Renasant Co. (NASDAQ:RNST) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. raised its position in Renasant Co. (NASDAQ:RNST - Free Report) by 49.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 459,124 shares of the financial services provider's stock after purchasing an additional 150,929 shares during the quarter. Principal Financial Group Inc. owned 0.72% of Renasant worth $15,578,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Mascagni Wealth Management Inc. bought a new position in shares of Renasant during the fourth quarter valued at approximately $44,000. Covestor Ltd raised its holdings in shares of Renasant by 73.7% in the fourth quarter. Covestor Ltd now owns 1,838 shares of the financial services provider's stock worth $66,000 after buying an additional 780 shares during the last quarter. Smith Shellnut Wilson LLC ADV purchased a new position in shares of Renasant in the fourth quarter worth $201,000. Cibc World Markets Corp purchased a new position in shares of Renasant during the fourth quarter worth $209,000. Finally, Dark Forest Capital Management LP purchased a new position in shares of Renasant during the fourth quarter worth $221,000. 77.31% of the stock is currently owned by institutional investors.

Renasant Trading Down 0.7%

Shares of Renasant stock traded down $0.29 on Friday, reaching $38.45. The company had a trading volume of 576,605 shares, compared to its average volume of 691,819. The firm's 50 day moving average price is $35.65 and its two-hundred day moving average price is $34.90. The firm has a market cap of $3.65 billion, a PE ratio of 11.76 and a beta of 0.90. Renasant Co. has a 52-week low of $26.97 and a 52-week high of $39.63. 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 (NASDAQ:RNST - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.60 by $0.06. Renasant had a net margin of 17.91% and a return on equity of 6.58%. The business had revenue of $170.59 million for the quarter, compared to the consensus estimate of $170.38 million. During the same period in the previous year, the firm earned $0.65 EPS. Sell-side analysts predict that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend was Monday, June 16th. Renasant's payout ratio is currently 27.33%.

Wall Street Analyst Weigh In

RNST has been the subject of several recent research reports. Raymond James Financial raised shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 target price for the company in a report on Thursday, April 24th. Keefe, Bruyette & Woods lowered their price target 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. 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 research report on Monday, April 28th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Renasant has an average rating of "Moderate Buy" and a consensus price target of $41.00.

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.