Bank of New York Mellon Corp Acquires 63,956 Shares of Renasant Co. (NASDAQ:RNST)

Bank of New York Mellon Corp grew its stake in shares of Renasant Co. (NASDAQ:RNST) by 11.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 606,884 shares of the financial services provider’s stock after purchasing an additional 63,956 shares during the period. Bank of New York Mellon Corp owned approximately 0.95% of Renasant worth $20,592,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RNST. Vanguard Group Inc. boosted its holdings in Renasant by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 7,207,451 shares of the financial services provider’s stock valued at $257,666,000 after purchasing an additional 50,934 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of Renasant by 4.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,825,410 shares of the financial services provider’s stock worth $62,228,000 after acquiring an additional 82,170 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Renasant by 0.7% in 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 acquiring an additional 9,718 shares during the last quarter. Deprince Race & Zollo Inc. increased its stake in Renasant by 63.9% in the 4th quarter. Deprince Race & Zollo Inc. now owns 1,283,577 shares of the financial services provider’s stock worth $45,888,000 after buying an additional 500,193 shares during the period. Finally, Frontier Capital Management Co. LLC grew its position in shares of Renasant by 3.4% in the 4th quarter. Frontier Capital Management Co. LLC now owns 1,135,432 shares of the financial services provider’s stock worth $40,592,000 after buying an additional 37,494 shares during the last quarter. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Wall Street Analyst Weigh In

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

Renasant Stock Up 2.3%

Shares of NASDAQ:RNST opened at $39.13 on Friday. The company has a market capitalization of $3.72 billion, a PE ratio of 11.97 and a beta of 0.90. Renasant Co. has a 52 week low of $26.97 and a 52 week 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 company’s fifty day moving average is $36.07 and its 200-day moving average is $34.98.

Renasant (NASDAQ:RNST) last released its quarterly earnings data 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. Renasant had a net margin of 17.91% and a return on equity of 6.58%. The firm had revenue of $170.59 million for the quarter, compared to the consensus estimate of $170.38 million. During the same period in the previous year, the company earned $0.65 earnings per share. Equities research analysts predict that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend was Monday, June 16th. Renasant’s dividend payout ratio (DPR) is presently 27.33%.

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.