Mirae Asset Global Investments Co. Ltd. Raises Holdings in Renasant Co. (NASDAQ:RNST)

Mirae Asset Global Investments Co. Ltd. grew its position in shares of Renasant Co. (NASDAQ:RNST) by 5.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,202 shares of the financial services provider’s stock after buying an additional 1,315 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Renasant were worth $849,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Illinois Municipal Retirement Fund purchased a new position in shares of Renasant during the 3rd quarter valued at $875,000. Resolute Wealth Strategies LLC lifted its position in shares of Renasant by 0.6% during the 3rd quarter. Resolute Wealth Strategies LLC now owns 75,058 shares of the financial services provider’s stock valued at $1,966,000 after buying an additional 435 shares during the last quarter. Deutsche Bank AG lifted its position in shares of Renasant by 13.9% during the 3rd quarter. Deutsche Bank AG now owns 27,167 shares of the financial services provider’s stock valued at $712,000 after buying an additional 3,317 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of Renasant by 10.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 139,706 shares of the financial services provider’s stock valued at $3,659,000 after buying an additional 12,741 shares during the last quarter. Finally, Brookstone Capital Management purchased a new position in shares of Renasant during the 4th quarter valued at $211,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Renasant Price Performance

Shares of NASDAQ RNST opened at $30.54 on Wednesday. The firm has a market capitalization of $1.72 billion, a P/E ratio of 11.84 and a beta of 1.03. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.19. The stock’s 50-day simple moving average is $30.37 and its two-hundred day simple moving average is $29.87. Renasant Co. has a twelve month low of $22.99 and a twelve month high of $34.85.

Renasant (NASDAQ:RNST) last announced its earnings results on Wednesday, January 24th. The financial services provider reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.12. The business had revenue of $230.79 million for the quarter, compared to analyst estimates of $160.63 million. Renasant had a return on equity of 7.98% and a net margin of 15.94%. During the same period in the prior year, the company earned $0.89 EPS. As a group, equities analysts anticipate that Renasant Co. will post 2.63 EPS for the current fiscal year.

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.22 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 2.88%. Renasant’s dividend payout ratio is currently 34.11%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. StockNews.com lowered Renasant from a “hold” rating to a “sell” rating in a research note on Friday, April 19th. Keefe, Bruyette & Woods boosted their price objective on Renasant from $34.00 to $35.00 and gave the company a “market perform” rating in a research note on Tuesday, January 30th. Stephens boosted their price objective on Renasant from $36.00 to $37.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 30th. Finally, Truist Financial decreased their price objective on Renasant from $35.00 to $33.00 and set a “hold” rating on the stock in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to MarketBeat, Renasant has a consensus rating of “Hold” and an average target price of $33.00.

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.