Jennison Associates LLC Invests $12.51 Million in Renasant Co. (NASDAQ:RNST)

Jennison Associates LLC purchased a new stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 385,039 shares of the financial services provider's stock, valued at approximately $12,514,000. Jennison Associates LLC owned about 0.60% of Renasant at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Victory Capital Management Inc. raised its position in shares of Renasant by 1.7% during the 3rd quarter. Victory Capital Management Inc. now owns 3,955,366 shares of the financial services provider's stock worth $128,549,000 after buying an additional 65,777 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Renasant by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,887,606 shares of the financial services provider's stock worth $118,725,000 after purchasing an additional 22,821 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Renasant by 21.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider's stock valued at $56,775,000 after purchasing an additional 303,945 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Renasant by 2.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 562,008 shares of the financial services provider's stock worth $17,164,000 after buying an additional 11,828 shares in the last quarter. Finally, Millennium Management LLC raised its stake in shares of Renasant by 189.3% in the 2nd quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider's stock worth $12,820,000 after buying an additional 274,685 shares in the last quarter. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director John Creekmore sold 3,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total transaction of $114,000.00. Following the transaction, the director now owns 24,057 shares in the company, valued at $914,166. This represents a 11.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.82% of the company's stock.

Renasant Stock Up 1.6 %

NASDAQ RNST traded up $0.60 during trading on Friday, reaching $37.90. 628,429 shares of the company's stock were exchanged, compared to its average volume of 430,629. The firm has a market capitalization of $2.41 billion, a PE ratio of 12.35 and a beta of 1.01. Renasant Co. has a fifty-two week low of $26.28 and a fifty-two week high of $38.77. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The company's fifty day simple moving average is $34.08 and its 200-day simple moving average is $32.59.

Renasant (NASDAQ:RNST - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. The firm had revenue of $318.34 million for the quarter, compared to analyst estimates of $184.73 million. Renasant had a net margin of 16.83% and a return on equity of 6.70%. During the same quarter in the prior year, the business earned $0.75 EPS. Sell-side analysts predict that Renasant Co. will post 2.65 EPS for the current year.

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Wednesday, December 18th. This represents a $0.88 dividend on an annualized basis and a yield of 2.32%. Renasant's dividend payout ratio (DPR) is currently 28.66%.

Wall Street Analyst Weigh In

RNST has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods raised Renasant from a "market perform" rating to an "outperform" rating and lifted their target price for the stock from $36.00 to $40.00 in a report on Friday, August 2nd. Stephens raised shares of Renasant from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $34.00 to $41.00 in a research note on Wednesday, July 31st. Hovde Group lowered shares of Renasant from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 13th. Piper Sandler upgraded Renasant from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $34.00 to $40.00 in a research report on Monday, August 5th. Finally, Raymond James raised Renasant from a "market perform" rating to an "outperform" rating and set a $39.00 price objective for the company in a research note on Wednesday, July 31st. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Renasant presently has an average rating of "Moderate Buy" and an average price target of $39.33.

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.