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

Edgestream Partners L.P. increased its holdings in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 362.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 139,822 shares of the financial services provider's stock after purchasing 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.

Several other institutional investors also recently bought and sold shares of RNST. William Blair Investment Management LLC acquired a new position in shares of Renasant during the fourth quarter worth about $36,987,000. Deprince Race & Zollo Inc. grew its position in shares of Renasant by 63.9% during 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 buying an additional 500,193 shares in the last quarter. Bank of America Corp DE grew its position in shares of Renasant by 376.5% during 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 buying an additional 478,266 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of Renasant during the fourth quarter worth about $17,088,000. Finally, Marshall Wace LLP acquired a new position in shares of Renasant during the fourth quarter worth about $13,204,000. 77.31% of the stock is owned by institutional investors and hedge funds.

Renasant Price Performance

Shares of NASDAQ:RNST traded down $0.32 on Friday, hitting $38.75. The company had a trading volume of 590,851 shares, compared to its average volume of 696,063. The business has a 50 day moving average of $36.16 and a 200 day moving average of $35.00. Renasant Co. has a 52-week low of $26.97 and a 52-week high of $39.63. The company has a market cap of $3.68 billion, a PE ratio of 11.85 and a beta of 0.90. 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 EPS for the quarter, topping 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 last year, the business posted $0.65 EPS. As a group, equities analysts anticipate that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a dividend of $0.22 per share. The ex-dividend date was Monday, June 16th. This represents a $0.88 dividend on an annualized basis and a yield of 2.27%. Renasant's dividend payout ratio (DPR) is presently 27.33%.

Analyst Ratings Changes

RNST has been the subject of several recent analyst reports. Hovde Group boosted their target price on Renasant from $34.50 to $35.00 and gave the stock a "market perform" rating in a research note on Monday, April 28th. Keefe, Bruyette & Woods dropped their target price on Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. Finally, Raymond James Financial raised Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 target price on the stock in a report on Thursday, April 24th. One investment 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. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price 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.