Renasant Corp $RNST Shares Bought by Jennison Associates LLC

Jennison Associates LLC increased its holdings in shares of Renasant Corp (NYSE:RNST) by 9.6% during the first quarter, HoldingsChannel reports. The institutional investor owned 1,399,604 shares of the company’s stock after acquiring an additional 123,146 shares during the period. Jennison Associates LLC’s holdings in Renasant were worth $50,568,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its holdings in Renasant by 178.5% during the first quarter. Principal Financial Group Inc. now owns 1,261,160 shares of the company’s stock valued at $45,566,000 after purchasing an additional 808,316 shares in the last quarter. State Street Corp grew its position in shares of Renasant by 14.1% in the second quarter. State Street Corp now owns 4,812,696 shares of the company’s stock valued at $172,920,000 after purchasing an additional 595,609 shares during the period. Channing Capital Management LLC increased its stake in shares of Renasant by 35.0% during the fourth quarter. Channing Capital Management LLC now owns 2,225,536 shares of the company’s stock worth $78,383,000 after purchasing an additional 576,986 shares in the last quarter. Deprince Race & Zollo Inc. increased its stake in shares of Renasant by 76.8% during the first quarter. Deprince Race & Zollo Inc. now owns 976,243 shares of the company’s stock worth $35,272,000 after purchasing an additional 423,963 shares in the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Renasant by 4,534.6% during the 4th quarter. SG Americas Securities LLC now owns 413,173 shares of the company’s stock worth $14,552,000 after purchasing an additional 404,258 shares during the last quarter. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Renasant Trading Down 0.2%

RNST opened at $43.63 on Monday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.90 and a quick ratio of 0.89. The company’s 50 day simple moving average is $41.63 and its two-hundred day simple moving average is $39.31. Renasant Corp has a 1-year low of $33.04 and a 1-year high of $44.50. The firm has a market capitalization of $4.03 billion, a price-to-earnings ratio of 18.10 and a beta of 0.96.

Renasant (NYSE:RNST) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.09. Renasant had a return on equity of 8.17% and a net margin of 14.47%.The business had revenue of $278.49 million during the quarter, compared to analyst estimates of $275.71 million. During the same period in the prior year, the business earned $0.65 earnings per share. Analysts expect that Renasant Corp will post 3.73 EPS for the current fiscal year.

Renasant Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. This is an increase from Renasant’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Tuesday, June 16th. Renasant’s dividend payout ratio is presently 39.83%.

Insider Buying and Selling at Renasant

In other Renasant news, Director Albert J. Dale III sold 1,650 shares of the company’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $39.80, for a total value of $65,670.00. Following the completion of the sale, the director directly owned 40,075 shares in the company, valued at $1,594,985. This represents a 3.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $39.50, for a total value of $501,808.00. Following the completion of the sale, the insider directly owned 183,235 shares of the company’s stock, valued at $7,237,782.50. This trade represents a 6.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 15,611 shares of company stock worth $618,889 in the last three months. 2.07% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on RNST shares. Hovde Group boosted their price objective on Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 29th. TD Cowen reaffirmed a “buy” rating on shares of Renasant in a research note on Thursday, April 30th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Renasant in a research note on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $45.50.

Renasant 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. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate–1-4 family mortgage; real estate–commercial mortgage; real estate–construction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.