J.W. Cole Advisors Inc. Acquires Shares of 7,127 Renasant Co. (NASDAQ:RNST)

J.W. Cole Advisors Inc. acquired a new stake in shares of Renasant Co. (NASDAQ:RNST) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 7,127 shares of the financial services provider’s stock, valued at approximately $240,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Resolute Wealth Strategies LLC increased its position in 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 purchasing an additional 435 shares during the period. Covestor Ltd increased its position in Renasant by 26.6% during the 3rd quarter. Covestor Ltd now owns 2,204 shares of the financial services provider’s stock valued at $58,000 after purchasing an additional 463 shares during the period. Watershed Asset Management L.L.C. increased its position in Renasant by 8.2% during the 3rd quarter. Watershed Asset Management L.L.C. now owns 8,957 shares of the financial services provider’s stock valued at $235,000 after purchasing an additional 680 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Renasant by 5.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,202 shares of the financial services provider’s stock valued at $849,000 after purchasing an additional 1,315 shares during the period. Finally, Ignite Planners LLC grew its position in shares of Renasant by 8.0% in the 4th quarter. Ignite Planners LLC now owns 18,622 shares of the financial services provider’s stock worth $626,000 after buying an additional 1,382 shares during the period. 77.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upped their target price on shares of Renasant from $34.00 to $35.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 30th. Stephens upped their target price on shares of Renasant from $36.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 30th. Truist Financial reduced their target price on shares of Renasant from $35.00 to $33.00 and set a “hold” rating on the stock in a research report on Monday, April 1st. Finally, StockNews.com downgraded shares of Renasant from a “hold” rating to a “sell” rating in a research report on Friday, April 19th. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $33.00.

Renasant Stock Performance

Shares of RNST stock opened at $30.00 on Friday. Renasant Co. has a one year low of $22.99 and a one year high of $34.85. The company’s 50-day moving average is $30.31 and its 200 day moving average is $29.87. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of 10.25 and a beta of 1.03. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.90 and a current ratio of 0.93.

Renasant (NASDAQ:RNST) last announced its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.63 by $0.02. Renasant had a net margin of 14.67% and a return on equity of 7.44%. The company had revenue of $254.56 million for the quarter, compared to the consensus estimate of $159.60 million. During the same period in the prior year, the firm posted $0.82 EPS. Sell-side analysts expect that Renasant Co. will post 2.63 EPS for the current fiscal year.

Renasant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.93%. The ex-dividend date is Friday, June 14th. Renasant’s dividend payout ratio (DPR) is 35.77%.

Renasant Company 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.