Raymond James Financial Inc. Has $8.96 Million Stake in Renasant Co. $RNST

Raymond James Financial Inc. trimmed its stake in Renasant Co. (NASDAQ:RNST) by 1.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 264,030 shares of the financial services provider’s stock after selling 4,092 shares during the period. Raymond James Financial Inc. owned about 0.41% of Renasant worth $8,959,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. HighTower Advisors LLC grew its position in Renasant by 2.8% in the 1st quarter. HighTower Advisors LLC now owns 11,825 shares of the financial services provider’s stock worth $401,000 after purchasing an additional 322 shares during the last quarter. CWM LLC grew its position in Renasant by 42.7% in the 1st quarter. CWM LLC now owns 1,330 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 398 shares during the last quarter. Sheets Smith Wealth Management grew its position in Renasant by 4.9% in the 1st quarter. Sheets Smith Wealth Management now owns 13,081 shares of the financial services provider’s stock worth $444,000 after purchasing an additional 610 shares during the last quarter. Resolute Wealth Strategies LLC grew its position in Renasant by 0.9% in the 1st quarter. Resolute Wealth Strategies LLC now owns 77,181 shares of the financial services provider’s stock worth $2,619,000 after purchasing an additional 653 shares during the last quarter. Finally, HB Wealth Management LLC grew its position in Renasant by 2.3% in the 1st quarter. HB Wealth Management LLC now owns 29,677 shares of the financial services provider’s stock worth $1,007,000 after purchasing an additional 676 shares during the last quarter. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RNST has been the subject of a number of analyst reports. Hovde Group raised their price objective on shares of Renasant from $35.00 to $39.00 and gave the stock a “market perform” rating in a report on Wednesday, July 23rd. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Renasant in a report on Wednesday, July 23rd. Finally, 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 report on Tuesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $41.67.

Renasant Trading Down 0.3%

Shares of Renasant stock opened at $39.10 on Monday. The stock has a market capitalization of $3.72 billion, a P/E ratio of 11.96 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. The company has a 50-day simple moving average of $37.46 and a 200 day simple moving average of $35.07. Renasant Co. has a 12-month low of $26.97 and a 12-month high of $39.76.

Renasant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.3%. Renasant’s dividend payout ratio (DPR) is 34.65%.

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.