Legacy Wealth Asset Management LLC Makes New Investment in Renasant Co. $RNST

Legacy Wealth Asset Management LLC acquired a new position in shares of Renasant Co. (NASDAQ:RNST) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 5,686 shares of the financial services provider’s stock, valued at approximately $204,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. TD Asset Management Inc bought a new position in Renasant during the 2nd quarter worth $3,064,000. Sequoia Financial Advisors LLC bought a new position in shares of Renasant in the 2nd quarter valued at $441,000. Yousif Capital Management LLC increased its stake in shares of Renasant by 47.0% in the 2nd quarter. Yousif Capital Management LLC now owns 34,295 shares of the financial services provider’s stock valued at $1,232,000 after purchasing an additional 10,970 shares during the last quarter. CWM LLC increased its stake in shares of Renasant by 121.1% in the 2nd quarter. CWM LLC now owns 2,941 shares of the financial services provider’s stock valued at $106,000 after purchasing an additional 1,611 shares during the last quarter. Finally, Concurrent Investment Advisors LLC bought a new position in shares of Renasant in the 2nd quarter valued at $225,000. Institutional investors own 77.31% of the company’s stock.

Renasant Trading Down 0.4%

NASDAQ RNST opened at $34.74 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. Renasant Co. has a twelve month low of $26.97 and a twelve month high of $40.40. The company has a market cap of $3.30 billion, a price-to-earnings ratio of 10.62 and a beta of 0.89. The business’s fifty day moving average is $37.52 and its 200 day moving average is $35.62.

Renasant Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $0.88 annualized dividend and a dividend yield of 2.5%. Renasant’s dividend payout ratio (DPR) is 34.65%.

Analyst Ratings Changes

RNST has been the topic of several recent analyst reports. Cowen initiated coverage on Renasant in a research note on Wednesday, September 24th. They issued a “buy” rating on the stock. Raymond James Financial reiterated a “strong-buy” rating on shares of Renasant in a research note on Wednesday, July 23rd. TD Cowen initiated coverage on Renasant in a research note on Thursday, September 25th. They issued a “buy” rating and a $45.00 price target on the stock. Finally, Hovde Group lifted their price target on Renasant from $35.00 to $39.00 and gave the company a “market perform” rating in a research note on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $43.00.

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.