Edgestream Partners L.P. Acquires 109,581 Shares of Renasant Co. (NASDAQ:RNST)

Edgestream Partners L.P. grew its holdings in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 362.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 139,822 shares of the financial services provider's stock after buying an additional 109,581 shares during the quarter. Edgestream Partners L.P. owned 0.22% of Renasant worth $4,744,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in RNST. Mascagni Wealth Management Inc. acquired a new position in shares of Renasant during the fourth quarter valued at about $44,000. CWM LLC grew its holdings in shares of Renasant by 42.7% during the first quarter. CWM LLC now owns 1,330 shares of the financial services provider's stock valued at $45,000 after buying an additional 398 shares during the last quarter. Covestor Ltd grew its holdings in shares of Renasant by 73.7% during 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 during the last quarter. Smith Shellnut Wilson LLC ADV acquired a new position in shares of Renasant during the fourth quarter valued at about $201,000. Finally, Cibc World Markets Corp purchased a new position in Renasant during the fourth quarter worth about $209,000. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Renasant Stock Performance

RNST stock traded down $0.32 during mid-day trading on Friday, hitting $38.75. The company had a trading volume of 590,851 shares, compared to its average volume of 696,063. The firm has a market cap of $3.68 billion, a PE ratio of 11.85 and a beta of 0.90. 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 Co. has a 12 month low of $26.97 and a 12 month high of $39.63. The stock's fifty day moving average price is $36.16 and its two-hundred day moving average price is $35.00.

Renasant (NASDAQ:RNST - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.66 EPS for the quarter, topping the consensus estimate of $0.60 by $0.06. The business 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 quarter in the previous year, the firm posted $0.65 earnings per share. On average, analysts forecast that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend was Monday, June 16th. Renasant's dividend payout ratio (DPR) is currently 27.33%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RNST. Keefe, Bruyette & Woods cut their price target on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. 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 report on Thursday, April 24th. Finally, Hovde Group boosted their price target on shares of Renasant from $34.50 to $35.00 and gave the stock a "market perform" rating in a report on Monday, April 28th. One equities research analyst has rated the stock with a sell rating, two have assigned 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 stock currently has a consensus rating of "Moderate Buy" and an average 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.