California Public Employees Retirement System cut its position in shares of Renasant Corp. (NASDAQ:RNST) by 5.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 86,972 shares of the financial services provider’s stock after selling 4,900 shares during the period. California Public Employees Retirement System owned approximately 0.21% of Renasant Corp. worth $2,812,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its position in Renasant Corp. by 38.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,199,370 shares of the financial services provider’s stock worth $39,471,000 after buying an additional 333,957 shares during the period. Norges Bank purchased a new position in Renasant Corp. during the fourth quarter worth about $10,676,000. State Street Corp raised its position in Renasant Corp. by 24.0% in the first quarter. State Street Corp now owns 782,398 shares of the financial services provider’s stock worth $25,747,000 after buying an additional 151,512 shares during the period. Emerald Acquisition Ltd. purchased a new position in Renasant Corp. during the second quarter worth about $3,180,000. Finally, Palisade Capital Management LLC NJ raised its position in Renasant Corp. by 10.6% in the first quarter. Palisade Capital Management LLC NJ now owns 799,982 shares of the financial services provider’s stock worth $26,327,000 after buying an additional 76,746 shares during the period. Institutional investors own 60.13% of the company’s stock.
Renasant Corp. (NASDAQ:RNST) traded down 1.05% on Thursday, hitting $33.03. 165,498 shares of the stock were exchanged. The company has a market cap of $1.39 billion, a PE ratio of 16.63 and a beta of 0.98. The company’s 50-day moving average is $34.18 and its 200-day moving average is $33.32. Renasant Corp. has a 52 week low of $29.49 and a 52 week high of $37.28.
Renasant Corp. (NASDAQ:RNST) last released its earnings results on Tuesday, July 19th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Renasant Corp. had a return on equity of 8.53% and a net margin of 18.32%. On average, analysts predict that Renasant Corp. will post $2.22 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Wednesday, September 14th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date is Monday, September 12th. Renasant Corp.’s payout ratio is currently 36.36%.
RNST has been the topic of a number of recent research reports. Jefferies Group restated a “buy” rating and issued a $39.00 target price on shares of Renasant Corp. in a report on Wednesday, July 20th. Zacks Investment Research upgraded shares of Renasant Corp. from a “sell” rating to a “hold” rating in a report on Saturday, September 17th. Finally, Raymond James Financial Inc. lowered shares of Renasant Corp. from a “strong-buy” rating to an “outperform” rating and set a $38.00 target price on the stock. in a report on Monday, September 12th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. Renasant Corp. currently has a consensus rating of “Hold” and a consensus price target of $35.20.
In other news, Director Fred F. Sharpe bought 1,000 shares of the stock in a transaction that occurred on Monday, August 29th. The shares were purchased at an average cost of $35.12 per share, with a total value of $35,120.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP R Rick Hart sold 4,000 shares of Renasant Corp. stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $33.15, for a total value of $132,600.00. Following the transaction, the executive vice president now directly owns 69,139 shares in the company, valued at $2,291,957.85. The disclosure for this sale can be found here. Corporate insiders own 5.18% of the company’s stock.
About Renasant Corp.
Renasant Corporation is a bank holding company that owns and operates Renasant Bank (the Bank) and Renasant Insurance, Inc (Renasant Insurance), a subsidiary of the Bank with operations in Mississippi. The Company operates through three segments: Community Banks segment, Insurance segment and Wealth Management segment.
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