LPL Financial LLC Has $3.89 Million Stake in Renasant Co. $RNST

Key Points

• LPL Financial LLC has increased its stake in Renasant Co. (NASDAQ:RNST) by 6.6%, now holding approximately 0.18% of the company, valued at $3.89 million.
• Other institutional investors have significantly increased their positions, with Deprince Race & Zollo Inc. growing by 63.9% and Bank of America Corp DE increasing by 376.5% in the last quarter.
• Renasant has a current market cap of $3.57 billion, with shares trading between a 52-week low of $26.97 and high of $39.63.

LPL Financial LLC boosted its position in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 6.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 114,659 shares of the financial services provider's stock after acquiring an additional 7,140 shares during the period. LPL Financial LLC owned 0.18% of Renasant worth $3,890,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RNST. Principal Financial Group Inc. increased its holdings in shares of Renasant by 49.0% during the 1st quarter. Principal Financial Group Inc. now owns 459,124 shares of the financial services provider's stock worth $15,578,000 after purchasing an additional 150,929 shares during the period. Teachers Retirement System of The State of Kentucky increased its holdings in shares of Renasant by 292.4% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 68,655 shares of the financial services provider's stock worth $2,330,000 after purchasing an additional 51,161 shares during the period. Amalgamated Bank increased its holdings in shares of Renasant by 31.5% during the 1st quarter. Amalgamated Bank now owns 24,216 shares of the financial services provider's stock worth $822,000 after purchasing an additional 5,802 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Renasant by 11.8% during the 1st quarter. Bank of New York Mellon Corp now owns 606,884 shares of the financial services provider's stock worth $20,592,000 after purchasing an additional 63,956 shares during the period. Finally, New York State Teachers Retirement System increased its holdings in shares of Renasant by 38.9% during the 1st quarter. New York State Teachers Retirement System now owns 24,006 shares of the financial services provider's stock worth $815,000 after purchasing an additional 6,720 shares during the period. Institutional investors and hedge funds own 77.31% of the company's stock.

Renasant Trading Up 0.3%

RNST traded up $0.1150 during mid-day trading on Wednesday, hitting $37.6050. The stock had a trading volume of 477,158 shares, compared to its average volume of 733,856. The stock's fifty day simple moving average is $36.87 and its 200-day simple moving average is $35.11. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The firm has a market capitalization of $3.57 billion, a price-to-earnings ratio of 11.50 and a beta of 0.94. Renasant Co. has a 1-year low of $26.97 and a 1-year high of $39.63.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Tuesday, September 16th. Renasant's dividend payout ratio (DPR) is presently 34.65%.

Wall Street Analyst Weigh In

RNST has been the topic of several research reports. Hovde Group boosted their price objective on shares of Renasant from $35.00 to $39.00 and gave the stock a "market perform" rating in a report on Wednesday, July 23rd. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Renasant in a research note on Wednesday, July 23rd. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $41.67.

About Renasant

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.