Banque Pictet & Cie SA Takes $512,000 Position in Renasant Co. (NASDAQ:RNST)

Banque Pictet & Cie SA purchased a new stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,089 shares of the financial services provider's stock, valued at approximately $512,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Mascagni Wealth Management Inc. bought a new stake in shares of Renasant in the 4th quarter valued at $44,000. Covestor Ltd boosted its position 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 acquiring an additional 780 shares during the last quarter. Smith Shellnut Wilson LLC ADV bought a new position in Renasant in the fourth quarter valued at $201,000. Cibc World Markets Corp acquired a new stake in Renasant in the 4th quarter valued at $209,000. Finally, Dark Forest Capital Management LP bought a new stake in Renasant during the 4th quarter worth about $221,000. Institutional investors and hedge funds own 77.31% of the company's stock.

Renasant Trading Down 0.7%

Shares of NASDAQ:RNST traded down $0.29 during mid-day trading on Friday, reaching $38.45. 576,605 shares of the company's stock were exchanged, compared to its average volume of 691,819. The firm has a market capitalization of $3.65 billion, a price-to-earnings ratio of 11.76 and a beta of 0.90. Renasant Co. has a twelve month low of $26.97 and a twelve month high of $39.63. The business's fifty day moving average price is $35.65 and its 200-day moving average price is $34.90. 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 (NASDAQ:RNST - Get Free Report) last announced 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. Renasant had a return on equity of 6.58% and a net margin of 17.91%. The company had revenue of $170.59 million for the quarter, compared to the consensus estimate of $170.38 million. During the same period in the previous year, the business earned $0.65 EPS. On average, research analysts predict that Renasant Co. will post 2.68 EPS for the current fiscal year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were issued a $0.22 dividend. The ex-dividend date of this dividend was Monday, June 16th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.29%. Renasant's dividend payout ratio is presently 27.33%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on RNST shares. Raymond James Financial raised Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price objective for the company in a report on Thursday, April 24th. Hovde Group increased 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. Finally, Keefe, Bruyette & Woods cut their price target on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating for the company in a research note on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Renasant currently has a consensus rating of "Moderate Buy" and a consensus price target 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.