Jennison Associates LLC purchased a new stake in Renasant Co. (NASDAQ:RNST - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 385,039 shares of the financial services provider's stock, valued at approximately $12,514,000. Jennison Associates LLC owned about 0.60% of Renasant at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of RNST. Victory Capital Management Inc. boosted its stake in shares of Renasant by 1.7% during the third quarter. Victory Capital Management Inc. now owns 3,955,366 shares of the financial services provider's stock valued at $128,549,000 after acquiring an additional 65,777 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Renasant by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,887,606 shares of the financial services provider's stock valued at $118,725,000 after purchasing an additional 22,821 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Renasant by 21.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider's stock worth $56,775,000 after purchasing an additional 303,945 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Renasant by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 562,008 shares of the financial services provider's stock worth $17,164,000 after buying an additional 11,828 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in Renasant by 189.3% in the 2nd quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider's stock valued at $12,820,000 after acquiring an additional 274,685 shares during the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.
Renasant stock opened at $37.90 on Friday. Renasant Co. has a fifty-two week low of $26.28 and a fifty-two week high of $38.77. The firm has a market cap of $2.41 billion, a price-to-earnings ratio of 12.35 and a beta of 1.01. The firm has a fifty day moving average price of $33.98 and a two-hundred day moving average price of $32.54. 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 (NASDAQ:RNST - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.63 by $0.07. The business had revenue of $318.34 million for the quarter, compared to analysts' expectations of $184.73 million. Renasant had a net margin of 16.83% and a return on equity of 6.70%. During the same quarter in the previous year, the firm posted $0.75 earnings per share. As a group, analysts forecast that Renasant Co. will post 2.65 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Wednesday, December 18th. Renasant's dividend payout ratio (DPR) is currently 28.66%.
A number of research firms have weighed in on RNST. Keefe, Bruyette & Woods raised shares of Renasant from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $36.00 to $40.00 in a research note on Friday, August 2nd. Truist Financial cut their target price on Renasant from $38.00 to $37.00 and set a "hold" rating on the stock in a research report on Friday, September 20th. Stephens raised Renasant from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $34.00 to $41.00 in a report on Wednesday, July 31st. Raymond James upgraded shares of Renasant from a "market perform" rating to an "outperform" rating and set a $39.00 price objective on the stock in a research note on Wednesday, July 31st. Finally, Piper Sandler upgraded Renasant from a "neutral" rating to an "overweight" rating and raised their target price for the company from $34.00 to $40.00 in a research note on Monday, August 5th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $39.33.
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In related news, Director John Creekmore sold 3,000 shares of the firm's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the completion of the transaction, the director now owns 24,057 shares of the company's stock, valued at approximately $914,166. This trade represents a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.82% of the stock is currently owned by company insiders.
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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