Brandywine Global Investment Management LLC Boosts Holdings in Renasant Co. $RNST

Brandywine Global Investment Management LLC raised its holdings in Renasant Co. (NASDAQ:RNST) by 326.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 86,042 shares of the financial services provider’s stock after purchasing an additional 65,865 shares during the period. Brandywine Global Investment Management LLC owned 0.09% of Renasant worth $3,091,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Quantbot Technologies LP acquired a new stake in shares of Renasant during the 1st quarter worth about $28,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Renasant in the 2nd quarter worth $37,000. CWM LLC boosted its holdings in Renasant by 42.7% in the first quarter. CWM LLC now owns 1,330 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 398 shares during the last quarter. State of Wyoming acquired a new position in shares of Renasant in the 1st quarter valued at about $51,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Renasant during the first quarter valued at approximately $54,000. Institutional investors and hedge funds own 77.31% of the company’s stock.

Renasant Stock Up 0.3%

Shares of Renasant stock opened at $34.85 on Tuesday. The stock has a market capitalization of $3.31 billion, a price-to-earnings ratio of 10.66 and a beta of 0.98. Renasant Co. has a twelve month low of $26.97 and a twelve month high of $40.40. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The business’s 50 day simple moving average is $35.45 and its 200-day simple moving average is $36.37.

Renasant (NASDAQ:RNST) last released its quarterly earnings data on Tuesday, October 28th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). The company had revenue of $269.55 million for the quarter, compared to analyst estimates of $271.96 million. Renasant had a net margin of 17.91% and a return on equity of 6.58%. During the same quarter in the prior year, the firm earned $1.18 EPS. Equities research analysts forecast that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 1st. Investors of record on Thursday, December 18th will be issued a $0.23 dividend. This is a positive change from Renasant’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Thursday, December 18th. This represents a $0.92 dividend on an annualized basis and a yield of 2.6%. Renasant’s dividend payout ratio is currently 46.23%.

Analysts Set New Price Targets

RNST has been the subject of several recent research reports. Cowen started coverage on Renasant in a report on Wednesday, September 24th. They issued a “buy” rating for the company. Hovde Group raised shares of Renasant from a “market perform” rating to an “outperform” rating and raised their price target for the company from $40.00 to $41.00 in a report on Thursday, October 30th. Finally, TD Cowen decreased their price objective on shares of Renasant from $45.00 to $44.00 and set a “buy” rating for the company in a research report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $43.17.

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.