Wellington Management Group LLP Buys New Position in Renasant Co. (NASDAQ:RNST)

Wellington Management Group LLP bought a new stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 477,989 shares of the financial services provider's stock, valued at approximately $17,088,000. Wellington Management Group LLP owned about 0.75% of Renasant as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Barclays PLC raised its position in Renasant by 183.3% during the third quarter. Barclays PLC now owns 137,217 shares of the financial services provider's stock valued at $4,461,000 after buying an additional 88,783 shares during the period. KBC Group NV raised its position in Renasant by 36.7% during the fourth quarter. KBC Group NV now owns 3,358 shares of the financial services provider's stock valued at $120,000 after buying an additional 901 shares during the period. Jennison Associates LLC raised its position in Renasant by 204.9% during the fourth quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider's stock valued at $41,963,000 after buying an additional 788,762 shares during the period. Empowered Funds LLC raised its position in Renasant by 5.1% during the fourth quarter. Empowered Funds LLC now owns 200,824 shares of the financial services provider's stock valued at $7,179,000 after buying an additional 9,747 shares during the period. Finally, Equitable Trust Co. acquired a new position in Renasant during the fourth quarter valued at $248,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

Renasant Stock Down 0.5%

Shares of NASDAQ RNST traded down $0.18 during mid-day trading on Thursday, reaching $34.63. 384,133 shares of the company traded hands, compared to its average volume of 663,808. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The stock has a market cap of $3.29 billion, a PE ratio of 10.59 and a beta of 0.91. The company's fifty day moving average is $32.40 and its two-hundred day moving average is $35.00. Renasant Co. has a fifty-two week low of $26.97 and a fifty-two week high of $39.63.

Renasant (NASDAQ:RNST - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.66 EPS for the quarter, beating analysts' consensus estimates of $0.60 by $0.06. The business had revenue of $170.59 million for the quarter, compared to analyst estimates of $170.38 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%. During the same quarter in the prior year, the firm posted $0.65 EPS. On average, analysts expect that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 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 2.54%. The ex-dividend date of this dividend is Monday, June 16th. Renasant's dividend payout ratio is 27.33%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on RNST. Hovde Group upped their price target on Renasant from $34.50 to $35.00 and gave the company a "market perform" rating in a research report on Monday, April 28th. Raymond James raised Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 target price on the stock in a research report on Thursday, April 24th. Finally, Keefe, Bruyette & Woods dropped their target price on 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 sell rating, two have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $41.00.

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.