124 shares of the financial services provider's stock worth $15,578,000 after acquiring an additional 150,929 shares during the period. Oregon Public Employees Retirement Fund raised its holdings in shares of Renasant by 40.8% during the first quarter. Oregon Public Employees Retirement Fund now owns 21,062 shares of the financial services provider's stock worth $715,000 after acquiring an additional 6,100 shares during the period. Teacher Retirement System of Texas acquired a new stake in shares of Renasant during the first quarter worth $460,000. Keybank National Association OH increased its stake in Renasant by 2.8% in the 1st quarter. Keybank National Association OH now owns 32,330 shares of the financial services provider's stock valued at $1,097,000 after buying an additional 866 shares during the last quarter. Finally, New York State Teachers Retirement System increased its stake in Renasant by 38.9% in the 1st quarter. New York State Teachers Retirement System now owns 24,006 shares of the financial services provider's stock valued at $815,000 after buying an additional 6,720 shares during the last quarter. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Raymond James Financial upgraded shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price target on the stock in a research note on Thursday, April 24th. Keefe, Bruyette & Woods lowered their price target 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 lifted their price target 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 research analyst has rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $41.00.

Renasant Stock Performance

Shares of Renasant stock traded down $0.33 during trading on Monday, hitting $38.47. 507,670 shares of the stock were exchanged, compared to its average volume of 697,194. The stock has a market capitalization of $3.66 billion, a price-to-earnings ratio of 11.76 and a beta of 0.90. The company has a fifty day moving average price of $36.16 and a 200-day moving average price of $34.99. Renasant Co. has a 1-year low of $26.97 and a 1-year high of $39.63. 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 (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 for the quarter, topping the consensus estimate 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 net margin of 17.91% and a return on equity of 6.58%. During the same period in the previous year, the business earned $0.65 EPS. As a group, equities analysts predict that Renasant Co. will post 2.68 EPS for the current fiscal year.

Renasant Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.29%. The ex-dividend date was Monday, June 16th. Renasant's payout ratio is 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.