1,268 Shares in Renasant Co. (NASDAQ:RNST) Purchased by Meeder Asset Management Inc.

Meeder Asset Management Inc. purchased a new position in Renasant Co. (NASDAQ:RNST) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,268 shares of the financial services provider’s stock, valued at approximately $39,000.

Several other large investors also recently bought and sold shares of RNST. Hantz Financial Services Inc. purchased a new stake in Renasant during the 2nd quarter worth approximately $29,000. TFO Wealth Partners LLC increased its stake in Renasant by 13,710.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,381 shares of the financial services provider’s stock worth $47,000 after buying an additional 1,371 shares in the last quarter. Innealta Capital LLC purchased a new stake in Renasant during the 2nd quarter worth approximately $48,000. Triad Wealth Partners LLC purchased a new stake in Renasant during the 2nd quarter worth approximately $157,000. Finally, Cravens & Co Advisors LLC purchased a new stake in Renasant during the 4th quarter worth approximately $205,000. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on RNST. Hovde Group upgraded Renasant from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $38.00 to $39.00 in a research note on Monday, August 5th. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $34.00 to $41.00 in a research report on Wednesday, July 31st. Keefe, Bruyette & Woods upgraded Renasant from a “market perform” rating to an “outperform” rating and upped their price target for the company from $36.00 to $40.00 in a research report on Friday, August 2nd. Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and upped their price target for the company from $34.00 to $40.00 in a research report on Monday, August 5th. Finally, Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price target for the company in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $39.50.

Renasant Trading Up 2.8 %

RNST opened at $32.80 on Monday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.18. The firm has a market cap of $1.85 billion, a P/E ratio of 13.33 and a beta of 1.02. Renasant Co. has a 52 week low of $22.99 and a 52 week high of $37.40. The business has a fifty day simple moving average of $33.55 and a 200-day simple moving average of $31.20.

Renasant (NASDAQ:RNST) last announced its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.03. Renasant had a return on equity of 6.98% and a net margin of 15.04%. The company had revenue of $163.79 million during the quarter, compared to analysts’ expectations of $166.05 million. During the same period last year, the business posted $0.83 EPS. Renasant’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, equities analysts expect that Renasant Co. will post 2.58 earnings per share for the current year.

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date of this dividend is Monday, September 16th. Renasant’s dividend payout ratio (DPR) is 35.77%.

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.