SG Americas Securities LLC Boosts Stake in Renasant Co. $RNST

SG Americas Securities LLC raised its holdings in Renasant Co. (NASDAQ:RNST - Free Report) by 348.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,897 shares of the financial services provider's stock after acquiring an additional 21,673 shares during the period. SG Americas Securities LLC's holdings in Renasant were worth $1,002,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Renasant by 22.0% during the first quarter. Vanguard Group Inc. now owns 8,789,556 shares of the financial services provider's stock valued at $298,230,000 after purchasing an additional 1,582,105 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Renasant by 48.0% during the 2nd 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 last quarter. Westwood Holdings Group Inc. grew its position in Renasant by 20.6% in 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 in the last quarter. Jennison Associates LLC grew its position in Renasant by 5.1% in the second quarter. Jennison Associates LLC now owns 1,646,628 shares of the financial services provider's stock worth $59,163,000 after acquiring an additional 79,508 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in 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 during the last quarter. Hedge funds and other institutional investors own 77.31% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. TD Cowen cut their price objective on Renasant from $45.00 to $44.00 and set a "buy" rating for the company in a report on Thursday, October 30th. Cowen began coverage on Renasant in a research note on Wednesday, September 24th. They issued a "buy" rating for the company. Finally, Hovde Group upgraded shares of Renasant from a "market perform" rating to an "outperform" rating and increased their price target for the company from $40.00 to $41.00 in a research report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. According to data from MarketBeat.com, Renasant presently has an average rating of "Buy" and a consensus target price of $43.17.

Get Our Latest Report on RNST

Renasant Stock Up 3.4%

Shares of Renasant stock opened at $34.73 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. Renasant Co. has a 52-week low of $26.97 and a 52-week high of $40.40. The company's 50 day moving average price is $35.52 and its 200-day moving average price is $36.34. The stock has a market capitalization of $3.30 billion, a price-to-earnings ratio of 10.62 and a beta of 0.98.

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

Renasant Increases Dividend

The company 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 represents a $0.92 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Thursday, December 18th. This is an increase from Renasant's previous quarterly dividend of $0.22. Renasant's dividend payout ratio (DPR) is presently 46.23%.

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.

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