Jennison Associates LLC Purchases 788,762 Shares of Renasant Co. (NASDAQ:RNST)

Jennison Associates LLC increased its position in shares of Renasant Co. (NASDAQ:RNST) by 204.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,173,801 shares of the financial services provider’s stock after acquiring an additional 788,762 shares during the period. Jennison Associates LLC’s holdings in Renasant were worth $41,963,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Quarry LP increased its holdings in shares of Renasant by 698.3% in the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 817 shares during the period. KBC Group NV grew its position in Renasant by 32.0% during the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock worth $80,000 after buying an additional 596 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Renasant by 41.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider’s stock worth $147,000 after acquiring an additional 1,404 shares during the last quarter. ZWJ Investment Counsel Inc. purchased a new stake in shares of Renasant in the 4th quarter valued at about $208,000. Finally, Creative Planning bought a new stake in shares of Renasant during the 3rd quarter valued at about $207,000. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Renasant Stock Performance

NASDAQ RNST opened at $38.90 on Wednesday. The company has a 50-day simple moving average of $36.47 and a two-hundred day simple moving average of $34.86. Renasant Co. has a 12-month low of $27.98 and a 12-month high of $39.55. The firm has a market cap of $2.47 billion, a price-to-earnings ratio of 11.90 and a beta of 1.03. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

Renasant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $0.88 annualized dividend and a yield of 2.26%. Renasant’s payout ratio is 26.91%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. StockNews.com downgraded shares of Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Piper Sandler raised their price objective on shares of Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $46.00 target price (up from $45.00) on shares of Renasant in a research report on Thursday, January 30th. Raymond James reissued an “outperform” rating and issued a $44.00 target price (up previously from $40.00) on shares of Renasant in a research note on Thursday, January 30th. Finally, Stephens lifted their price target on Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $42.83.

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.