Raymond James & Associates Has $2.96 Million Position in Renasant Corp. (NASDAQ:RNST)

Raymond James & Associates grew its holdings in Renasant Corp. (NASDAQ:RNST) by 0.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 87,413 shares of the financial services provider’s stock after acquiring an additional 698 shares during the quarter. Raymond James & Associates owned about 0.15% of Renasant worth $2,959,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. boosted its position in shares of Renasant by 8.9% in the 4th quarter. BlackRock Inc. now owns 3,630,777 shares of the financial services provider’s stock valued at $109,576,000 after purchasing an additional 297,791 shares during the period. Geode Capital Management LLC increased its position in Renasant by 8.7% during the fourth quarter. Geode Capital Management LLC now owns 574,644 shares of the financial services provider’s stock worth $17,342,000 after buying an additional 46,102 shares in the last quarter. Norges Bank purchased a new position in Renasant during the fourth quarter worth $16,406,000. New York State Common Retirement Fund increased its position in Renasant by 3.0% during the fourth quarter. New York State Common Retirement Fund now owns 401,531 shares of the financial services provider’s stock worth $12,118,000 after buying an additional 11,650 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its position in Renasant by 0.4% during the fourth quarter. Lord Abbett & CO. LLC now owns 348,914 shares of the financial services provider’s stock worth $10,530,000 after buying an additional 1,400 shares in the last quarter. Institutional investors and hedge funds own 61.79% of the company’s stock.

In other Renasant news, EVP James W. Gray sold 2,431 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $34.84, for a total transaction of $84,696.04. Following the transaction, the executive vice president now owns 58,880 shares in the company, valued at $2,051,379.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 3.64% of the company’s stock.

RNST has been the subject of several recent research reports. SunTrust Banks initiated coverage on Renasant in a research report on Wednesday, June 26th. They set a “hold” rating and a $37.00 price target for the company. They noted that the move was a valuation call. Zacks Investment Research raised Renasant from a “sell” rating to a “hold” rating in a research report on Tuesday, March 5th. Finally, BidaskClub downgraded Renasant from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Three equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $37.00.

Shares of NASDAQ:RNST traded up $0.29 during midday trading on Monday, reaching $36.23. The company’s stock had a trading volume of 167,096 shares, compared to its average volume of 205,367. Renasant Corp. has a 1 year low of $28.02 and a 1 year high of $47.65. The firm has a market cap of $2.11 billion, a price-to-earnings ratio of 12.08 and a beta of 1.20. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 0.96. The company’s 50 day moving average is $35.14.

Renasant (NASDAQ:RNST) last issued its earnings results on Tuesday, April 23rd. The financial services provider reported $0.77 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.77. Renasant had a return on equity of 8.76% and a net margin of 24.55%. The firm had revenue of $150.50 million for the quarter, compared to analysts’ expectations of $150.40 million. During the same quarter last year, the firm earned $0.70 earnings per share. The firm’s revenue for the quarter was up 20.6% compared to the same quarter last year. Analysts expect that Renasant Corp. will post 3.19 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend was Thursday, June 13th. This is a boost from Renasant’s previous quarterly dividend of $0.21. Renasant’s payout ratio is currently 29.33%.

About Renasant

Renasant Corporation operates as a bank holding company for Renasant Bank, which provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings, money market, individual retirement, and health savings accounts, as well as safe deposit and night depository facilities.

Further Reading: How to Invest in a Bull Market

Institutional Ownership by Quarter for Renasant (NASDAQ:RNST)

Receive News & Ratings for Renasant Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Renasant and related companies with MarketBeat.com's FREE daily email newsletter.