Ieq Capital LLC Raises Position in Renasant Co. $RNST

Ieq Capital LLC grew its position in Renasant Co. (NASDAQ:RNST) by 7.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,891 shares of the financial services provider’s stock after purchasing an additional 698 shares during the quarter. Ieq Capital LLC’s holdings in Renasant were worth $336,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of RNST. Quantbot Technologies LP acquired a new stake in shares of Renasant in the 1st quarter valued at $28,000. Mascagni Wealth Management Inc. purchased a new position in Renasant during the 4th quarter worth $44,000. CWM LLC grew its position in Renasant by 42.7% during the 1st quarter. CWM LLC now owns 1,330 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 398 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Renasant during the 1st quarter worth $54,000. Finally, Smith Shellnut Wilson LLC ADV purchased a new position in Renasant during the 4th quarter worth $201,000. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Hovde Group raised their price objective on shares of Renasant from $35.00 to $39.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 23rd. Raymond James Financial reissued a “strong-buy” rating on shares of Renasant in a research report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $41.67.

Renasant Stock Down 0.7%

Shares of NASDAQ:RNST opened at $39.49 on Friday. The company has a market cap of $3.75 billion, a price-to-earnings ratio of 12.07 and a beta of 0.93. The firm’s 50-day simple moving average is $37.79 and its 200-day simple moving average is $35.15. 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 fifty-two week low of $26.97 and a fifty-two week high of $40.40.

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.88 annualized dividend and a dividend yield of 2.2%. Renasant’s payout ratio is presently 34.65%.

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.