Allspring Global Investments Holdings LLC Purchases 303,945 Shares of Renasant Co. (NASDAQ:RNST)

Allspring Global Investments Holdings LLC grew its stake in Renasant Co. (NASDAQ:RNST - Free Report) by 21.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,746,924 shares of the financial services provider's stock after buying an additional 303,945 shares during the period. Allspring Global Investments Holdings LLC owned approximately 2.70% of Renasant worth $56,775,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in RNST. Millennium Management LLC grew its position in Renasant by 189.3% during the second quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider's stock valued at $12,820,000 after acquiring an additional 274,685 shares during the last quarter. Westwood Holdings Group Inc. grew its holdings in shares of Renasant by 13.0% during the 1st quarter. Westwood Holdings Group Inc. now owns 2,151,074 shares of the financial services provider's stock valued at $67,372,000 after purchasing an additional 247,354 shares during the last quarter. Edgestream Partners L.P. bought a new stake in Renasant in the first quarter worth $4,124,000. Goldman Sachs Group Inc. boosted its position in Renasant by 4.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 830,687 shares of the financial services provider's stock valued at $27,978,000 after buying an additional 38,036 shares during the period. Finally, Renaissance Technologies LLC grew its stake in shares of Renasant by 78.3% during the second quarter. Renaissance Technologies LLC now owns 77,628 shares of the financial services provider's stock valued at $2,371,000 after buying an additional 34,100 shares during the last quarter. 77.31% of the stock is owned by institutional investors.

Renasant Stock Performance

Shares of NASDAQ RNST traded up $0.08 during trading on Tuesday, reaching $32.47. 453,720 shares of the company traded hands, compared to its average volume of 395,168. The firm has a 50 day simple moving average of $32.93 and a 200-day simple moving average of $31.61. Renasant Co. has a 52-week low of $22.99 and a 52-week high of $37.40. The stock has a market capitalization of $2.10 billion, a PE ratio of 11.81 and a beta of 1.02. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.18.

Renasant (NASDAQ:RNST - Get Free Report) last released its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.03. The business had revenue of $163.79 million during the quarter, compared to the consensus estimate of $166.05 million. Renasant had a return on equity of 6.98% and a net margin of 15.04%. The business's quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.83 EPS. Equities research analysts anticipate that Renasant Co. will post 2.53 earnings per share for the current year.

Renasant Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.88 annualized dividend and a dividend yield of 2.71%. Renasant's payout ratio is 33.33%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Raymond James upgraded Renasant from a "market perform" rating to an "outperform" rating and set a $39.00 price objective for the company in a research report on Wednesday, July 31st. Stephens upgraded shares of Renasant from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $34.00 to $41.00 in a report on Wednesday, July 31st. Keefe, Bruyette & Woods upgraded Renasant from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $36.00 to $40.00 in a research note on Friday, August 2nd. Truist Financial cut their target price on Renasant from $38.00 to $37.00 and set a "hold" rating on the stock in a research note on Friday, September 20th. Finally, Piper Sandler upgraded shares of Renasant from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $34.00 to $40.00 in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, Renasant presently has a consensus rating of "Moderate Buy" and a consensus target price of $39.33.

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.