Holocene Advisors LP Acquires New Position in Renasant Co. (NASDAQ:RNST)

Holocene Advisors LP bought a new stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 22,350 shares of the financial services provider's stock, valued at approximately $726,000.

Other institutional investors also recently bought and sold shares of the company. Quantbot Technologies LP purchased a new position in shares of Renasant in the third quarter valued at approximately $2,534,000. Charles Schwab Investment Management Inc. raised its stake in Renasant by 21.9% in the 3rd 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 last quarter. Amalgamated Bank lifted its holdings in Renasant by 7.2% in the 3rd quarter. Amalgamated Bank now owns 18,414 shares of the financial services provider's stock valued at $598,000 after purchasing an additional 1,240 shares in the last quarter. Intech Investment Management LLC acquired a new stake in Renasant during the 3rd quarter worth $670,000. Finally, Duncan Williams Asset Management LLC grew its holdings in shares of Renasant by 19.9% during the third quarter. Duncan Williams Asset Management LLC now owns 11,115 shares of the financial services provider's stock worth $361,000 after buying an additional 1,847 shares in the last quarter. 77.31% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Renasant

In related news, Director John Creekmore sold 3,000 shares of the firm's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total transaction of $114,000.00. Following the sale, the director now owns 24,057 shares in the company, valued at approximately $914,166. This trade represents a 11.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.82% of the company's stock.

Analyst Upgrades and Downgrades

RNST has been the topic of several research reports. Hovde Group downgraded shares of Renasant from an "outperform" rating to a "market perform" rating in a research note on Wednesday, November 13th. Truist Financial reduced their price objective 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 research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Renasant currently has a consensus rating of "Moderate Buy" and an average price target of $39.33.

Renasant Trading Up 0.8 %

Shares of NASDAQ:RNST traded up $0.28 during midday trading on Friday, reaching $37.43. 196,407 shares of the company's stock were exchanged, compared to its average volume of 399,922. The stock has a market cap of $2.38 billion, a price-to-earnings ratio of 12.19 and a beta of 1.02. Renasant Co. has a fifty-two week low of $27.98 and a fifty-two week high of $39.47. The firm's 50 day simple moving average is $35.03 and its two-hundred day simple moving average is $33.10. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94.

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, beating the consensus estimate of $0.63 by $0.07. The company had revenue of $318.34 million during the quarter, compared to the consensus estimate of $184.73 million. Renasant had a return on equity of 6.70% and a net margin of 16.83%. During the same period in the previous year, the company posted $0.75 EPS. As a group, sell-side analysts forecast that Renasant Co. will post 2.65 EPS for the current fiscal year.

Renasant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders 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 yield of 2.35%. Renasant's payout ratio is currently 28.66%.

Renasant 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.