Jennison Associates LLC Purchases 123,146 Shares of Renasant Corp $RNST

Jennison Associates LLC boosted its position in shares of Renasant Corp (NYSE:RNST) by 9.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,399,604 shares of the company’s stock after acquiring an additional 123,146 shares during the period. Jennison Associates LLC owned 1.49% of Renasant worth $50,568,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. UBS Group AG lifted its holdings in shares of Renasant by 27.0% during the 4th quarter. UBS Group AG now owns 367,464 shares of the company’s stock valued at $12,942,000 after purchasing an additional 78,037 shares during the last quarter. William Blair Investment Management LLC increased its position in Renasant by 10.0% during the 4th quarter. William Blair Investment Management LLC now owns 948,159 shares of the company’s stock valued at $33,394,000 after buying an additional 85,961 shares in the last quarter. Algebris UK Ltd. increased its position in Renasant by 40.6% during the 4th quarter. Algebris UK Ltd. now owns 215,315 shares of the company’s stock valued at $7,587,000 after buying an additional 62,183 shares in the last quarter. SG Americas Securities LLC boosted its holdings in Renasant by 4,534.6% in the fourth quarter. SG Americas Securities LLC now owns 413,173 shares of the company’s stock worth $14,552,000 after acquiring an additional 404,258 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Renasant by 178.5% in the first quarter. Principal Financial Group Inc. now owns 1,261,160 shares of the company’s stock worth $45,566,000 after acquiring an additional 808,316 shares in the last quarter. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RNST. Hovde Group upped their price objective on shares of Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Renasant in a research note on Friday, June 5th. Finally, TD Cowen reissued a “buy” rating on shares of Renasant in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $45.50.

Insider Activity at Renasant

In other Renasant news, Director Connie L. Engel sold 1,257 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $40.90, for a total value of $51,411.30. Following the sale, the director directly owned 15,449 shares of the company’s stock, valued at approximately $631,864.10. This represents a 7.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $39.50, for a total value of $501,808.00. Following the sale, the insider directly owned 183,235 shares in the company, valued at $7,237,782.50. This represents a 6.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 15,611 shares of company stock worth $618,889 over the last three months. Company insiders own 2.07% of the company’s stock.

Renasant Price Performance

Shares of NYSE:RNST opened at $43.63 on Monday. Renasant Corp has a twelve month low of $33.04 and a twelve month high of $44.50. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13. The company has a market cap of $4.03 billion, a PE ratio of 18.10 and a beta of 0.96. The company’s 50 day moving average is $41.63 and its 200 day moving average is $39.31.

Renasant (NYSE:RNST) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.84 by $0.09. The business had revenue of $278.49 million during the quarter, compared to analysts’ expectations of $275.71 million. Renasant had a net margin of 14.47% and a return on equity of 8.17%. During the same period in the previous year, the business posted $0.65 EPS. On average, sell-side analysts forecast that Renasant Corp will post 3.73 EPS for the current year.

Renasant Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a dividend of $0.24 per share. This is a boost from Renasant’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Tuesday, June 16th. Renasant’s payout ratio is presently 39.83%.

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. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate?1-4 family mortgage; real estate?commercial mortgage; real estate?construction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.