Principal Financial Group Inc. Has $45.57 Million Position in Renasant Corp $RNST

Principal Financial Group Inc. lifted its stake in Renasant Corp (NYSE:RNST) by 178.5% in the 1st quarter, Holdings Channel reports. The institutional investor owned 1,261,160 shares of the company’s stock after acquiring an additional 808,316 shares during the period. Principal Financial Group Inc.’s holdings in Renasant were worth $45,566,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the company. State Street Corp raised its holdings in Renasant by 14.1% in the 2nd quarter. State Street Corp now owns 4,812,696 shares of the company’s stock valued at $172,920,000 after acquiring an additional 595,609 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Renasant by 4.3% during the 4th quarter. Wellington Management Group LLP now owns 3,089,186 shares of the company’s stock worth $108,801,000 after purchasing an additional 126,405 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Renasant by 0.6% during the 3rd quarter. Invesco Ltd. now owns 2,229,966 shares of the company’s stock worth $82,263,000 after purchasing an additional 14,301 shares in the last quarter. Channing Capital Management LLC increased its position in shares of Renasant by 35.0% during the fourth quarter. Channing Capital Management LLC now owns 2,225,536 shares of the company’s stock valued at $78,383,000 after purchasing an additional 576,986 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of Renasant by 16.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,170,856 shares of the company’s stock valued at $41,238,000 after purchasing an additional 162,007 shares during the period. 77.31% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently commented on RNST. Weiss Ratings restated a “buy (b-)” rating on shares of Renasant in a research note on Friday, June 5th. TD Cowen reiterated a “buy” rating on shares of Renasant in a research note on Thursday, April 30th. Finally, Hovde Group boosted their price target on shares of Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $45.50.

Renasant Stock Down 1.4%

Shares of RNST opened at $43.63 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.13. The company has a 50-day moving average price of $41.63 and a two-hundred day moving average price of $39.28. The stock has a market cap of $4.03 billion, a price-to-earnings ratio of 18.10 and a beta of 0.96. Renasant Corp has a 12 month low of $33.04 and a 12 month high of $44.50.

Renasant (NYSE:RNST) last released its quarterly earnings data on Tuesday, April 28th. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.09. Renasant had a return on equity of 8.17% and a net margin of 14.47%.The company had revenue of $278.49 million for the quarter, compared to analyst estimates of $275.71 million. During the same period in the prior year, the company posted $0.65 EPS. Equities analysts predict that Renasant Corp will post 3.73 EPS for the current fiscal year.

Renasant Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were paid a $0.24 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $0.96 annualized dividend and a yield of 2.2%. This is a positive change from Renasant’s previous quarterly dividend of $0.23. Renasant’s payout ratio is presently 39.83%.

Insider Activity at Renasant

In other Renasant news, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $39.50, for a total value of $501,808.00. Following the sale, the insider directly owned 183,235 shares in the company, valued at $7,237,782.50. This represents a 6.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Albert J. Dale III sold 1,650 shares of the stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $39.80, for a total value of $65,670.00. Following the transaction, the director owned 40,075 shares of the company’s stock, valued at $1,594,985. This represents a 3.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 15,611 shares of company stock valued at $618,889 in the last 90 days. 2.07% of the stock is owned by corporate insiders.

Renasant Company Profile

Renasant Corporation operates as a bank holding company for Renasant Bank that 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 accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate?1-4 family mortgage; real estate?commercial mortgage; real estate?construction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.