Bailard Inc. Takes Position in Renasant Co. (NASDAQ:RNST)

Bailard Inc. purchased a new position in shares of Renasant Co. (NASDAQ:RNST) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,100 shares of the financial services provider’s stock, valued at approximately $205,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new stake in shares of Renasant during the 3rd quarter worth about $865,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Renasant by 23.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,191 shares of the financial services provider’s stock valued at $319,000 after buying an additional 2,350 shares in the last quarter. Strs Ohio increased its position in shares of Renasant by 14.3% in the third quarter. Strs Ohio now owns 30,300 shares of the financial services provider’s stock valued at $793,000 after buying an additional 3,800 shares in the last quarter. Watershed Asset Management L.L.C. raised its stake in shares of Renasant by 8.2% during the 3rd quarter. Watershed Asset Management L.L.C. now owns 8,957 shares of the financial services provider’s stock worth $235,000 after buying an additional 680 shares during the period. Finally, Victory Capital Management Inc. lifted its position in shares of Renasant by 89.4% during the 3rd quarter. Victory Capital Management Inc. now owns 4,535,641 shares of the financial services provider’s stock valued at $118,788,000 after buying an additional 2,140,613 shares in the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

Renasant Stock Performance

NASDAQ:RNST opened at $29.47 on Tuesday. The company has a market cap of $1.66 billion, a P/E ratio of 9.98 and a beta of 1.03. Renasant Co. has a twelve month low of $22.99 and a twelve month high of $34.85. The company’s 50-day moving average price is $30.21 and its 200-day moving average price is $29.98. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18.

Renasant (NASDAQ:RNST) last released its earnings results on Tuesday, April 23rd. The financial services provider reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. Renasant had a net margin of 14.67% and a return on equity of 7.44%. The business had revenue of $254.56 million for the quarter, compared to analyst estimates of $159.60 million. During the same period last year, the company posted $0.82 EPS. On average, sell-side analysts forecast that Renasant Co. will post 2.62 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date is Friday, June 14th. Renasant’s dividend payout ratio (DPR) is presently 35.77%.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Stephens boosted their price target on shares of Renasant from $36.00 to $37.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 30th. Keefe, Bruyette & Woods boosted their target price on shares of Renasant from $34.00 to $35.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 30th. Truist Financial decreased their price target on shares of Renasant from $35.00 to $33.00 and set a “hold” rating on the stock in a research note on Monday, April 1st. Finally, StockNews.com upgraded Renasant from a “sell” rating to a “hold” rating in a report on Saturday. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $33.00.

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. 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.