Vanguard Group Inc. raised its position in Renasant Corporation (NASDAQ:RNST) by 44.4% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,410,031 shares of the financial services provider’s stock after buying an additional 1,048,279 shares during the period. Vanguard Group Inc. owned about 7.68% of Renasant Corporation worth $135,344,000 as of its most recent filing with the SEC.
Other institutional investors have also bought and sold shares of the company. Ameritas Investment Partners Inc. acquired a new position in Renasant Corporation during the first quarter worth approximately $140,000. New York State Teachers Retirement System acquired a new position in Renasant Corporation during the fourth quarter worth approximately $152,000. Great Lakes Advisors LLC acquired a new position in Renasant Corporation during the first quarter worth approximately $245,000. Envestnet Asset Management Inc. boosted its position in Renasant Corporation by 4.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 6,490 shares of the financial services provider’s stock worth $273,000 after buying an additional 302 shares during the period. Finally, Principal Financial Group Inc. boosted its position in Renasant Corporation by 36.4% in the first quarter. Principal Financial Group Inc. now owns 7,692 shares of the financial services provider’s stock worth $305,000 after buying an additional 2,053 shares during the period. 66.81% of the stock is owned by institutional investors.
Renasant Corporation (NASDAQ RNST) opened at 42.16 on Tuesday. The firm has a market cap of $1.87 billion, a PE ratio of 19.02 and a beta of 1.06. The firm has a 50-day moving average price of $43.08 and a 200-day moving average price of $41.38. Renasant Corporation has a one year low of $31.56 and a one year high of $45.31.
Renasant Corporation (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.04. The company had revenue of $113.87 million during the quarter, compared to analyst estimates of $112.43 million. Renasant Corporation had a return on equity of 8.41% and a net margin of 20.31%. During the same quarter last year, the company earned $0.59 earnings per share. On average, equities analysts expect that Renasant Corporation will post $2.34 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Friday, June 16th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.71%. The ex-dividend date of this dividend was Wednesday, June 14th. Renasant Corporation’s dividend payout ratio is 32.58%.
A number of equities analysts have recently commented on RNST shares. Zacks Investment Research raised Renasant Corporation from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a report on Tuesday, July 4th. ValuEngine raised Renasant Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 27th. Jefferies Group LLC reissued a “hold” rating and set a $44.00 price target on shares of Renasant Corporation in a report on Friday, July 14th. Keefe, Bruyette & Woods set a $43.00 price target on Renasant Corporation and gave the stock a “hold” rating in a report on Saturday, May 27th. Finally, BidaskClub cut Renasant Corporation from a “hold” rating to a “sell” rating in a report on Sunday, July 16th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Renasant Corporation presently has an average rating of “Hold” and an average target price of $43.50.
In related news, EVP James W. Gray sold 5,000 shares of Renasant Corporation stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $39.94, for a total transaction of $199,700.00. Following the completion of the sale, the executive vice president now owns 43,604 shares of the company’s stock, valued at $1,741,543.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Albert J. Dale III sold 8,000 shares of Renasant Corporation stock in a transaction on Monday, May 15th. The shares were sold at an average price of $42.10, for a total value of $336,800.00. Following the sale, the director now directly owns 40,620 shares of the company’s stock, valued at approximately $1,710,102. The disclosure for this sale can be found here. Insiders have sold 18,000 shares of company stock valued at $751,500 in the last three months. 3.86% of the stock is owned by corporate insiders.
Renasant Corporation Company Profile
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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