Legal & General Group Plc raised its position in shares of Renasant Corp. (NASDAQ:RNST) by 15.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,573 shares of the financial services provider’s stock after purchasing an additional 4,893 shares during the period. Legal & General Group Plc owned approximately 0.07% of Renasant worth $798,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in RNST. Victory Capital Management Inc. raised its position in Renasant by 5,495.8% during the first quarter. Victory Capital Management Inc. now owns 998,910 shares of the financial services provider’s stock valued at $21,816,000 after purchasing an additional 981,059 shares in the last quarter. Norges Bank acquired a new position in Renasant during the fourth quarter valued at approximately $21,543,000. EJF Capital LLC acquired a new position in Renasant during the fourth quarter valued at approximately $6,021,000. Federated Hermes Inc. acquired a new position in Renasant during the first quarter valued at approximately $2,627,000. Finally, Hotchkis & Wiley Capital Management LLC acquired a new position in shares of Renasant during the fourth quarter worth $3,509,000. Institutional investors and hedge funds own 66.58% of the company’s stock.
Shares of Renasant stock opened at $24.90 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 0.96 and a debt-to-equity ratio of 0.18. Renasant Corp. has a twelve month low of $18.22 and a twelve month high of $36.84. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of 11.58 and a beta of 1.31. The company’s fifty day moving average is $23.75 and its 200 day moving average is $27.86.
Renasant (NASDAQ:RNST) last issued its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.47). Renasant had a return on equity of 6.48% and a net margin of 18.07%. The business had revenue of $144.17 million during the quarter, compared to the consensus estimate of $143.70 million. During the same period in the prior year, the firm earned $0.77 EPS. As a group, equities analysts anticipate that Renasant Corp. will post 1.45 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Thursday, April 16th were paid a $0.22 dividend. The ex-dividend date was Wednesday, April 15th. This represents a $0.88 annualized dividend and a dividend yield of 3.53%. Renasant’s dividend payout ratio is 30.24%.
Several brokerages have recently issued reports on RNST. DA Davidson upgraded shares of Renasant from a “neutral” rating to a “buy” rating in a report on Monday, March 16th. ValuEngine upgraded shares of Renasant from a “sell” rating to a “hold” rating in a report on Friday, May 1st. BidaskClub downgraded shares of Renasant from a “sell” rating to a “strong sell” rating in a report on Friday, May 8th. Finally, Zacks Investment Research downgraded shares of Renasant from a “hold” rating to a “sell” rating in a report on Friday, May 1st. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $37.75.
In other Renasant news, Director R Rick Hart sold 4,058 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $24.21, for a total transaction of $98,244.18. Following the sale, the director now owns 68,712 shares of the company’s stock, valued at $1,663,517.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard Heyer purchased 2,000 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were purchased at an average cost of $24.58 per share, for a total transaction of $49,160.00. Following the transaction, the director now directly owns 28,287 shares of the company’s stock, valued at approximately $695,294.46. The disclosure for this purchase can be found here. Insiders own 3.99% of the company’s stock.
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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