Ameritas Investment Partners Inc. Has $346,000 Position in Renasant Co. $RNST

Ameritas Investment Partners Inc. boosted its position in Renasant Co. (NASDAQ:RNST) by 54.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,632 shares of the financial services provider’s stock after purchasing an additional 3,397 shares during the quarter. Ameritas Investment Partners Inc.’s holdings in Renasant were worth $346,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Renasant by 22.0% during the first quarter. Vanguard Group Inc. now owns 8,789,556 shares of the financial services provider’s stock worth $298,230,000 after buying an additional 1,582,105 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Renasant by 232.8% in the first quarter. Wellington Management Group LLP now owns 1,590,935 shares of the financial services provider’s stock valued at $53,980,000 after acquiring an additional 1,112,946 shares in the last quarter. Geode Capital Management LLC increased its position in Renasant by 48.0% during the second quarter. Geode Capital Management LLC now owns 2,203,182 shares of the financial services provider’s stock worth $79,169,000 after acquiring an additional 714,972 shares during the period. Westwood Holdings Group Inc. increased its position in Renasant by 20.6% during the first quarter. Westwood Holdings Group Inc. now owns 2,121,838 shares of the financial services provider’s stock worth $71,994,000 after acquiring an additional 362,835 shares during the period. Finally, Nuveen LLC acquired a new stake in Renasant in the 1st quarter worth about $11,878,000. 77.31% of the stock is owned by institutional investors and hedge funds.

Renasant Price Performance

Shares of RNST stock opened at $35.44 on Friday. The business has a fifty day simple moving average of $35.25 and a 200 day simple moving average of $36.38. The company has a market cap of $3.37 billion, a P/E ratio of 10.84 and a beta of 0.98. 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 Co. has a twelve month low of $26.97 and a twelve month high of $40.40.

Renasant (NASDAQ:RNST) last issued its earnings results on Tuesday, October 28th. The financial services provider reported $0.77 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.02). The business had revenue of $269.55 million for the quarter, compared to analyst estimates of $271.96 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%.During the same period in the previous year, the firm posted $1.18 EPS. On average, sell-side analysts forecast that Renasant Co. will post 2.68 EPS for the current fiscal year.

Renasant Increases Dividend

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

Wall Street Analyst Weigh In

A number of research analysts have issued reports on RNST shares. TD Cowen decreased their target price on shares of Renasant from $45.00 to $44.00 and set a “buy” rating on the stock in a research report on Thursday, October 30th. Hovde Group upgraded Renasant from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $40.00 to $41.00 in a research note on Thursday, October 30th. Finally, Cowen assumed coverage on Renasant in a research report on Wednesday, September 24th. They set a “buy” rating on the stock. One research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company’s stock. According to data from MarketBeat.com, Renasant presently has a consensus rating of “Buy” and a consensus target price 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.