Marshall Wace LLP Takes $13.20 Million Position in Renasant Co. (NASDAQ:RNST)

Marshall Wace LLP acquired a new position in Renasant Co. (NASDAQ:RNST - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 369,356 shares of the financial services provider's stock, valued at approximately $13,204,000. Marshall Wace LLP owned approximately 0.58% of Renasant at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Renasant by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 7,207,451 shares of the financial services provider's stock valued at $257,666,000 after acquiring an additional 50,934 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Renasant by 0.5% during the fourth quarter. Victory Capital Management Inc. now owns 3,973,413 shares of the financial services provider's stock valued at $142,050,000 after purchasing an additional 18,047 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Renasant by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 1,437,756 shares of the financial services provider's stock valued at $51,412,000 after purchasing an additional 9,718 shares in the last quarter. Jennison Associates LLC grew its position in shares of Renasant by 204.9% in the 4th quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider's stock worth $41,963,000 after buying an additional 788,762 shares during the period. Finally, William Blair Investment Management LLC purchased a new position in Renasant during the 4th quarter valued at about $36,987,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Renasant Trading Up 2.9 %

Renasant stock traded up $0.90 during midday trading on Thursday, reaching $32.01. The stock had a trading volume of 1,246,245 shares, compared to its average volume of 615,462. Renasant Co. has a 52-week low of $26.97 and a 52-week high of $39.63. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of 9.79 and a beta of 0.93. The company has a fifty day moving average of $33.05 and a 200 day moving average of $35.03. 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 (NASDAQ:RNST - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.06. The company had revenue of $170.59 million during the quarter, compared to analyst estimates of $170.38 million. Renasant had a net margin of 17.91% and a return on equity of 6.58%. During the same period in the prior year, the firm earned $0.65 earnings per share. On average, analysts anticipate that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.75%. The ex-dividend date of this dividend was Monday, March 17th. Renasant's dividend payout ratio is presently 26.91%.

Insider Activity

In other Renasant news, CAO Kelly Hutcheson sold 1,310 shares of the company's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $36.72, for a total value of $48,103.20. Following the sale, the chief accounting officer now directly owns 17,586 shares of the company's stock, valued at approximately $645,757.92. This represents a 6.93 % 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. Corporate insiders own 2.81% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RNST. StockNews.com cut Renasant from a "hold" rating to a "sell" rating in a research note on Friday, January 31st. Raymond James raised shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price objective for the company in a report on Thursday. Stephens raised their target price on Renasant from $44.00 to $47.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Piper Sandler boosted their price objective on shares of Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. Finally, Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $46.00 target price (up from $45.00) on shares of Renasant in a research report on Thursday, January 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $42.17.

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.