Victory Capital Management Inc. reduced its stake in shares of Renasant Corp. (NASDAQ:RNST) by 46.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,502 shares of the financial services provider’s stock after selling 13,274 shares during the period. Victory Capital Management Inc.’s holdings in Renasant Corp. were worth $501,000 as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Renasant Corp. during the fourth quarter valued at approximately $10,676,000. Virginia Retirement System bought a new position in Renasant Corp. during the first quarter valued at approximately $1,267,000. BlackRock Inc. increased its position in Renasant Corp. by 157.1% in the first quarter. BlackRock Inc. now owns 3,095 shares of the financial services provider’s stock valued at $102,000 after buying an additional 1,891 shares in the last quarter. BlackRock Group LTD increased its position in Renasant Corp. by 36.6% in the first quarter. BlackRock Group LTD now owns 36,848 shares of the financial services provider’s stock valued at $1,212,000 after buying an additional 9,872 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its position in Renasant Corp. by 2.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,032,532 shares of the financial services provider’s stock valued at $33,981,000 after buying an additional 23,850 shares in the last quarter. Hedge funds and other institutional investors own 60.13% of the company’s stock.
Renasant Corp. (NASDAQ:RNST) traded up 1.75% during midday trading on Friday, reaching $33.63. 142,429 shares of the company traded hands. The firm has a 50-day moving average price of $34.20 and a 200-day moving average price of $33.33. Renasant Corp. has a one year low of $29.49 and a one year high of $37.28. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 16.93 and a beta of 0.98.
Renasant Corp. (NASDAQ:RNST) last announced 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 return on equity of 8.53% and a net margin of 18.32%. Equities analysts predict that Renasant Corp. will post $2.22 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Wednesday, September 14th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.14%. The ex-dividend date was Monday, September 12th. Renasant Corp.’s dividend payout ratio (DPR) is currently 36.36%.
Several equities analysts recently commented on the stock. Zacks Investment Research downgraded shares of Renasant Corp. from a “hold” rating to a “sell” rating in a research note on Friday, September 23rd. Raymond James Financial Inc. downgraded 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. Finally, Jefferies Group restated a “buy” rating and issued a $39.00 price target on shares of Renasant Corp. in a research note on Wednesday, July 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $35.20.
In other news, Director Fred F. Sharpe acquired 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 29th. The stock was bought 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 accessible through this hyperlink. 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 completion of the sale, the executive vice president now directly owns 69,139 shares of the company’s stock, valued at approximately $2,291,957.85. The disclosure for this sale can be found here. 5.18% of the stock is owned by corporate insiders.
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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