Franklin Resources Inc. Grows Position in Renasant Co. (NASDAQ:RNST)

Franklin Resources Inc. boosted its stake in Renasant Co. (NASDAQ:RNST - Free Report) by 122.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 27,669 shares of the financial services provider's stock after buying an additional 15,203 shares during the period. Franklin Resources Inc.'s holdings in Renasant were worth $910,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of RNST. State Street Corp raised its stake in shares of Renasant by 26.5% in the 3rd quarter. State Street Corp now owns 3,369,915 shares of the financial services provider's stock valued at $109,522,000 after acquiring an additional 705,344 shares during the period. Quantbot Technologies LP acquired a new stake in Renasant in the 3rd quarter valued at approximately $2,534,000. Charles Schwab Investment Management Inc. raised its position in Renasant by 21.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 734,744 shares of the financial services provider's stock valued at $23,879,000 after purchasing an additional 131,821 shares during the period. Citigroup Inc. lifted its stake in Renasant by 59.9% during the third quarter. Citigroup Inc. now owns 128,767 shares of the financial services provider's stock worth $4,185,000 after purchasing an additional 48,234 shares in the last quarter. Finally, Amalgamated Bank boosted its position in shares of Renasant by 7.2% during the third quarter. Amalgamated Bank now owns 18,414 shares of the financial services provider's stock worth $598,000 after buying an additional 1,240 shares during the period. Institutional investors and hedge funds own 77.31% of the company's stock.

Renasant Stock Down 0.5 %

NASDAQ RNST traded down $0.18 during trading hours on Friday, hitting $35.79. 503,671 shares of the company were exchanged, compared to its average volume of 414,738. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The firm has a market cap of $2.28 billion, a price-to-earnings ratio of 11.66 and a beta of 1.02. The company has a 50 day moving average of $36.13 and a two-hundred day moving average of $33.80. Renasant Co. has a 52-week low of $27.98 and a 52-week high of $39.47.

Renasant (NASDAQ:RNST - Get Free Report) last released its earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.07. Renasant had a net margin of 16.83% and a return on equity of 6.70%. The firm had revenue of $318.34 million for the quarter, compared to analyst estimates of $184.73 million. During the same period in the prior year, the firm earned $0.75 earnings per share. Equities research analysts anticipate that Renasant Co. will post 2.65 earnings per share for the current year.

Renasant Announces Dividend

The firm also recently announced 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. This represents a $0.88 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Wednesday, December 18th. Renasant's dividend payout ratio (DPR) is presently 28.66%.

Insider Buying and Selling

In related news, Director John Creekmore sold 3,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the transaction, the director now directly owns 24,057 shares of the company's stock, valued at $914,166. This trade represents a 11.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.82% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Truist Financial cut their price objective on Renasant from $38.00 to $37.00 and set a "hold" rating on the stock in a report on Friday, September 20th. Hovde Group downgraded Renasant from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 13th. Three 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, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $39.33.

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.