First Trust Advisors LP trimmed its position in Renasant Corporation (NASDAQ:RNST) by 4.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,019 shares of the financial services provider’s stock after selling 3,829 shares during the quarter. First Trust Advisors LP owned 0.18% of Renasant Corporation worth $3,819,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Advisor Group Inc. grew its holdings in Renasant Corporation by 13.3% in the 2nd quarter. Advisor Group Inc. now owns 3,168 shares of the financial services provider’s stock valued at $138,000 after buying an additional 371 shares in the last quarter. New York State Teachers Retirement System grew its holdings in Renasant Corporation by 5.6% in the 1st quarter. New York State Teachers Retirement System now owns 3,800 shares of the financial services provider’s stock valued at $151,000 after buying an additional 200 shares in the last quarter. Ameritas Investment Partners Inc. grew its holdings in Renasant Corporation by 7.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,792 shares of the financial services provider’s stock valued at $166,000 after buying an additional 264 shares in the last quarter. Amalgamated Bank grew its holdings in Renasant Corporation by 4.2% in the 1st quarter. Amalgamated Bank now owns 5,350 shares of the financial services provider’s stock valued at $212,000 after buying an additional 214 shares in the last quarter. Finally, Highwater Wealth Management LLC acquired a new position in Renasant Corporation in the 3rd quarter valued at $213,000. 61.96% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Renasant Corporation (NASDAQ RNST) opened at $40.80 on Friday. The firm has a market capitalization of $2,012.26, a price-to-earnings ratio of 17.22 and a beta of 1.00. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.14. Renasant Corporation has a 1 year low of $37.68 and a 1 year high of $45.31.
Renasant Corporation (NASDAQ:RNST) last released its earnings results on Tuesday, October 17th. The financial services provider reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.08). The company had revenue of $123.43 million for the quarter, compared to the consensus estimate of $127.07 million. Renasant Corporation had a net margin of 20.44% and a return on equity of 8.15%. During the same quarter in the previous year, the company posted $0.59 earnings per share. sell-side analysts anticipate that Renasant Corporation will post 2.3 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.86%. This is an increase from Renasant Corporation’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Thursday, December 14th. Renasant Corporation’s dividend payout ratio is presently 32.88%.
In other news, Director J Niles Mcneel sold 10,000 shares of the company’s stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $42.39, for a total transaction of $423,900.00. Following the completion of the sale, the director now directly owns 29,921 shares in the company, valued at approximately $1,268,351.19. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Michael D. Shmerling bought 1,000 shares of the business’s stock in a transaction dated Friday, November 10th. The shares were bought at an average price of $39.40 per share, with a total value of $39,400.00. Following the completion of the transaction, the director now owns 157,347 shares in the company, valued at approximately $6,199,471.80. The disclosure for this purchase can be found here. Corporate insiders own 3.86% of the company’s stock.
A number of research analysts have commented on RNST shares. Zacks Investment Research raised Renasant Corporation from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Wednesday, September 20th. ValuEngine raised Renasant Corporation from a “hold” rating to a “buy” rating in a report on Monday, September 18th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $43.00 price objective on shares of Renasant Corporation in a report on Friday, September 29th. Finally, BidaskClub lowered Renasant Corporation from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company. Renasant Corporation presently has an average rating of “Hold” and an average target price of $44.00.
Renasant Corporation Company Profile
Renasant Corporation is a bank holding company that owns and operates Renasant Bank (the Bank) and Renasant Insurance, Inc (Renasant Insurance). The Company’s segments include Community Banks, which delivers a range of banking and financial services to individuals and small to medium-sized businesses, including checking and savings accounts, business and personal loans, equipment leasing, as well as safe deposit and night depository facilities; Insurance, which includes a full service insurance agency offering all lines of commercial and personal insurance through major carriers; Wealth Management, which offers a range of fiduciary services that includes the administration and management of trust accounts, including personal and corporate benefit accounts, and custodial accounts, and Other.
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