Chartwell Investment Partners LLC Decreases Stock Holdings in Renasant Co. (NASDAQ:RNST)

Chartwell Investment Partners LLC cut its holdings in Renasant Co. (NASDAQ:RNST - Free Report) by 10.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 261,278 shares of the financial services provider's stock after selling 29,292 shares during the quarter. Chartwell Investment Partners LLC owned approximately 0.40% of Renasant worth $8,491,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Quarry LP grew its stake in Renasant by 698.3% in the second quarter. Quarry LP now owns 934 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 817 shares during the period. Hantz Financial Services Inc. acquired a new position in shares of Renasant in the second quarter valued at approximately $29,000. Meeder Asset Management Inc. bought a new stake in shares of Renasant during the second quarter worth $39,000. Innealta Capital LLC acquired a new stake in shares of Renasant during the second quarter worth $48,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position 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 valued at $147,000 after acquiring an additional 1,404 shares in the last quarter. Institutional investors own 77.31% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Keefe, Bruyette & Woods raised Renasant from a "market perform" rating to an "outperform" rating and lifted their target price for the company from $36.00 to $40.00 in a research report on Friday, August 2nd. Piper Sandler raised shares of Renasant from a "neutral" rating to an "overweight" rating and raised their target price for the company from $34.00 to $40.00 in a research report on Monday, August 5th. Raymond James upgraded shares of Renasant from a "market perform" rating to an "outperform" rating and set a $39.00 price target on the stock in a research note on Wednesday, July 31st. Stephens upgraded shares of Renasant from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $34.00 to $41.00 in a research note on Wednesday, July 31st. Finally, Truist Financial dropped their price target on shares of Renasant from $38.00 to $37.00 and set a "hold" rating on the stock in a research report on Friday, September 20th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $39.33.

Renasant Stock Performance

Shares of RNST traded up $1.00 on Monday, reaching $38.21. 184,758 shares of the company's stock traded hands, compared to its average volume of 399,487. Renasant Co. has a 52-week low of $25.07 and a 52-week high of $38.77. The stock has a market cap of $2.43 billion, a PE ratio of 12.45 and a beta of 1.01. The stock's 50 day simple moving average is $33.30 and its two-hundred day simple moving average is $32.12. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16.

Renasant (NASDAQ:RNST - Get Free Report) last issued its earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.63 by $0.07. Renasant had a return on equity of 6.70% and a net margin of 16.83%. The business had revenue of $318.34 million during the quarter, compared to the consensus estimate of $184.73 million. During the same quarter last year, the company earned $0.75 EPS. On average, analysts forecast that Renasant Co. will post 2.64 earnings per share for the current fiscal year.

Renasant Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.30%. Renasant's dividend payout ratio is 28.66%.

Insiders Place Their Bets

In other news, Director John Creekmore sold 3,000 shares of Renasant 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 sale, the director now directly owns 24,057 shares in the company, valued at approximately $914,166. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, 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.