ZWJ Investment Counsel Inc. Takes Position in Renasant Co. (NASDAQ:RNST)

ZWJ Investment Counsel Inc. purchased a new stake in shares of Renasant Co. (NASDAQ:RNST) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,809 shares of the financial services provider’s stock, valued at approximately $208,000.

Other large investors also recently modified their holdings of the company. Quarry LP increased its holdings in shares of Renasant by 698.3% during the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 817 shares during the period. KBC Group NV boosted its stake in Renasant by 32.0% during the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock valued at $80,000 after buying an additional 596 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Renasant by 41.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider’s stock valued at $147,000 after buying an additional 1,404 shares in the last quarter. Creative Planning bought a new position in Renasant during the third quarter valued at about $207,000. Finally, Verition Fund Management LLC bought a new position in Renasant during the third quarter valued at about $210,000. 77.31% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Renasant news, Director John Creekmore sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total transaction of $114,000.00. Following the completion of the sale, the director now directly owns 24,057 shares in the company, valued at approximately $914,166. This trade represents a 11.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.82% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on RNST shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $45.00 target price on shares of Renasant in a research note on Tuesday, December 31st. Hovde Group cut Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $40.17.

Renasant Trading Up 1.4 %

NASDAQ:RNST opened at $36.80 on Wednesday. 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 Co. has a 1-year low of $27.98 and a 1-year high of $39.47. The firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of 11.99 and a beta of 1.03. The stock has a fifty day simple moving average of $36.38 and a 200 day simple moving average of $34.49.

Renasant (NASDAQ:RNST) last announced its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Renasant had a return on equity of 6.70% and a net margin of 16.83%. The firm had revenue of $318.34 million during the quarter, compared to analyst estimates of $184.73 million. During the same period last year, the company posted $0.75 EPS. Sell-side analysts forecast that Renasant Co. will post 2.65 earnings per share for the current year.

Renasant Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders 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 dividend on an annualized basis and a yield of 2.39%. Renasant’s payout ratio is presently 28.66%.

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.