Sequoia Financial Advisors LLC Takes Position in Renasant Co. $RNST

Key Points

• Sequoia Financial Advisors LLC has acquired a new stake in Renasant Co. during the second quarter, purchasing 12,284 shares valued at approximately $441,000.
• Renasant has recently declared a quarterly dividend of $0.22 per share, which represents an annualized yield of 2.5% and a payout ratio of 34.65%.
• Wall Street analysts have largely rated Renasant stock positively, with a consensus rating of "Buy" and an average price target of $43.00, signaling confidence in future growth for the company.

Sequoia Financial Advisors LLC purchased a new stake in Renasant Co. (NASDAQ:RNST - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 12,284 shares of the financial services provider's stock, valued at approximately $441,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Quantbot Technologies LP bought a new stake in shares of Renasant in the first quarter valued at approximately $28,000. CWM LLC grew its stake 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 acquiring an additional 398 shares in the last quarter. State of Wyoming purchased a new position in Renasant during the first quarter valued at approximately $51,000. Caitong International Asset Management Co. Ltd purchased a new position in Renasant during the first quarter valued at approximately $54,000. Finally, GAMMA Investing LLC grew its stake in Renasant by 49.5% during the second quarter. GAMMA Investing LLC now owns 1,489 shares of the financial services provider's stock valued at $54,000 after acquiring an additional 493 shares in the last quarter. Institutional investors own 77.31% of the company's stock.

Renasant Price Performance

RNST stock opened at $34.92 on Tuesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. Renasant Co. has a one year low of $26.97 and a one year high of $40.40. The stock has a market cap of $3.32 billion, a PE ratio of 10.68 and a beta of 0.89. The firm has a 50 day simple moving average of $37.57 and a two-hundred day simple moving average of $35.63.

Renasant Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Tuesday, September 16th. Renasant's payout ratio is currently 34.65%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Cowen assumed coverage on shares of Renasant in a research note on Wednesday, September 24th. They set a "buy" rating for the company. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Renasant in a research note on Wednesday, July 23rd. TD Cowen assumed coverage on shares of Renasant in a research note on Thursday, September 25th. They set a "buy" rating and a $45.00 price objective for the company. Finally, Hovde Group boosted their price objective on shares of Renasant from $35.00 to $39.00 and gave the company a "market perform" rating in a research note on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $43.00.

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.

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