Renasant Co. $RNST Shares Acquired by Russell Investments Group Ltd.

Russell Investments Group Ltd. increased its position in shares of Renasant Co. (NASDAQ:RNST) by 23.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 176,344 shares of the financial services provider’s stock after purchasing an additional 32,967 shares during the period. Russell Investments Group Ltd. owned 0.19% of Renasant worth $6,336,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quantbot Technologies LP acquired a new position in shares of Renasant during the 1st quarter valued at $28,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in Renasant during the second quarter valued at about $37,000. State of Wyoming bought a new position in Renasant during the first quarter valued at about $51,000. Caitong International Asset Management Co. Ltd acquired a new position in Renasant during the first quarter worth about $54,000. Finally, GAMMA Investing LLC raised its position in Renasant by 49.5% in the second quarter. GAMMA Investing LLC now owns 1,489 shares of the financial services provider’s stock worth $54,000 after acquiring an additional 493 shares in the last quarter. 77.31% of the stock is owned by institutional investors.

Analyst Ratings Changes

RNST has been the subject of several research reports. TD Cowen reduced their price objective on shares of Renasant from $45.00 to $44.00 and set a “buy” rating for the company in a research report on Thursday, October 30th. Hovde Group raised shares of Renasant from a “market perform” rating to an “outperform” rating and increased their target price for the company from $40.00 to $41.00 in a research note on Thursday, October 30th. Finally, Cowen initiated coverage on shares of Renasant in a research report on Wednesday, September 24th. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $43.17.

Renasant Price Performance

RNST stock opened at $36.17 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. Renasant Co. has a one year low of $26.97 and a one year high of $40.40. The firm has a market capitalization of $3.44 billion, a PE ratio of 11.06 and a beta of 0.99. The firm has a 50-day moving average of $35.14 and a two-hundred day moving average of $36.38.

Renasant (NASDAQ:RNST) last released its earnings results on Tuesday, October 28th. The financial services provider reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.02). The firm had revenue of $269.55 million during the quarter, compared to analysts’ expectations of $271.96 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%.During the same period last year, the business earned $1.18 earnings per share. On average, analysts forecast that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 1st. Stockholders of record on Thursday, December 18th will be issued a $0.23 dividend. The ex-dividend date is Thursday, December 18th. This is an increase from Renasant’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.5%. Renasant’s dividend payout ratio is currently 46.23%.

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.