153,132 Shares in Renasant Co. $RNST Acquired by Algebris UK Ltd.

Algebris UK Ltd. bought a new stake in shares of Renasant Co. (NASDAQ:RNST) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 153,132 shares of the financial services provider’s stock, valued at approximately $5,645,000. Algebris UK Ltd. owned 0.16% of Renasant as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in RNST. First Horizon Corp acquired a new position in shares of Renasant during the third quarter valued at about $25,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of Renasant in the 2nd quarter valued at about $37,000. GAMMA Investing LLC increased its position in Renasant by 49.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,489 shares of the financial services provider’s stock valued at $54,000 after buying an additional 493 shares in the last quarter. Jones Financial Companies Lllp acquired a new position in Renasant during the 1st quarter worth approximately $67,000. Finally, CWM LLC raised its stake in Renasant by 121.1% during the 2nd quarter. CWM LLC now owns 2,941 shares of the financial services provider’s stock worth $106,000 after buying an additional 1,611 shares during the period. Institutional investors own 77.31% of the company’s stock.

Renasant Stock Performance

Shares of Renasant stock opened at $37.25 on Monday. Renasant Co. has a 52 week low of $26.97 and a 52 week high of $40.40. 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 business has a 50 day moving average price of $36.03 and a 200-day moving average price of $36.56. The company has a market cap of $3.54 billion, a PE ratio of 11.39 and a beta of 0.97.

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

Renasant Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 1st. Stockholders of record on Thursday, December 18th were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Thursday, December 18th. This is a positive change from Renasant’s previous quarterly dividend of $0.22. Renasant’s dividend payout ratio (DPR) is currently 46.23%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Hovde Group raised Renasant from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $40.00 to $41.00 in a research note on Thursday, October 30th. TD Cowen reiterated a “buy” rating on shares of Renasant in a report on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company’s stock. According to MarketBeat, Renasant currently has an average rating of “Buy” and a consensus target price of $43.33.

Renasant Profile

Renasant Corporation is a financial holding company providing banking and related services through its primary subsidiary, Renasant Bank. With origins dating back to 1904 in Tupelo, Mississippi, the company offers a comprehensive suite of commercial and consumer banking products, including deposit accounts, lending and treasury management services. Renasant serves individuals, small businesses and corporate clients across the southeastern United States.

The company operates more than 110 banking offices across Mississippi, Alabama, Tennessee, Florida and Georgia, supplemented by a network of ATMs and digital platforms.