LPL Financial LLC Boosts Stake in Renasant Co. (NASDAQ:RNST)

LPL Financial LLC increased its holdings in shares of Renasant Co. (NASDAQ:RNST) by 6.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 114,659 shares of the financial services provider’s stock after purchasing an additional 7,140 shares during the period. LPL Financial LLC owned approximately 0.18% of Renasant worth $3,890,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. Deprince Race & Zollo Inc. grew its position in Renasant by 63.9% during the fourth quarter. Deprince Race & Zollo Inc. now owns 1,283,577 shares of the financial services provider’s stock valued at $45,888,000 after buying an additional 500,193 shares during the period. Bank of America Corp DE grew its position in shares of Renasant by 376.5% in the fourth 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 period. Wellington Management Group LLP acquired a new stake in shares of Renasant in the fourth quarter valued at about $17,088,000. Jennison Associates LLC grew its position in shares of Renasant by 33.5% in the first quarter. Jennison Associates LLC now owns 1,567,120 shares of the financial services provider’s stock valued at $53,172,000 after purchasing an additional 393,319 shares during the period. Finally, Marshall Wace LLP acquired a new stake in shares of Renasant in the fourth quarter valued at about $13,204,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Renasant Price Performance

Shares of RNST opened at $37.58 on Friday. Renasant Co. has a fifty-two week low of $26.97 and a fifty-two week high of $39.63. The firm’s 50 day moving average price is $36.80 and its 200 day moving average price is $35.14. The company has a market cap of $3.57 billion, a P/E ratio of 11.49 and a beta of 0.94. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on RNST shares. Keefe, Bruyette & Woods decreased their price target on shares of Renasant from $45.00 to $43.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 6th. Raymond James Financial reiterated a “strong-buy” rating on shares of Renasant in a report on Wednesday, July 23rd. Finally, Hovde Group lifted their target price on shares of Renasant from $35.00 to $39.00 and gave the company a “market perform” rating in a report on Wednesday, July 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $41.67.

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.