Landscape Capital Management L.L.C. Takes $852,000 Position in Renasant Co. (NASDAQ:RNST)

Landscape Capital Management L.L.C. acquired a new position in Renasant Co. (NASDAQ:RNST - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 26,201 shares of the financial services provider's stock, valued at approximately $852,000.

Several other hedge funds have also modified their holdings of the company. Victory Capital Management Inc. lifted its position in shares of Renasant by 1.7% during the third quarter. Victory Capital Management Inc. now owns 3,955,366 shares of the financial services provider's stock valued at $128,549,000 after buying an additional 65,777 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Renasant by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,887,606 shares of the financial services provider's stock valued at $118,725,000 after purchasing an additional 22,821 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Renasant by 21.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider's stock worth $56,775,000 after purchasing an additional 303,945 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Renasant by 2.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 562,008 shares of the financial services provider's stock worth $17,164,000 after purchasing an additional 11,828 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in Renasant by 189.3% in the 2nd quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider's stock worth $12,820,000 after purchasing an additional 274,685 shares in the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Renasant news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction 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 of the company's stock, valued at $914,166. The trade was a 11.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.82% of the stock is owned by insiders.

Renasant Stock Performance

Shares of NASDAQ:RNST traded up $0.60 during trading on Friday, hitting $37.90. 628,429 shares of the stock traded hands, compared to its average volume of 430,629. 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 company has a market cap of $2.41 billion, a price-to-earnings ratio of 12.35 and a beta of 1.01. The company has a fifty day moving average price of $34.08 and a two-hundred day moving average price of $32.59. Renasant Co. has a 52-week low of $26.28 and a 52-week high of $38.77.

Renasant (NASDAQ:RNST - Get Free Report) last issued its quarterly 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. The company had revenue of $318.34 million during the quarter, compared to analyst estimates of $184.73 million. Renasant had a net margin of 16.83% and a return on equity of 6.70%. During the same quarter in the previous year, the firm earned $0.75 EPS. As a group, equities analysts predict that Renasant Co. will post 2.65 EPS for the current year.

Renasant Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.32%. The ex-dividend date is Wednesday, December 18th. Renasant's payout ratio is presently 28.66%.

Analysts Set New Price Targets

RNST has been the subject of a number of recent analyst reports. Truist Financial lowered their target price on shares of Renasant from $38.00 to $37.00 and set a "hold" rating for the company in a research note on Friday, September 20th. Keefe, Bruyette & Woods upgraded shares of Renasant from a "market perform" rating to an "outperform" rating and lifted their target price for the stock from $36.00 to $40.00 in a research note on Friday, August 2nd. Stephens upgraded shares of Renasant from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $34.00 to $41.00 in a research note on Wednesday, July 31st. Hovde Group lowered shares of Renasant from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 13th. Finally, Piper Sandler raised shares of Renasant from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $34.00 to $40.00 in a research report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target 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.