385,039 Shares in Renasant Co. (NASDAQ:RNST) Acquired by Jennison Associates LLC

Jennison Associates LLC purchased a new stake in Renasant Co. (NASDAQ:RNST) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 385,039 shares of the financial services provider’s stock, valued at approximately $12,514,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Stieven Capital Advisors L.P. bought a new stake in Renasant in the third quarter valued at $11,981,000. Thrivent Financial for Lutherans boosted its holdings in Renasant by 6.7% during the third quarter. Thrivent Financial for Lutherans now owns 49,910 shares of the financial services provider’s stock worth $1,622,000 after purchasing an additional 3,142 shares during the last quarter. Mutual of America Capital Management LLC grew its holdings in shares of Renasant by 3.2% in the third quarter. Mutual of America Capital Management LLC now owns 9,560 shares of the financial services provider’s stock valued at $311,000 after acquiring an additional 300 shares in the last quarter. Empowered Funds LLC grew its stake in Renasant by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 191,077 shares of the financial services provider’s stock valued at $6,210,000 after purchasing an additional 9,648 shares during the period. Finally, Curi RMB Capital LLC raised its position in Renasant by 233.5% in the third quarter. Curi RMB Capital LLC now owns 107,115 shares of the financial services provider’s stock worth $3,481,000 after acquiring an additional 75,000 shares during the period. Institutional investors own 77.31% of the company’s stock.

Insider Activity

In other news, Director John Creekmore sold 3,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total transaction of $114,000.00. Following the sale, the director now owns 24,057 shares in the company, valued at approximately $914,166. The trade was a 11.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.82% of the company’s stock.

Analysts Set New Price Targets

RNST has been the topic of a number of analyst reports. Hovde Group cut shares of Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Piper Sandler raised shares of Renasant from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $34.00 to $40.00 in a report on Monday, August 5th. Stephens upgraded shares of Renasant from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $34.00 to $41.00 in a research report on Wednesday, July 31st. Keefe, Bruyette & Woods upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $36.00 to $40.00 in a research report on Friday, August 2nd. Finally, Truist Financial dropped their price target on Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research note on Friday, September 20th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $39.33.

Renasant Trading Up 1.6 %

RNST stock opened at $37.90 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The business has a 50 day simple moving average of $33.98 and a two-hundred day simple moving average of $32.54. Renasant Co. has a 1-year low of $26.28 and a 1-year high of $38.77. The company has a market capitalization of $2.41 billion, a price-to-earnings ratio of 12.35 and a beta of 1.01.

Renasant (NASDAQ:RNST) last released its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.63 by $0.07. Renasant had a net margin of 16.83% and a return on equity of 6.70%. The business had revenue of $318.34 million during the quarter, compared to analyst estimates of $184.73 million. During the same quarter last year, the business earned $0.75 earnings per share. Research analysts anticipate that Renasant Co. will post 2.65 EPS for the current fiscal year.

Renasant Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th will be paid a dividend of $0.22 per share. The ex-dividend date is Wednesday, December 18th. This represents a $0.88 annualized dividend and a dividend yield of 2.32%. Renasant’s dividend payout ratio is currently 28.66%.

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.