Renasant Co. (NASDAQ:RNST) Shares Bought by Jennison Associates LLC

Jennison Associates LLC boosted its holdings in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 33.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,567,120 shares of the financial services provider's stock after buying an additional 393,319 shares during the quarter. Jennison Associates LLC owned approximately 2.46% of Renasant worth $53,172,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Mascagni Wealth Management Inc. bought a new position in Renasant during the 4th quarter worth $44,000. CWM LLC raised its position in shares of Renasant by 42.7% in the 1st quarter. CWM LLC now owns 1,330 shares of the financial services provider's stock worth $45,000 after acquiring an additional 398 shares in the last quarter. Covestor Ltd raised its position in shares of Renasant by 73.7% in 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 in the last quarter. Smith Shellnut Wilson LLC ADV bought a new position in shares of Renasant in the 4th quarter worth about $201,000. Finally, Cibc World Markets Corp bought a new position in shares of Renasant in the 4th quarter worth about $209,000. Institutional investors and hedge funds own 77.31% of the company's stock.

Analysts Set New Price Targets

RNST has been the subject of a number of analyst reports. Hovde Group lifted their price target on Renasant from $34.50 to $35.00 and gave the company a "market perform" rating in a research note on Monday, April 28th. Keefe, Bruyette & Woods lowered their target price 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. Finally, Raymond James Financial raised 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. One 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 company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $41.00.

Renasant Price Performance

RNST stock traded down $0.40 during mid-day trading on Tuesday, hitting $38.06. The company had a trading volume of 626,579 shares, compared to its average volume of 698,555. The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of 11.64 and a beta of 0.90. Renasant Co. has a 12-month low of $26.97 and a 12-month high of $41.01. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average price of $36.22 and a 200 day moving average price of $35.01.

Renasant (NASDAQ:RNST - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The financial services provider reported $0.01 earnings per share for the quarter, missing analysts' consensus estimates of $0.74 by ($0.73). Renasant had a return on equity of 6.58% and a net margin of 17.91%. During the same quarter in the prior year, the company earned $0.69 earnings per share. The business's revenue was up 63.1% compared to the same quarter last year. On average, research analysts anticipate that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a $0.22 dividend. The ex-dividend date was Monday, June 16th. This represents a $0.88 annualized dividend and a yield of 2.31%. Renasant's dividend payout ratio (DPR) is 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.