Renasant Co. (NASDAQ:RNST) Shares Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its position in Renasant Co. (NASDAQ:RNST) by 21.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,746,924 shares of the financial services provider’s stock after buying an additional 303,945 shares during the quarter. Allspring Global Investments Holdings LLC owned 2.70% of Renasant worth $56,775,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Renasant by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 6,416,896 shares of the financial services provider’s stock worth $216,121,000 after purchasing an additional 16,417 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Renasant by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,887,606 shares of the financial services provider’s stock worth $118,725,000 after purchasing an additional 22,821 shares during the last quarter. Westwood Holdings Group Inc. grew its position in shares of Renasant by 13.0% during the 1st quarter. Westwood Holdings Group Inc. now owns 2,151,074 shares of the financial services provider’s stock valued at $67,372,000 after buying an additional 247,354 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Renasant by 4.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 830,687 shares of the financial services provider’s stock valued at $27,978,000 after buying an additional 38,036 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Renasant by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 562,008 shares of the financial services provider’s stock valued at $17,164,000 after buying an additional 11,828 shares during the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on RNST. Raymond James raised shares of Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a research report on Wednesday, July 31st. Stephens raised shares of Renasant from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $34.00 to $41.00 in a research report on Wednesday, July 31st. Truist Financial lowered their price objective on shares of Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research report on Friday, September 20th. Hovde Group raised shares of Renasant from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $38.00 to $39.00 in a research report on Monday, August 5th. Finally, Piper Sandler raised shares of Renasant from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $34.00 to $40.00 in a research report on Monday, August 5th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $39.33.

Renasant Price Performance

NASDAQ RNST opened at $32.39 on Tuesday. Renasant Co. has a 52 week low of $22.99 and a 52 week high of $37.40. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18. The stock has a market cap of $1.82 billion, a price-to-earnings ratio of 13.17 and a beta of 1.02. The company has a 50-day moving average price of $32.93 and a two-hundred day moving average price of $31.61.

Renasant (NASDAQ:RNST) last posted its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 EPS for the quarter, topping the consensus estimate of $0.66 by $0.03. The firm had revenue of $163.79 million during the quarter, compared to analysts’ expectations of $166.05 million. Renasant had a net margin of 15.04% and a return on equity of 6.98%. Renasant’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.83 EPS. Analysts forecast that Renasant Co. will post 2.53 EPS for the current year.

Renasant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date of this dividend was Monday, September 16th. Renasant’s dividend payout ratio is currently 35.77%.

Renasant Company 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.