Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Renasant Corporation (NASDAQ:RNST) in the third quarter, according to its most recent 13F filing with the SEC. The fund purchased 55,847 shares of the financial services provider’s stock, valued at approximately $2,396,000. Raymond James Financial Services Advisors Inc. owned approximately 0.11% of Renasant at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its holdings in shares of Renasant by 36.4% during the 1st quarter. Principal Financial Group Inc. now owns 7,692 shares of the financial services provider’s stock worth $305,000 after acquiring an additional 2,053 shares during the last quarter. Teachers Advisors LLC lifted its stake in Renasant by 6.5% in the first quarter. Teachers Advisors LLC now owns 71,571 shares of the financial services provider’s stock worth $2,841,000 after purchasing an additional 4,381 shares during the last quarter. Legal & General Group Plc lifted its stake in Renasant by 3.8% in the first quarter. Legal & General Group Plc now owns 15,843 shares of the financial services provider’s stock worth $630,000 after purchasing an additional 574 shares during the last quarter. New York State Teachers Retirement System lifted its stake in Renasant by 5.6% in the first quarter. New York State Teachers Retirement System now owns 3,800 shares of the financial services provider’s stock worth $151,000 after purchasing an additional 200 shares during the last quarter. Finally, BlackRock Inc. lifted its stake in Renasant by 28,180.2% in the first quarter. BlackRock Inc. now owns 2,801,720 shares of the financial services provider’s stock worth $111,200,000 after purchasing an additional 2,791,813 shares during the last quarter. Hedge funds and other institutional investors own 63.15% of the company’s stock.
Several analysts have weighed in on the stock. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $43.00 price target on shares of Renasant in a research note on Friday, September 29th. Zacks Investment Research downgraded shares of Renasant from a “buy” rating to a “hold” rating in a research note on Saturday, October 21st. Finally, ValuEngine raised shares of Renasant from a “hold” rating to a “buy” rating in a research note on Monday, September 18th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $44.00.
Renasant Corporation (NASDAQ RNST) opened at $40.61 on Friday. Renasant Corporation has a 52-week low of $37.68 and a 52-week high of $45.31. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.91 and a current ratio of 0.93. The stock has a market cap of $2,002.89, a PE ratio of 17.14 and a beta of 1.00.
Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.08). Renasant had a net margin of 20.44% and a return on equity of 8.15%. The company had revenue of $123.43 million for the quarter, compared to analysts’ expectations of $127.07 million. During the same quarter in the prior year, the firm earned $0.59 EPS. research analysts forecast that Renasant Corporation will post 2.3 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be given a dividend of $0.19 per share. The ex-dividend date is Thursday, December 14th. This represents a $0.76 annualized dividend and a dividend yield of 1.87%. This is a boost from Renasant’s previous quarterly dividend of $0.18. Renasant’s payout ratio is currently 32.88%.
In other Renasant news, Director J Niles Mcneel sold 10,000 shares of the company’s stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $42.39, for a total value of $423,900.00. Following the sale, the director now owns 29,921 shares in the company, valued at $1,268,351.19. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michael D. Shmerling acquired 1,000 shares of the business’s stock in a transaction on Friday, November 10th. The stock was acquired at an average price of $39.40 per share, for a total transaction of $39,400.00. Following the acquisition, the director now owns 157,347 shares of the company’s stock, valued at approximately $6,199,471.80. The disclosure for this purchase can be found here. 3.86% of the stock is owned by insiders.
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Renasant Corporation is a bank holding company that owns and operates Renasant Bank (the Bank) and Renasant Insurance, Inc (Renasant Insurance). The Company’s segments include Community Banks, which delivers a range of banking and financial services to individuals and small to medium-sized businesses, including checking and savings accounts, business and personal loans, equipment leasing, as well as safe deposit and night depository facilities; Insurance, which includes a full service insurance agency offering all lines of commercial and personal insurance through major carriers; Wealth Management, which offers a range of fiduciary services that includes the administration and management of trust accounts, including personal and corporate benefit accounts, and custodial accounts, and Other.
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