Adviser Investments LLC bought a new position in shares of Renasant Corp. (NASDAQ:RNST) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,232 shares of the financial services provider’s stock, valued at approximately $147,000.
Other institutional investors also recently bought and sold shares of the company. The Manufacturers Life Insurance Company increased its position in shares of Renasant by 2,105.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 759,841 shares of the financial services provider’s stock valued at $32,338,000 after acquiring an additional 725,394 shares during the period. New York State Common Retirement Fund increased its position in shares of Renasant by 377.2% in the 1st quarter. New York State Common Retirement Fund now owns 226,091 shares of the financial services provider’s stock valued at $9,622,000 after acquiring an additional 178,716 shares during the period. Millennium Management LLC increased its position in shares of Renasant by 280.5% in the 4th quarter. Millennium Management LLC now owns 182,797 shares of the financial services provider’s stock valued at $7,475,000 after acquiring an additional 134,754 shares during the period. Jennison Associates LLC increased its position in shares of Renasant by 16.8% in the 2nd quarter. Jennison Associates LLC now owns 770,628 shares of the financial services provider’s stock valued at $35,079,000 after acquiring an additional 110,747 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Renasant by 3.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,173,605 shares of the financial services provider’s stock valued at $135,069,000 after acquiring an additional 105,336 shares during the period. Institutional investors own 67.74% of the company’s stock.
Several equities research analysts have weighed in on the company. Raymond James downgraded Renasant from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 10th. BidaskClub downgraded Renasant from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 17th. Finally, Zacks Investment Research lowered shares of Renasant from a “buy” rating to a “sell” rating in a research note on Tuesday, June 5th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $47.20.
Shares of RNST stock traded up $0.43 during mid-day trading on Friday, hitting $46.69. 172,900 shares of the stock were exchanged, compared to its average volume of 149,747. The firm has a market cap of $2.31 billion, a P/E ratio of 19.29 and a beta of 0.93. Renasant Corp. has a 52-week low of $37.68 and a 52-week high of $49.78. The company has a quick ratio of 0.92, a current ratio of 0.95 and a debt-to-equity ratio of 0.13.
Renasant (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.74. The firm had revenue of $127.97 million for the quarter, compared to analyst estimates of $127.80 million. Renasant had a net margin of 20.66% and a return on equity of 8.73%. During the same period last year, the company posted $0.57 EPS. analysts anticipate that Renasant Corp. will post 2.99 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date is Thursday, September 13th. Renasant’s dividend payout ratio is presently 33.06%.
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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