Citigroup Inc. raised its stake in Renasant Corp. (NASDAQ:RNST) by 20.6% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 12,437 shares of the financial services provider’s stock after buying an additional 2,123 shares during the quarter. Citigroup Inc.’s holdings in Renasant were worth $530,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Ladenburg Thalmann Financial Services Inc. lifted its stake in Renasant by 227.2% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,771 shares of the financial services provider’s stock valued at $114,000 after buying an additional 1,924 shares during the last quarter. Csenge Advisory Group acquired a new position in Renasant during the fourth quarter worth about $225,000. Paloma Partners Management Co acquired a new position in Renasant during the fourth quarter worth about $247,000. Xact Kapitalforvaltning AB purchased a new position in Renasant in the 4th quarter worth about $263,000. Finally, Algert Global LLC purchased a new position in Renasant in the 1st quarter worth about $283,000. Institutional investors own 67.02% of the company’s stock.
RNST has been the topic of a number of analyst reports. Zacks Investment Research raised Renasant from a “sell” rating to a “hold” rating in a research note on Wednesday, March 28th. BidaskClub upgraded Renasant from a “hold” rating to a “buy” rating in a research report on Friday, March 9th. Finally, ValuEngine upgraded Renasant from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. Renasant presently has a consensus rating of “Hold” and a consensus target price of $46.00.
Shares of Renasant opened at $46.83 on Monday, Marketbeat reports. The stock has a market cap of $2.31 billion, a PE ratio of 19.35 and a beta of 1.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.94. Renasant Corp. has a 52-week low of $37.68 and a 52-week high of $49.78.
Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, April 24th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.02. The business had revenue of $124.76 million during the quarter, compared to analyst estimates of $124.21 million. Renasant had a return on equity of 8.50% and a net margin of 19.29%. The firm’s revenue was up 15.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.55 EPS. equities analysts expect that Renasant Corp. will post 3.04 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, June 30th. Stockholders of record on Saturday, June 16th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.71%. This is a positive change from Renasant’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Thursday, June 14th. Renasant’s payout ratio is currently 33.06%.
In other news, EVP Stuart Johnson sold 7,910 shares of Renasant stock in a transaction dated Thursday, May 17th. The stock was sold at an average price of $47.20, for a total transaction of $373,352.00. Following the completion of the sale, the executive vice president now directly owns 47,428 shares in the company, valued at approximately $2,238,601.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Edward Robinson Mcgraw sold 4,948 shares of Renasant stock in a transaction dated Tuesday, May 8th. The shares were sold at an average price of $46.48, for a total value of $229,983.04. Following the sale, the insider now owns 230,258 shares of the company’s stock, valued at $10,702,391.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,763 shares of company stock valued at $1,715,014. 3.41% of the stock is owned by corporate insiders.
Renasant Corporation operates as a bank holding company for Renasant Bank, which provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings, money market, individual retirement, and health savings accounts, as well as safe deposit and night depository facilities.
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