Banque Pictet & Cie SA Acquires New Position in Renasant Co. (NASDAQ:RNST)

Banque Pictet & Cie SA bought a new stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 15,089 shares of the financial services provider's stock, valued at approximately $512,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RNST. William Blair Investment Management LLC purchased a new stake in shares of Renasant in the fourth quarter worth $36,987,000. Deprince Race & Zollo Inc. increased its stake in shares of Renasant by 63.9% in the fourth quarter. Deprince Race & Zollo Inc. now owns 1,283,577 shares of the financial services provider's stock worth $45,888,000 after purchasing an additional 500,193 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Renasant by 376.5% in the fourth quarter. Bank of America Corp DE now owns 605,303 shares of the financial services provider's stock worth $21,640,000 after purchasing an additional 478,266 shares in the last quarter. Wellington Management Group LLP purchased a new stake in shares of Renasant in the fourth quarter worth $17,088,000. Finally, Marshall Wace LLP purchased a new stake in shares of Renasant in the fourth quarter worth $13,204,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RNST shares. Keefe, Bruyette & Woods reduced their price objective 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. Raymond James Financial raised shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 target price for the company in a research note on Thursday, April 24th. Finally, Hovde Group raised 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, Renasant currently has an average rating of "Moderate Buy" and an average target price of $41.00.

Renasant Price Performance

RNST stock traded up $0.71 during trading on Monday, hitting $39.23. 546,279 shares of the company's stock traded hands, compared to its average volume of 692,760. Renasant Co. has a 52 week low of $26.97 and a 52 week high of $39.63. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The business has a fifty day simple moving average of $35.65 and a 200 day simple moving average of $34.89. The stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of 12.00 and a beta of 0.90.

Renasant (NASDAQ:RNST - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to analyst estimates of $170.38 million. During the same quarter last year, the business earned $0.65 earnings per share. As a group, research analysts expect that Renasant Co. will post 2.68 EPS for the current fiscal year.

Renasant Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $0.88 annualized dividend and a yield of 2.24%. Renasant's dividend payout ratio (DPR) is currently 27.33%.

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.