Intech Investment Management LLC bought a new stake in Renasant Co. (NASDAQ:RNST - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 20,618 shares of the financial services provider's stock, valued at approximately $670,000.
Other hedge funds also recently modified their holdings of the company. Hantz Financial Services Inc. purchased a new stake in shares of Renasant during the second quarter worth $29,000. Quarry LP lifted its stake in Renasant by 698.3% in the second quarter. Quarry LP now owns 934 shares of the financial services provider's stock worth $29,000 after purchasing an additional 817 shares during the last quarter. Meeder Asset Management Inc. bought a new position in shares of Renasant in the second quarter worth approximately $39,000. Innealta Capital LLC purchased a new position in Renasant during the 2nd quarter valued at about $48,000. Finally, KBC Group NV boosted its stake in shares of Renasant by 32.0% during the 3rd quarter. KBC Group NV now owns 2,457 shares of the financial services provider's stock valued at $80,000 after purchasing an additional 596 shares in the last quarter. Institutional investors own 77.31% of the company's stock.
Renasant Stock Down 0.7 %
Shares of NASDAQ RNST traded down $0.26 during mid-day trading on Friday, hitting $37.62. The company had a trading volume of 225,264 shares, compared to its average volume of 448,844. Renasant Co. has a 1-year low of $26.28 and a 1-year high of $39.47. The company has a market capitalization of $2.39 billion, a PE ratio of 13.44 and a beta of 1.01. 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 business's 50-day simple moving average is $34.53 and its 200 day simple moving average is $32.87.
Renasant (NASDAQ:RNST - Get Free Report) last posted its quarterly earnings results 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. Renasant had a return on equity of 6.70% and a net margin of 16.83%. The company had revenue of $318.34 million for the quarter, compared to analyst estimates of $184.73 million. During the same quarter last year, the company earned $0.75 EPS. On average, analysts predict that Renasant Co. will post 2.65 earnings per share for the current year.
Renasant Announces Dividend
The company also recently disclosed 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 annualized dividend and a dividend yield of 2.34%. Renasant's dividend payout ratio (DPR) is currently 28.66%.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on the stock. Truist Financial reduced their price target on shares of Renasant from $38.00 to $37.00 and set a "hold" rating for the company in a research report on Friday, September 20th. Hovde Group lowered shares of Renasant from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th. Finally, Piper Sandler upgraded Renasant from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $34.00 to $40.00 in a research report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Renasant currently has a consensus rating of "Moderate Buy" and a consensus price target of $39.33.
Read Our Latest Stock Analysis on RNST
Insider Buying and Selling
In other news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction dated Wednesday, November 6th. The stock was 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. The trade was a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.82% of the company's stock.
Renasant Company Profile
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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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