How Renasant Corp. (RNST) Stacks Up Against Its Peers

We already know that not all hedge funds are bullish on the stock and some hedge funds actually dumped their positions entirely. At the top of the heap, Paul Hondros’ AlphaOne Capital Partners dumped the biggest investment of all the hedgies monitored by Insider Monkey, valued at an estimated $4.1 million in stock, and Ira Unschuld’s Brant Point Investment Management was right behind this move, as the fund sold off about $1.8 million worth of shares.

Let’s also examine hedge fund activity in other stocks similar to Renasant Corp. (NASDAQ:RNST). These stocks are First Interstate Bancsystem Inc (NASDAQ:FIBK), Restoration Hardware Holdings Inc (NYSE:RH), The Navigators Group, Inc (NASDAQ:NAVG), and Provident Financial Services, Inc. (NYSE:PFS). This group of stocks’ market values are closest to RNST’s market value.

As you can see these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $147 million. That figure was $39 million in RNST’s case. Restoration Hardware Holdings Inc (NYSE:RH) is the most popular stock in this table. On the other hand Provident Financial Services, Inc. (NYSE:PFS) is the least popular one with only 5 bullish hedge fund positions. Renasant Corp. (NASDAQ:RNST) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard RH might be a better candidate to consider taking a long position in.

Disclosure: None