GAMMA Investing LLC Acquires 32,880 Shares of Renasant Co. (NASDAQ:RNST)

GAMMA Investing LLC lifted its position in shares of Renasant Co. (NASDAQ:RNST) by 3,597.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 33,794 shares of the financial services provider’s stock after acquiring an additional 32,880 shares during the quarter. GAMMA Investing LLC owned approximately 0.05% of Renasant worth $1,147,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. William Blair Investment Management LLC bought a new position in Renasant in the 4th quarter worth about $36,987,000. Deprince Race & Zollo Inc. increased its position in shares of Renasant by 63.9% during the 4th quarter. Deprince Race & Zollo Inc. now owns 1,283,577 shares of the financial services provider’s stock valued at $45,888,000 after purchasing an additional 500,193 shares during the last quarter. Bank of America Corp DE increased its position in shares of Renasant by 376.5% during the 4th quarter. Bank of America Corp DE now owns 605,303 shares of the financial services provider’s stock valued at $21,640,000 after purchasing an additional 478,266 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of Renasant during the 4th quarter valued at about $17,088,000. Finally, Marshall Wace LLP bought a new position in shares of Renasant during the 4th quarter valued at about $13,204,000. Institutional investors own 77.31% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on RNST. Raymond James upgraded Renasant from an “outperform” rating to a “strong-buy” rating and set a $40.00 price target on the stock in a research report on Thursday, April 24th. Hovde Group lifted their price objective on Renasant from $34.50 to $35.00 and gave the stock a “market perform” rating in a research report on Monday, April 28th. Finally, Keefe, Bruyette & Woods cut their price objective on Renasant from $45.00 to $43.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Renasant Price Performance

Shares of RNST stock opened at $34.81 on Monday. The stock has a market cap of $3.31 billion, a price-to-earnings ratio of 10.65 and a beta of 0.91. The business’s fifty day moving average is $33.01 and its 200 day moving average is $34.89. Renasant Co. has a twelve month low of $26.97 and a twelve month high of $39.63. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

Renasant (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.06. The company had revenue of $170.59 million for the quarter, compared to analysts’ expectations of $170.38 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%. During the same period in the prior year, the firm earned $0.65 earnings per share. Research analysts expect that Renasant Co. will post 2.68 EPS for the current fiscal year.

Renasant Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a $0.22 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.88 annualized dividend and a yield of 2.53%. Renasant’s payout ratio is 27.33%.

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.