Dean Investment Associates LLC lowered its stake in shares of Renasant Corp. (NASDAQ:RNST) by 9.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 178,842 shares of the financial services provider’s stock after selling 18,275 shares during the quarter. Renasant comprises about 0.9% of Dean Investment Associates LLC’s holdings, making the stock its 24th largest position. Dean Investment Associates LLC’s holdings in Renasant were worth $6,054,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. AQR Capital Management LLC raised its stake in Renasant by 26.1% in the third quarter. AQR Capital Management LLC now owns 16,243 shares of the financial services provider’s stock worth $669,000 after buying an additional 3,359 shares in the last quarter. Morgan Stanley raised its stake in Renasant by 20.9% in the third quarter. Morgan Stanley now owns 131,054 shares of the financial services provider’s stock worth $5,400,000 after buying an additional 22,630 shares in the last quarter. Vanguard Group Inc. raised its stake in Renasant by 1.3% in the third quarter. Vanguard Group Inc. now owns 4,098,733 shares of the financial services provider’s stock worth $168,909,000 after buying an additional 54,183 shares in the last quarter. Teachers Advisors LLC raised its stake in Renasant by 1.0% in the third quarter. Teachers Advisors LLC now owns 89,222 shares of the financial services provider’s stock worth $3,677,000 after buying an additional 855 shares in the last quarter. Finally, Lavaca Capital LLC bought a new position in Renasant in the fourth quarter worth about $128,000. 61.03% of the stock is owned by institutional investors.
A number of equities analysts recently issued reports on the stock. Zacks Investment Research raised shares of Renasant from a “sell” rating to a “hold” rating in a research note on Friday, March 29th. BidaskClub downgraded shares of Renasant from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. Stephens set a $36.00 target price on shares of Renasant and gave the company a “hold” rating in a research note on Tuesday, January 22nd. Finally, Hovde Group reaffirmed a “market perform” rating and set a $38.00 target price (up previously from $34.00) on shares of Renasant in a research note on Monday, January 28th. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. Renasant has a consensus rating of “Hold” and an average price target of $37.00.
Renasant (NASDAQ:RNST) last announced its earnings results on Tuesday, April 23rd. The financial services provider reported $0.77 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.77. Renasant had a net margin of 24.55% and a return on equity of 8.76%. The business had revenue of $150.50 million during the quarter, compared to the consensus estimate of $150.40 million. During the same quarter last year, the firm earned $0.70 earnings per share. The business’s revenue for the quarter was up 20.6% on a year-over-year basis. On average, sell-side analysts anticipate that Renasant Corp. will post 3.19 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a dividend of $0.22 per share. This is an increase from Renasant’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.48%. Renasant’s dividend payout ratio (DPR) is currently 28.00%.
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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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