Jennison Associates LLC Has $59.16 Million Holdings in Renasant Co. $RNST

Jennison Associates LLC lifted its holdings in Renasant Co. (NASDAQ:RNST) by 5.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,646,628 shares of the financial services provider’s stock after acquiring an additional 79,508 shares during the quarter. Jennison Associates LLC’s holdings in Renasant were worth $59,163,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of RNST. Quantbot Technologies LP acquired a new position in Renasant during the 1st quarter worth $28,000. CWM LLC lifted its holdings in Renasant by 42.7% during the 1st quarter. CWM LLC now owns 1,330 shares of the financial services provider’s stock worth $45,000 after buying an additional 398 shares in the last quarter. State of Wyoming acquired a new position in Renasant during the 1st quarter worth $51,000. Caitong International Asset Management Co. Ltd acquired a new position in Renasant during the 1st quarter worth $54,000. Finally, GAMMA Investing LLC lifted its holdings in Renasant by 49.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,489 shares of the financial services provider’s stock worth $54,000 after buying an additional 493 shares in the last quarter. 77.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RNST has been the topic of several research reports. Hovde Group upped their price objective on Renasant from $35.00 to $39.00 and gave the stock a “market perform” rating in a report on Wednesday, July 23rd. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Renasant in a report on Wednesday, July 23rd. TD Cowen initiated coverage on Renasant in a report on Thursday, September 25th. They set a “buy” rating and a $45.00 price objective on the stock. Finally, Cowen assumed coverage on Renasant in a report on Wednesday, September 24th. They set a “buy” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $43.00.

Renasant Stock Performance

RNST stock opened at $33.67 on Thursday. The business’s fifty day moving average is $37.15 and its 200-day moving average is $35.92. 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 company has a market cap of $3.20 billion, a P/E ratio of 10.30 and a beta of 0.89. Renasant Co. has a twelve month low of $26.97 and a twelve month high of $40.40.

Renasant (NASDAQ:RNST) last posted its quarterly earnings results on Tuesday, October 28th. The financial services provider reported $0.77 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). The company had revenue of $269.55 million during the quarter, compared to analyst estimates of $271.96 million. Renasant had a net margin of 17.91% and a return on equity of 6.58%. During the same period last 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 firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 1st. Investors of record on Thursday, December 18th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Thursday, December 18th. This is a boost from Renasant’s previous quarterly dividend of $0.22. Renasant’s dividend payout ratio (DPR) is 44.22%.

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.