Renasant Co. (NASDAQ:RNST) Shares Purchased by Rafferty Asset Management LLC

Rafferty Asset Management LLC grew its holdings in shares of Renasant Co. (NASDAQ:RNST) by 5.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 91,302 shares of the financial services provider’s stock after purchasing an additional 4,348 shares during the quarter. Rafferty Asset Management LLC’s holdings in Renasant were worth $3,264,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its stake in shares of Renasant by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 308,195 shares of the financial services provider’s stock worth $11,018,000 after buying an additional 8,710 shares in the last quarter. Franklin Resources Inc. raised its holdings in Renasant by 122.0% in the 3rd quarter. Franklin Resources Inc. now owns 27,669 shares of the financial services provider’s stock valued at $910,000 after acquiring an additional 15,203 shares during the last quarter. Equitable Trust Co. acquired a new stake in Renasant in the 4th quarter valued at about $248,000. BankPlus Trust Department purchased a new position in Renasant in the 4th quarter worth approximately $399,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Renasant by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 1,437,756 shares of the financial services provider’s stock worth $51,412,000 after purchasing an additional 9,718 shares during the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

Renasant Trading Up 0.8%

RNST opened at $35.91 on Monday. The stock has a market capitalization of $2.29 billion, a PE ratio of 10.98 and a beta of 0.86. Renasant Co. has a one year low of $26.97 and a one year high of $39.63. 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 business’s 50 day moving average price is $32.28 and its 200 day moving average price is $35.10.

Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 EPS for the quarter, beating the consensus estimate 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 company posted $0.65 EPS. As a group, equities research analysts expect that Renasant Co. will post 2.68 EPS for the current year.

Renasant Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date is Monday, June 16th. Renasant’s dividend payout ratio is presently 27.33%.

Insider Buying and Selling at Renasant

In related news, CAO Kelly Hutcheson sold 1,310 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $36.72, for a total transaction of $48,103.20. Following the completion of the transaction, the chief accounting officer now owns 17,586 shares of the company’s stock, valued at approximately $645,757.92. This trade represents a 6.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. StockNews.com lowered Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Raymond James raised Renasant from an “outperform” rating to a “strong-buy” rating and set a $40.00 price objective on the stock in a research note on Thursday, April 24th. Stephens raised their target price on Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Hovde Group lifted their price target on Renasant from $34.50 to $35.00 and gave the stock a “market perform” rating in a report on Monday, April 28th. Finally, Piper Sandler boosted their price target on shares of Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.