Assenagon Asset Management S.A. purchased a new stake in shares of Renasant Corp. (NASDAQ:RNST) in the 3rd quarter, HoldingsChannel.com reports. The fund purchased 65,108 shares of the financial services provider’s stock, valued at approximately $2,683,000.
Other hedge funds have also added to or reduced their stakes in the company. First Quadrant L P CA bought a new position in shares of Renasant during the third quarter valued at $124,000. Adviser Investments LLC bought a new position in shares of Renasant during the second quarter valued at $147,000. Zeke Capital Advisors LLC bought a new position in shares of Renasant during the second quarter valued at $211,000. Green Square Capital LLC bought a new position in shares of Renasant during the second quarter valued at $221,000. Finally, Smith Shellnut Wilson LLC ADV bought a new position in shares of Renasant during the third quarter valued at $270,000. 67.85% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently issued reports on RNST shares. Stephens set a $50.00 price target on shares of Renasant and gave the company a “hold” rating in a research note on Tuesday, October 23rd. Zacks Investment Research raised shares of Renasant from a “sell” rating to a “hold” rating in a research note on Wednesday, September 19th. Raymond James downgraded shares of Renasant from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 10th. BidaskClub raised shares of Renasant from a “strong sell” rating to a “sell” rating in a research note on Tuesday, July 24th. Finally, ValuEngine downgraded shares of Renasant from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $47.20.
Shares of NASDAQ RNST opened at $35.63 on Wednesday. Renasant Corp. has a twelve month low of $32.01 and a twelve month high of $49.78. The firm has a market cap of $1.77 billion, a P/E ratio of 14.72 and a beta of 1.01. The company has a quick ratio of 0.92, a current ratio of 0.95 and a debt-to-equity ratio of 0.13.
Renasant (NASDAQ:RNST) last announced its earnings results on Monday, October 22nd. The financial services provider reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.01. Renasant had a net margin of 20.84% and a return on equity of 9.37%. The business had revenue of $138.90 million during the quarter, compared to the consensus estimate of $142.06 million. During the same quarter last year, the firm earned $0.53 earnings per share. Renasant’s quarterly revenue was up 10.9% on a year-over-year basis. On average, research analysts predict that Renasant Corp. will post 3.02 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 1st. Investors of record on Tuesday, December 18th will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend is Monday, December 17th. This is an increase from Renasant’s previous quarterly dividend of $0.20. Renasant’s dividend payout ratio (DPR) is currently 33.06%.
WARNING: “Assenagon Asset Management S.A. Takes $2.68 Million Position in Renasant Corp. (RNST)” was first posted by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are reading this piece on another publication, it was copied illegally and reposted in violation of U.S. & international copyright & trademark law. The original version of this piece can be viewed at https://www.dispatchtribunal.com/2018/11/07/assenagon-asset-management-s-a-takes-2-68-million-position-in-renasant-corp-rnst.html.
Renasant Corporation operates as a bank holding company for Renasant Bank, which provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings, money market, individual retirement, and health savings accounts, as well as safe deposit and night depository facilities.
Recommended Story: What is the yield curve?
Want to see what other hedge funds are holding RNST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Renasant Corp. (NASDAQ:RNST).
Receive News & Ratings for Renasant Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Renasant and related companies with MarketBeat.com's FREE daily email newsletter.