State Street Corp Acquires 705,344 Shares of Renasant Co. (NASDAQ:RNST)

State Street Corp boosted its position in Renasant Co. (NASDAQ:RNST - Free Report) by 26.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,369,915 shares of the financial services provider's stock after purchasing an additional 705,344 shares during the period. State Street Corp owned 5.30% of Renasant worth $109,522,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of RNST. Quarry LP raised its holdings in Renasant by 698.3% in the 2nd quarter. Quarry LP now owns 934 shares of the financial services provider's stock valued at $29,000 after buying an additional 817 shares during the last quarter. Hantz Financial Services Inc. bought a new stake in shares of Renasant in the second quarter worth $29,000. Meeder Asset Management Inc. bought a new position in Renasant during the 2nd quarter worth $39,000. Innealta Capital LLC acquired a new position in Renasant during the 2nd quarter worth about $48,000. Finally, KBC Group NV grew its position in shares of Renasant by 32.0% in the 3rd quarter. KBC Group NV now owns 2,457 shares of the financial services provider's stock valued at $80,000 after buying an additional 596 shares during the last quarter. 77.31% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Renasant

In related news, Director John Creekmore sold 3,000 shares of the business's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total transaction of $114,000.00. Following the transaction, the director now directly 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 can be accessed through this link. 2.82% of the stock is currently owned by company insiders.

Renasant Stock Up 2.5 %

Shares of Renasant stock traded up $0.91 during trading on Monday, reaching $37.39. 733,740 shares of the company traded hands, compared to its average volume of 398,999. 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 firm has a market capitalization of $2.38 billion, a PE ratio of 12.18 and a beta of 1.02. The company has a 50 day moving average price of $35.54 and a 200-day moving average price of $33.34. Renasant Co. has a 1-year low of $27.98 and a 1-year high of $39.47.

Renasant (NASDAQ:RNST - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $318.34 million for 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 prior year, the business earned $0.75 earnings per share. As a group, equities research analysts expect that Renasant Co. will post 2.65 earnings per share for the current fiscal year.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.35%. The ex-dividend date is Wednesday, December 18th. Renasant's payout ratio is currently 28.66%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RNST. Truist Financial lowered their price objective on 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 downgraded shares of Renasant from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $39.33.

Renasant Company 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.