Innealta Capital LLC Purchases Shares of 1,577 Renasant Co. (NASDAQ:RNST)

Innealta Capital LLC acquired a new stake in Renasant Co. (NASDAQ:RNST) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,577 shares of the financial services provider’s stock, valued at approximately $48,000.

Several other large investors have also modified their holdings of RNST. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Renasant by 8.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,180 shares of the financial services provider’s stock worth $403,000 after purchasing an additional 989 shares during the period. Bank of New York Mellon Corp raised its position in Renasant by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 562,008 shares of the financial services provider’s stock worth $17,164,000 after acquiring an additional 11,828 shares in the last quarter. Louisiana State Employees Retirement System raised its position in Renasant by 1.8% in the second quarter. Louisiana State Employees Retirement System now owns 28,300 shares of the financial services provider’s stock worth $864,000 after acquiring an additional 500 shares in the last quarter. Triad Wealth Partners LLC purchased a new position in Renasant in the second quarter worth $157,000. Finally, Park Place Capital Corp increased its position in shares of Renasant by 0.9% in the second quarter. Park Place Capital Corp now owns 88,502 shares of the financial services provider’s stock valued at $2,703,000 after buying an additional 804 shares in the last quarter. 77.31% of the stock is owned by institutional investors and hedge funds.

Renasant Trading Up 1.4 %

Shares of NASDAQ RNST traded up $0.47 during midday trading on Friday, hitting $35.00. The stock had a trading volume of 554,130 shares, compared to its average volume of 381,885. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of 14.11 and a beta of 1.03. Renasant Co. has a 1-year low of $22.99 and a 1-year high of $37.40. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.18. The company has a fifty day moving average price of $32.77 and a 200 day moving average price of $31.07.

Renasant (NASDAQ:RNST) last released its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 EPS for the quarter, topping the consensus estimate of $0.66 by $0.03. The firm had revenue of $163.79 million for the quarter, compared to analyst estimates of $166.05 million. Renasant had a return on equity of 6.98% and a net margin of 15.04%. Renasant’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.83 EPS. On average, analysts predict that Renasant Co. will post 2.58 earnings per share for the current year.

Renasant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.22 per share. The ex-dividend date is Monday, September 16th. This represents a $0.88 annualized dividend and a yield of 2.51%. Renasant’s dividend payout ratio is presently 35.77%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on RNST shares. Hovde Group upgraded Renasant from a “market perform” rating to an “outperform” rating and raised their price target for the company from $38.00 to $39.00 in a research report on Monday, August 5th. 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 Renasant from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $34.00 to $41.00 in a research report on Wednesday, July 31st. Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $34.00 to $40.00 in a research report on Monday, August 5th. Finally, Truist Financial lifted their price objective on Renasant from $32.00 to $38.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Renasant presently has an average rating of “Moderate Buy” and a consensus price target of $39.50.

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.