Dynamic Technology Lab Private Ltd purchased a new position in shares of Renasant Co. (NASDAQ:RNST - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 15,329 shares of the financial services provider's stock, valued at approximately $499,000.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Hantz Financial Services Inc. bought a new position in Renasant during the second quarter worth about $29,000. Quarry LP lifted its holdings in shares of Renasant by 698.3% during the 2nd quarter. Quarry LP now owns 934 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 817 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Renasant in the 2nd quarter valued at approximately $39,000. Innealta Capital LLC bought a new stake in Renasant during the 2nd quarter worth approximately $48,000. Finally, KBC Group NV raised its holdings in Renasant by 32.0% during the 3rd quarter. KBC Group NV now owns 2,457 shares of the financial services provider's stock worth $80,000 after buying an additional 596 shares during the period. Institutional investors and hedge funds own 77.31% of the company's stock.
Insider Activity
In other Renasant news, Director John Creekmore sold 3,000 shares of the company's stock in a transaction dated Wednesday, November 6th. The shares were 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 directly owns 24,057 shares of the company's stock, valued at approximately $914,166. This represents a 11.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 2.82% of the company's stock.
Analyst Ratings Changes
Several analysts have issued reports on RNST shares. Piper Sandler raised Renasant from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $34.00 to $40.00 in a research note on Monday, August 5th. Keefe, Bruyette & Woods upgraded Renasant from a "market perform" rating to an "outperform" rating and boosted their target price for the company from $36.00 to $40.00 in a research note on Friday, August 2nd. Truist Financial reduced their price target on Renasant from $38.00 to $37.00 and set a "hold" rating for the company in a research report on Friday, September 20th. Finally, Hovde Group downgraded shares of Renasant from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, Renasant has an average rating of "Moderate Buy" and a consensus price target of $39.33.
Read Our Latest Research Report on Renasant
Renasant Stock Performance
Renasant stock traded down $0.26 during midday trading on Friday, hitting $37.62. The company's stock had a trading volume of 225,264 shares, compared to its average volume of 402,913. 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 company has a 50-day moving average price of $34.53 and a two-hundred day moving average price of $32.85. Renasant Co. has a 1-year low of $26.28 and a 1-year high of $39.47. The company has a market cap of $2.39 billion, a price-to-earnings ratio of 12.25 and a beta of 1.01.
Renasant (NASDAQ:RNST - Get Free Report) last posted 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 net margin of 16.83% and a return on equity of 6.70%. The company had revenue of $318.34 million during the quarter, compared to the consensus estimate of $184.73 million. During the same period in the previous year, the firm posted $0.75 earnings per share. As a group, sell-side analysts predict that Renasant Co. will post 2.65 earnings per share for the current year.
Renasant Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.34%. The ex-dividend date is Wednesday, December 18th. Renasant's dividend payout ratio (DPR) is presently 28.66%.
About Renasant
(
Free Report)
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.
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