Empowered Funds LLC Sells 55,477 Shares of Renasant Co. $RNST

Empowered Funds LLC lowered its position in shares of Renasant Co. (NASDAQ:RNST) by 18.1% in the 2nd quarter, Holdings Channel.com reports. The fund owned 250,785 shares of the financial services provider’s stock after selling 55,477 shares during the period. Empowered Funds LLC’s holdings in Renasant were worth $9,011,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Envestnet Asset Management Inc. raised its position in Renasant by 15.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 37,318 shares of the financial services provider’s stock worth $1,266,000 after purchasing an additional 4,922 shares during the period. Mutual of America Capital Management LLC grew its stake in shares of Renasant by 39.2% in the 1st quarter. Mutual of America Capital Management LLC now owns 13,404 shares of the financial services provider’s stock worth $455,000 after buying an additional 3,775 shares during the last quarter. CWM LLC increased its stake in Renasant by 42.7% during the 1st quarter. CWM LLC now owns 1,330 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 398 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its position in Renasant by 292.4% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 68,655 shares of the financial services provider’s stock valued at $2,330,000 after purchasing an additional 51,161 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Renasant in the first quarter worth $1,940,000. 77.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

RNST has been the subject of a number of analyst reports. Hovde Group raised shares of Renasant from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $40.00 to $41.00 in a research note on Thursday, October 30th. Cowen initiated coverage on shares of Renasant in a research report on Wednesday, September 24th. They issued a “buy” rating for the company. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Renasant in a research report on Wednesday, July 23rd. Finally, TD Cowen cut their target price on shares of Renasant from $45.00 to $44.00 and set a “buy” rating for the company in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $43.17.

Renasant Stock Up 0.5%

RNST stock opened at $33.63 on Thursday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. Renasant Co. has a 12 month low of $26.97 and a 12 month high of $40.40. The company has a fifty day moving average price of $35.69 and a 200 day moving average price of $36.33. The company has a market cap of $3.20 billion, a price-to-earnings ratio of 10.28 and a beta of 0.98.

Renasant (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, October 28th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). The firm had revenue of $269.55 million for the quarter, compared to analyst estimates of $271.96 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%.During the same quarter last year, the firm earned $1.18 earnings per share. Sell-side analysts expect that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 1st. Investors of record on Thursday, December 18th will be paid a $0.23 dividend. The ex-dividend date is Thursday, December 18th. This is an increase from Renasant’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a yield of 2.7%. Renasant’s payout ratio is currently 46.23%.

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. The company operates through Community Banks, Insurance, and Wealth Management segments. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and factoring equipment leasing services, as well as safe deposit and night depository facilities.