UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 17.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 166,033 shares of the financial services provider's stock after buying an additional 24,897 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.26% of Renasant worth $5,936,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of RNST. William Blair Investment Management LLC acquired a new position in shares of Renasant in the 4th quarter worth approximately $36,987,000. Jennison Associates LLC raised its position in Renasant by 204.9% in the 4th quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider's stock valued at $41,963,000 after purchasing an additional 788,762 shares during the last quarter. Deprince Race & Zollo Inc. boosted its stake in Renasant by 63.9% in the fourth quarter. Deprince Race & Zollo Inc. now owns 1,283,577 shares of the financial services provider's stock worth $45,888,000 after purchasing an additional 500,193 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Renasant by 376.5% during the fourth quarter. Bank of America Corp DE now owns 605,303 shares of the financial services provider's stock worth $21,640,000 after purchasing an additional 478,266 shares during the last quarter. Finally, Wellington Management Group LLP bought a new stake in shares of Renasant during the fourth quarter worth $17,088,000. Institutional investors and hedge funds own 77.31% of the company's stock.
Renasant Trading Up 3.1%
RNST stock traded up $1.08 during midday trading on Friday, reaching $35.73. The stock had a trading volume of 594,573 shares, compared to its average volume of 665,572. The firm has a market cap of $3.39 billion, a price-to-earnings ratio of 10.93 and a beta of 0.91. Renasant Co. has a twelve month low of $26.97 and a twelve month high of $39.63. 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 business has a fifty day simple moving average of $32.43 and a two-hundred day simple moving average of $34.99.
Renasant (NASDAQ:RNST - Get Free Report) last issued 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 company had revenue of $170.59 million during the quarter, compared to analysts' expectations of $170.38 million. Renasant had a net margin of 17.91% and a return on equity of 6.58%. During the same quarter in the previous year, the company earned $0.65 EPS. As a group, research analysts expect that Renasant Co. will post 2.68 EPS for the current fiscal year.
Renasant Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Monday, June 16th. Renasant's payout ratio is 27.33%.
Wall Street Analyst Weigh In
A number of research analysts recently issued reports on the company. Hovde Group lifted their price target on Renasant from $34.50 to $35.00 and gave the company a "market perform" rating in a report on Monday, April 28th. Raymond James 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 research note on Thursday, April 24th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $41.00.
Read Our Latest Research Report on Renasant
Renasant Profile
(
Free Report)
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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