46,875 Shares in Renasant Co. (NASDAQ:RNST) Purchased by Banc Funds Co. LLC

Banc Funds Co. LLC acquired a new stake in Renasant Co. (NASDAQ:RNST - Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 46,875 shares of the financial services provider's stock, valued at approximately $1,523,000. Banc Funds Co. LLC owned approximately 0.07% of Renasant as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Basswood Capital Management L.L.C. acquired a new position in Renasant in the third quarter worth about $7,008,000. Verition Fund Management LLC bought a new stake in shares of Renasant in the 3rd quarter valued at approximately $210,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Renasant by 7.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 141,136 shares of the financial services provider's stock worth $4,587,000 after buying an additional 9,525 shares in the last quarter. Public Sector Pension Investment Board boosted its stake in Renasant by 8.8% in the 3rd quarter. Public Sector Pension Investment Board now owns 134,892 shares of the financial services provider's stock valued at $4,384,000 after buying an additional 10,922 shares in the last quarter. Finally, MetLife Investment Management LLC raised its stake in Renasant by 10.8% during the third quarter. MetLife Investment Management LLC now owns 34,970 shares of the financial services provider's stock worth $1,137,000 after acquiring an additional 3,419 shares in the last quarter. 77.31% of the stock is owned by institutional investors.

Renasant Trading Up 0.6 %

Shares of NASDAQ RNST traded up $0.21 during mid-day trading on Monday, hitting $37.83. The company's stock had a trading volume of 172,331 shares, compared to its average volume of 401,865. Renasant Co. has a one year low of $27.98 and a one year high of $39.47. The company's fifty day simple moving average is $34.53 and its 200-day simple moving average is $32.88. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of 12.25 and a beta of 1.01.

Renasant (NASDAQ:RNST - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.07. The firm had revenue of $318.34 million for the quarter, compared to analysts' expectations of $184.73 million. Renasant had a net margin of 16.83% and a return on equity of 6.70%. During the same period last year, the firm earned $0.75 earnings per share. On average, sell-side analysts anticipate that Renasant Co. will post 2.65 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th will be given a dividend of $0.22 per share. The ex-dividend date is Wednesday, December 18th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.33%. Renasant's dividend payout ratio is 28.66%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on RNST shares. Hovde Group lowered shares of Renasant from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th. Piper Sandler upgraded shares of Renasant from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $34.00 to $40.00 in a research note on Monday, August 5th. Finally, Truist Financial decreased their price target on Renasant from $38.00 to $37.00 and set a "hold" rating on the stock in a research report on Friday, September 20th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $39.33.

Insider Transactions at Renasant

In other news, Director John Creekmore sold 3,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total value of $114,000.00. Following the completion of the sale, the director now owns 24,057 shares of the company's stock, valued at approximately $914,166. This represents a 11.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.82% of the company's stock.

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.