Swiss National Bank Grows Stock Holdings in Renasant Co. $RNST

Swiss National Bank raised its holdings in Renasant Co. (NASDAQ:RNST) by 47.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 181,430 shares of the financial services provider’s stock after acquiring an additional 58,230 shares during the period. Swiss National Bank’s holdings in Renasant were worth $6,519,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. Quantbot Technologies LP purchased a new stake in shares of Renasant in the first quarter valued at $28,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Renasant in the 2nd quarter worth about $37,000. CWM LLC grew its holdings in Renasant by 42.7% in the 1st quarter. CWM LLC now owns 1,330 shares of the financial services provider’s stock valued at $45,000 after buying an additional 398 shares during the period. State of Wyoming purchased a new stake in Renasant in the 1st quarter valued at about $51,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Renasant during the 1st quarter valued at about $54,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on RNST shares. Cowen initiated coverage on shares of Renasant in a research report on Wednesday, September 24th. They issued a “buy” rating on the stock. TD Cowen decreased their price target on shares of Renasant from $45.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday, October 30th. Finally, Hovde Group raised shares of Renasant from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $40.00 to $41.00 in a research note on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $43.17.

Renasant Price Performance

RNST opened at $35.44 on Monday. Renasant Co. has a 52-week low of $26.97 and a 52-week high of $40.40. The company has a 50 day moving average of $35.25 and a two-hundred day moving average of $36.38. The company has a market cap of $3.37 billion, a P/E ratio of 10.84 and a beta of 0.98. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

Renasant (NASDAQ:RNST) last announced 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). Renasant had a return on equity of 6.58% and a net margin of 17.91%.The business had revenue of $269.55 million for the quarter, compared to analysts’ expectations of $271.96 million. During the same period last year, the company posted $1.18 earnings per share. On average, analysts expect that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 1st. Stockholders of record on Thursday, December 18th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.6%. This is an increase from Renasant’s previous quarterly dividend of $0.22. The ex-dividend date is Thursday, December 18th. Renasant’s payout ratio is 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.