JPMorgan Chase & Co. Sells 70,989 Shares of Renasant Co. $RNST

JPMorgan Chase & Co. cut its holdings in shares of Renasant Co. (NASDAQ:RNST) by 12.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 482,583 shares of the financial services provider’s stock after selling 70,989 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.51% of Renasant worth $17,802,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in RNST. State Street Corp grew its position in shares of Renasant by 14.1% during the second quarter. State Street Corp now owns 4,812,696 shares of the financial services provider’s stock worth $172,920,000 after purchasing an additional 595,609 shares in the last quarter. Invesco Ltd. boosted its stake in Renasant by 365.6% in the 2nd quarter. Invesco Ltd. now owns 2,215,665 shares of the financial services provider’s stock worth $79,609,000 after purchasing an additional 1,739,786 shares during the period. Geode Capital Management LLC grew its holdings in Renasant by 48.0% during the 2nd quarter. Geode Capital Management LLC now owns 2,203,182 shares of the financial services provider’s stock valued at $79,169,000 after buying an additional 714,972 shares in the last quarter. Frontier Capital Management Co. LLC raised its position in shares of Renasant by 1.0% during the second quarter. Frontier Capital Management Co. LLC now owns 1,136,898 shares of the financial services provider’s stock valued at $40,849,000 after buying an additional 11,242 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Renasant by 48.6% in the second quarter. The Manufacturers Life Insurance Company now owns 910,983 shares of the financial services provider’s stock worth $32,732,000 after buying an additional 298,077 shares in the last quarter. Institutional investors own 77.31% of the company’s stock.

Renasant Price Performance

RNST stock opened at $38.42 on Wednesday. Renasant Co. has a 52 week low of $26.97 and a 52 week high of $42.11. The firm has a market capitalization of $3.65 billion, a P/E ratio of 11.75 and a beta of 0.97. The company has a fifty day simple moving average of $38.04 and a two-hundred day simple moving average of $36.98. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

Renasant (NASDAQ:RNST) last posted its earnings results on Tuesday, January 27th. The financial services provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.11. The firm had revenue of $216.11 million for the quarter, compared to the consensus estimate of $275.40 million. Renasant had a net margin of 17.91% and a return on equity of 6.58%. During the same period in the previous year, the firm posted $0.73 EPS. Analysts anticipate that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a dividend of $0.23 per share. The ex-dividend date is Tuesday, March 17th. This represents a $0.92 dividend on an annualized basis and a yield of 2.4%. Renasant’s dividend payout ratio is 43.40%.

Insider Activity at Renasant

In related news, CFO James C. Iv Mabry sold 12,500 shares of the firm’s stock in a transaction on Friday, January 30th. The stock was sold at an average price of $37.83, for a total value of $472,875.00. Following the completion of the sale, the chief financial officer directly owned 105,337 shares in the company, valued at $3,984,898.71. This trade represents a 10.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mark Jeanfreau sold 6,000 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $37.88, for a total transaction of $227,280.00. Following the completion of the sale, the executive vice president directly owned 65,172 shares in the company, valued at approximately $2,468,715.36. This represents a 8.43% decrease in their position. The SEC filing for this sale provides additional information. 2.81% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on RNST shares. TD Cowen reaffirmed a “buy” rating on shares of Renasant in a research note on Thursday, January 29th. Hovde Group increased their price objective on shares of Renasant from $41.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to data from MarketBeat.com, Renasant presently has a consensus rating of “Buy” and a consensus target price of $43.00.

About Renasant

Renasant Corporation is a financial holding company providing banking and related services through its primary subsidiary, Renasant Bank. With origins dating back to 1904 in Tupelo, Mississippi, the company offers a comprehensive suite of commercial and consumer banking products, including deposit accounts, lending and treasury management services. Renasant serves individuals, small businesses and corporate clients across the southeastern United States.

The company operates more than 110 banking offices across Mississippi, Alabama, Tennessee, Florida and Georgia, supplemented by a network of ATMs and digital platforms.