RS Investment Management Co. LLC reduced its stake in shares of Renasant Corp. (NASDAQ:RNST) by 0.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 537,799 shares of the financial services provider’s stock after selling 190 shares during the period. RS Investment Management Co. LLC’s holdings in Renasant Corp. were worth $17,387,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RNST. 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 valued at $39,471,000 after buying an additional 333,957 shares in the last quarter. Norges Bank bought a new position in Renasant Corp. during the fourth quarter valued at $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 valued at $25,747,000 after buying an additional 151,512 shares in the last quarter. 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 valued at $26,327,000 after buying an additional 76,746 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in Renasant Corp. by 9.1% in the first quarter. Renaissance Technologies LLC now owns 815,339 shares of the financial services provider’s stock valued at $26,833,000 after buying an additional 67,800 shares in the last quarter. Hedge funds and other institutional investors own 60.13% of the company’s stock.
Renasant Corp. (NASDAQ:RNST) traded down 1.00% during mid-day trading on Friday, hitting $33.51. 115,875 shares of the company traded hands. The company’s 50-day moving average is $34.15 and its 200-day moving average is $33.31. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of 16.87 and a beta of 0.98. Renasant Corp. has a one year low of $29.49 and a one year high of $37.28.
Renasant Corp. (NASDAQ:RNST) last released its quarterly earnings data on Tuesday, July 19th. The financial services provider reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. Renasant Corp. had a net margin of 18.32% and a return on equity of 8.53%. Analysts predict that Renasant Corp. will post $2.22 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Wednesday, September 14th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend is Monday, September 12th. Renasant Corp.’s payout ratio is 36.36%.
Several research analysts have weighed in on RNST shares. Jefferies Group reiterated a “buy” rating and issued a $39.00 price objective on shares of Renasant Corp. in a research note on Wednesday, July 20th. Zacks Investment Research upgraded shares of Renasant Corp. from a “sell” rating to a “hold” rating in a research note 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 price target on the stock. in a research note on Monday, September 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Renasant Corp. presently has a consensus rating of “Hold” and a consensus price target of $35.20.
In other news, Director Fred F. Sharpe acquired 1,000 shares of Renasant Corp. stock in a transaction that occurred on Monday, August 29th. The shares were acquired at an average price of $35.12 per share, with a total value of $35,120.00. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider O Leonard Dorminey sold 6,000 shares of Renasant Corp. stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $33.01, for a total transaction of $198,060.00. The disclosure for this sale can be found here. Corporate insiders own 5.18% of the company’s stock.
Renasant Corp. Company Profile
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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