Dynamic Technology Lab Private Ltd Buys 35,158 Shares of Renasant Co. $RNST

Dynamic Technology Lab Private Ltd raised its stake in Renasant Co. (NASDAQ:RNST) by 259.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 48,718 shares of the financial services provider’s stock after purchasing an additional 35,158 shares during the quarter. Dynamic Technology Lab Private Ltd’s holdings in Renasant were worth $1,750,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Envestnet Asset Management Inc. grew its stake in shares of Renasant by 15.2% in the first quarter. Envestnet Asset Management Inc. now owns 37,318 shares of the financial services provider’s stock valued at $1,266,000 after buying an additional 4,922 shares in the last quarter. Mutual of America Capital Management LLC lifted its stake in Renasant by 39.2% in the first quarter. Mutual of America Capital Management LLC now owns 13,404 shares of the financial services provider’s stock valued at $455,000 after acquiring an additional 3,775 shares during the last quarter. CWM LLC grew its position in shares of 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 acquiring an additional 398 shares during the period. Teachers Retirement System of The State of Kentucky increased its stake in shares of Renasant by 292.4% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 68,655 shares of the financial services provider’s stock worth $2,330,000 after purchasing an additional 51,161 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Renasant in the 1st quarter valued at about $1,940,000. Institutional investors and hedge funds own 77.31% of the company’s stock.

Wall Street Analysts Forecast Growth

RNST has been the topic of several research analyst reports. TD Cowen dropped their price objective on Renasant from $45.00 to $44.00 and set a “buy” rating on the stock in a research note on Thursday, October 30th. Cowen assumed coverage on Renasant in a report on Wednesday, September 24th. They set a “buy” rating on the stock. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Renasant in a report on Wednesday, July 23rd. Finally, Hovde Group upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $40.00 to $41.00 in a report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $43.17.

Renasant Stock Performance

Shares of NASDAQ RNST opened at $33.63 on Thursday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The firm has a market cap of $3.20 billion, a price-to-earnings ratio of 10.28 and a beta of 0.98. The stock’s fifty day moving average price is $35.69 and its two-hundred day moving average price is $36.33. Renasant Co. has a one year low of $26.97 and a one year high of $40.40.

Renasant (NASDAQ:RNST) last announced its earnings results on Tuesday, October 28th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). Renasant had a net margin of 17.91% and a return on equity of 6.58%. The business had revenue of $269.55 million during the quarter, compared to the consensus estimate of $271.96 million. During the same period in the previous year, the firm posted $1.18 EPS. On average, equities analysts forecast that Renasant Co. will post 2.68 EPS for the current year.

Renasant Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 1st. Stockholders of record on Thursday, December 18th will be given a $0.23 dividend. The ex-dividend date is Thursday, December 18th. This is a positive change from Renasant’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.7%. 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.