Jennison Associates LLC Boosts Holdings in Renasant Co. (NASDAQ:RNST)

Jennison Associates LLC increased its stake in Renasant Co. (NASDAQ:RNST - Free Report) by 33.5% during the first quarter, according to its most recent filing with the SEC. 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 2.46% of Renasant worth $53,172,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Edgestream Partners L.P. lifted its holdings in Renasant by 362.4% during the first quarter. Edgestream Partners L.P. now owns 139,822 shares of the financial services provider's stock valued at $4,744,000 after purchasing an additional 109,581 shares during the last quarter. CWM LLC lifted its holdings in 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 purchasing an additional 398 shares during the last quarter. Mutual of America Capital Management LLC lifted its holdings in Renasant by 39.2% during the first quarter. Mutual of America Capital Management LLC now owns 13,404 shares of the financial services provider's stock valued at $455,000 after purchasing an additional 3,775 shares during the last quarter. Alps Advisors Inc. purchased a new stake in Renasant during the first quarter valued at about $350,000. Finally, Banque Pictet & Cie SA purchased a new stake in Renasant during the first quarter valued at about $512,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on RNST. Keefe, Bruyette & Woods cut their price objective on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating for the company in a research report on Tuesday, May 6th. Hovde Group raised their price objective on shares of Renasant from $34.50 to $35.00 and gave the company a "market perform" rating in a research report on Monday, April 28th. Finally, Raymond James Financial upgraded shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price objective for the company in a research report on Thursday, April 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $41.00.

Renasant Price Performance

RNST traded down $0.32 on Friday, reaching $38.75. The company had a trading volume of 590,851 shares, compared to its average volume of 697,955. The business has a 50 day simple moving average of $36.16 and a 200 day simple moving average of $34.99. The company has a market cap of $3.68 billion, a price-to-earnings 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 52-week low of $26.97 and a 52-week high of $39.63.

Renasant (NASDAQ:RNST - Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $170.59 million for the quarter, compared to the consensus estimate of $170.38 million. Renasant had a net margin of 17.91% and a return on equity of 6.58%. During the same period last year, the firm posted $0.65 earnings per share. As a group, sell-side analysts anticipate that Renasant Co. will post 2.68 EPS for the current year.

Renasant Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.27%. The ex-dividend date was Monday, June 16th. Renasant's payout ratio is 27.33%.

Renasant 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.