Intech Investment Management LLC Has $1.76 Million Stake in Renasant Co. $RNST

Intech Investment Management LLC increased its stake in shares of Renasant Co. (NASDAQ:RNST) by 16.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,913 shares of the financial services provider’s stock after purchasing an additional 6,954 shares during the quarter. Intech Investment Management LLC’s holdings in Renasant were worth $1,757,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the stock. Quantbot Technologies LP acquired a new position in Renasant during the 1st quarter worth $28,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of Renasant in the 2nd quarter valued at $37,000. CWM LLC raised its position in shares of Renasant by 42.7% during the first quarter. CWM LLC now owns 1,330 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 398 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Renasant by 49.5% during the second quarter. GAMMA Investing LLC now owns 1,489 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 493 shares during the period. Finally, State of Wyoming bought a new position in Renasant in the first quarter valued at about $51,000. Institutional investors own 77.31% of the company’s stock.

Renasant Stock Performance

Shares of NASDAQ:RNST opened at $34.73 on Friday. The firm’s 50 day simple moving average is $35.52 and its 200 day simple moving average is $36.32. Renasant Co. has a fifty-two week low of $26.97 and a fifty-two week high of $40.40. The company has a market capitalization of $3.30 billion, a price-to-earnings ratio of 10.62 and a beta of 0.98. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94.

Renasant (NASDAQ:RNST) last issued its earnings results on Tuesday, October 28th. The financial services provider reported $0.77 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.02). The firm had revenue of $269.55 million during the quarter, compared to the consensus estimate of $271.96 million. Renasant had a net margin of 17.91% and a return on equity of 6.58%. During the same period in the previous year, the company posted $1.18 EPS. As a group, sell-side analysts forecast that Renasant Co. will post 2.68 earnings per share 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 2.6%. 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 46.23%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RNST. Cowen started coverage on Renasant in a report on Wednesday, September 24th. They set a “buy” rating for the company. Hovde Group upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $40.00 to $41.00 in a research report on Thursday, October 30th. Finally, TD Cowen dropped their price target on shares of Renasant from $45.00 to $44.00 and set a “buy” rating for the company in a research note on Thursday, October 30th. One equities 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, the company currently has an average rating of “Buy” and a consensus price target of $43.17.

About Renasant

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.