Legacy Wealth Asset Management LLC Purchases New Holdings in Renasant Co. $RNST

Legacy Wealth Asset Management LLC purchased a new stake in shares of Renasant Co. (NASDAQ:RNST) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,686 shares of the financial services provider’s stock, valued at approximately $204,000.

Several other large investors have also recently bought and sold shares of RNST. Sheets Smith Wealth Management boosted its position in Renasant by 4.9% during the first quarter. Sheets Smith Wealth Management now owns 13,081 shares of the financial services provider’s stock valued at $444,000 after purchasing an additional 610 shares during the last quarter. Balefire LLC acquired a new position in Renasant during the first quarter valued at approximately $252,000. Park Place Capital Corp boosted its position in Renasant by 0.9% during the first quarter. Park Place Capital Corp now owns 100,857 shares of the financial services provider’s stock valued at $3,422,000 after purchasing an additional 858 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Renasant by 4.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,825,410 shares of the financial services provider’s stock valued at $62,228,000 after purchasing an additional 82,170 shares during the last quarter. Finally, Amalgamated Bank boosted its position in Renasant by 31.5% during the first quarter. Amalgamated Bank now owns 24,216 shares of the financial services provider’s stock valued at $822,000 after purchasing an additional 5,802 shares during the last quarter. 77.31% of the stock is owned by institutional investors and hedge funds.

Renasant Trading Down 0.4%

Shares of Renasant stock opened at $34.74 on Wednesday. The firm has a 50-day moving average of $37.52 and a 200-day moving average of $35.62. The stock has a market cap of $3.30 billion, a PE ratio of 10.62 and a beta of 0.89. Renasant Co. has a 52-week low of $26.97 and a 52-week high of $40.40. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Tuesday, September 16th. Renasant’s dividend payout ratio (DPR) is 34.65%.

Wall Street Analysts Forecast Growth

RNST has been the topic of several research analyst reports. Hovde Group upped their price objective on Renasant from $35.00 to $39.00 and gave the company a “market perform” rating in a research note on Wednesday, July 23rd. Raymond James Financial restated a “strong-buy” rating on shares of Renasant in a research note on Wednesday, July 23rd. Cowen initiated coverage on Renasant in a research note on Wednesday, September 24th. They issued a “buy” rating on the stock. Finally, TD Cowen initiated coverage on Renasant in a research note on Thursday, September 25th. They issued a “buy” rating and a $45.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $43.00.

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.