Fisher Asset Management LLC Acquires 32,927 Shares of Renasant Co. $RNST

Fisher Asset Management LLC lifted its holdings in shares of Renasant Co. (NASDAQ:RNST) by 9.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 369,561 shares of the financial services provider’s stock after buying an additional 32,927 shares during the quarter. Fisher Asset Management LLC owned about 0.39% of Renasant worth $13,278,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Sheets Smith Wealth Management boosted its stake in Renasant by 2.1% in the second quarter. Sheets Smith Wealth Management now owns 13,361 shares of the financial services provider’s stock valued at $480,000 after acquiring an additional 280 shares during the last quarter. Corebridge Financial Inc. lifted its stake in shares of Renasant by 0.8% in the 1st quarter. Corebridge Financial Inc. now owns 33,583 shares of the financial services provider’s stock valued at $1,139,000 after purchasing an additional 281 shares during the period. Resolute Wealth Strategies LLC boosted its position in shares of Renasant by 0.4% in the 2nd quarter. Resolute Wealth Strategies LLC now owns 77,499 shares of the financial services provider’s stock worth $2,785,000 after purchasing an additional 318 shares during the last quarter. HighTower Advisors LLC grew its stake in shares of Renasant by 2.8% during the first 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 period. Finally, GAMMA Investing LLC grew its stake in shares of Renasant by 49.5% during the second quarter. GAMMA Investing LLC now owns 1,489 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 493 shares during the period. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Cowen began coverage on Renasant in a research note on Wednesday, September 24th. They issued a “buy” rating on the stock. TD Cowen cut their price target 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. Finally, Hovde Group upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $40.00 to $41.00 in a report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. According to MarketBeat.com, Renasant currently has a consensus rating of “Buy” and a consensus target price of $43.17.

Renasant Trading Up 1.0%

NASDAQ RNST opened at $35.90 on Thursday. Renasant Co. has a one year low of $26.97 and a one year high of $40.40. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The firm has a market cap of $3.41 billion, a P/E ratio of 10.98 and a beta of 0.99. The stock’s 50-day moving average is $35.16 and its 200-day moving average is $36.38.

Renasant (NASDAQ:RNST) last posted its earnings results 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 business had revenue of $269.55 million for the quarter, compared to the consensus estimate 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 company posted $1.18 earnings per share. Sell-side analysts anticipate that Renasant Co. will post 2.68 earnings per share 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 issued a dividend of $0.23 per share. The ex-dividend date is Thursday, December 18th. This is a positive change from Renasant’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.6%. Renasant’s dividend payout ratio (DPR) is 46.23%.

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.