Quarry LP Purchases 817 Shares of Renasant Co. (NASDAQ:RNST)

Quarry LP increased its position in shares of Renasant Co. (NASDAQ:RNST) by 698.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 934 shares of the financial services provider’s stock after acquiring an additional 817 shares during the period. Quarry LP’s holdings in Renasant were worth $29,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of RNST. Hantz Financial Services Inc. acquired a new position in Renasant in the 2nd quarter valued at approximately $29,000. Meeder Asset Management Inc. bought a new position in Renasant during the 2nd quarter worth $39,000. Innealta Capital LLC acquired a new position in Renasant during the 2nd quarter worth about $48,000. Northwestern Mutual Wealth Management Co. lifted its holdings in Renasant by 41.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider’s stock worth $147,000 after buying an additional 1,404 shares during the period. Finally, Triad Wealth Partners LLC bought a new stake in shares of Renasant in the 2nd quarter valued at about $157,000. Institutional investors own 77.31% of the company’s stock.

Renasant Stock Down 0.2 %

RNST stock opened at $31.80 on Tuesday. The stock’s 50 day simple moving average is $32.94 and its 200 day simple moving average is $31.44. The company has a market cap of $1.79 billion, a P/E ratio of 12.93 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.92 and a current ratio of 0.93. Renasant Co. has a fifty-two week low of $22.99 and a fifty-two week high of $37.40.

Renasant (NASDAQ:RNST) last issued its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.03. The company had revenue of $163.79 million for the quarter, compared to analyst estimates of $166.05 million. Renasant had a return on equity of 6.98% and a net margin of 15.04%. Renasant’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.83 earnings per share. On average, research analysts expect that Renasant Co. will post 2.53 earnings per share for the current fiscal year.

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a dividend of $0.22 per share. The ex-dividend date was Monday, September 16th. This represents a $0.88 dividend on an annualized basis and a yield of 2.77%. Renasant’s dividend payout ratio (DPR) is presently 35.77%.

Analyst Ratings Changes

RNST has been the topic of a number of recent analyst reports. Hovde Group upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $38.00 to $39.00 in a research report on Monday, August 5th. Piper Sandler upgraded shares of Renasant from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $34.00 to $40.00 in a report on Monday, August 5th. Keefe, Bruyette & Woods upgraded Renasant from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $36.00 to $40.00 in a report on Friday, August 2nd. Stephens raised Renasant from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $34.00 to $41.00 in a research note on Wednesday, July 31st. Finally, Truist Financial decreased their target price on Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research note on Friday, September 20th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Renasant has an average rating of “Moderate Buy” and a consensus target price of $39.33.

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.