Chartwell Investment Partners LLC Cuts Holdings in Renasant Corp. (NASDAQ:RNST)

Chartwell Investment Partners LLC cut its stake in Renasant Corp. (NASDAQ:RNST) by 5.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 319,754 shares of the financial services provider’s stock after selling 17,680 shares during the period. Chartwell Investment Partners LLC owned approximately 0.55% of Renasant worth $10,824,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Renasant by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 4,098,733 shares of the financial services provider’s stock worth $168,909,000 after purchasing an additional 54,183 shares during the last quarter. Vanguard Group Inc grew its stake in Renasant by 1.3% in the 3rd quarter. Vanguard Group Inc now owns 4,098,733 shares of the financial services provider’s stock valued at $168,909,000 after buying an additional 54,183 shares during the last quarter. BlackRock Inc. grew its stake in Renasant by 8.9% in the 4th quarter. BlackRock Inc. now owns 3,630,777 shares of the financial services provider’s stock valued at $109,576,000 after buying an additional 297,791 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in Renasant in the 3rd quarter valued at $44,809,000. Finally, Geode Capital Management LLC grew its stake in Renasant by 8.7% in the 4th quarter. Geode Capital Management LLC now owns 574,644 shares of the financial services provider’s stock valued at $17,342,000 after buying an additional 46,102 shares during the last quarter. Institutional investors and hedge funds own 61.07% of the company’s stock.

In related news, EVP James W. Gray sold 2,504 shares of Renasant stock in a transaction dated Wednesday, February 20th. The shares were sold at an average price of $38.33, for a total transaction of $95,978.32. Following the completion of the transaction, the executive vice president now directly owns 58,072 shares of the company’s stock, valued at approximately $2,225,899.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.64% of the company’s stock.

A number of research analysts recently issued reports on RNST shares. BidaskClub lowered shares of Renasant from a “sell” rating to a “strong sell” rating in a research note on Tuesday, January 15th. Zacks Investment Research upgraded shares of Renasant from a “sell” rating to a “hold” rating in a research note on Thursday, January 17th. Stephens set a $36.00 price target on shares of Renasant and gave the company a “hold” rating in a report on Tuesday, January 22nd. Hovde Group reissued a “market perform” rating and issued a $38.00 price target (up from $34.00) on shares of Renasant in a report on Monday, January 28th. Finally, TheStreet raised shares of Renasant from a “c+” rating to a “b-” rating in a report on Wednesday, February 20th. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $37.00.

Shares of NASDAQ:RNST traded up $1.33 during midday trading on Friday, reaching $37.35. 153,684 shares of the company’s stock were exchanged, compared to its average volume of 200,723. The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of 12.45 and a beta of 1.23. Renasant Corp. has a 12 month low of $28.02 and a 12 month high of $49.78. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.91 and a current ratio of 0.95.

Renasant (NASDAQ:RNST) last released its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.77 EPS for the quarter, hitting analysts’ consensus estimates of $0.77. The company had revenue of $150.50 million during the quarter, compared to the consensus estimate of $150.40 million. Renasant had a net margin of 24.55% and a return on equity of 9.02%. The firm’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same period last year, the firm earned $0.70 EPS. Sell-side analysts forecast that Renasant Corp. will post 3.21 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a dividend of $0.22 per share. This is an increase from Renasant’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a yield of 2.36%. The ex-dividend date is Thursday, June 13th. Renasant’s dividend payout ratio (DPR) is currently 28.00%.

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Renasant Company Profile

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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Institutional Ownership by Quarter for Renasant (NASDAQ:RNST)

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