Renasant Co. (NASDAQ:RNST) Stake Lowered by Covestor Ltd

Covestor Ltd cut its stake in shares of Renasant Co. (NASDAQ:RNST) by 33.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,058 shares of the financial services provider’s stock after selling 525 shares during the quarter. Covestor Ltd’s holdings in Renasant were worth $34,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Amalgamated Bank grew its holdings in shares of Renasant by 7.2% during the third quarter. Amalgamated Bank now owns 18,414 shares of the financial services provider’s stock valued at $598,000 after purchasing an additional 1,240 shares during the last quarter. J.W. Cole Advisors Inc. grew its holdings in shares of Renasant by 11.7% during the third quarter. J.W. Cole Advisors Inc. now owns 8,159 shares of the financial services provider’s stock valued at $265,000 after purchasing an additional 856 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in shares of Renasant by 9.7% during the third quarter. State of Alaska Department of Revenue now owns 36,270 shares of the financial services provider’s stock valued at $1,178,000 after purchasing an additional 3,193 shares during the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of Renasant by 8.5% during the third quarter. Louisiana State Employees Retirement System now owns 30,700 shares of the financial services provider’s stock valued at $998,000 after purchasing an additional 2,400 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Renasant by 21.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock worth $56,775,000 after buying an additional 303,945 shares during the period. 77.31% of the stock is owned by institutional investors.

Renasant Trading Up 0.4 %

NASDAQ RNST opened at $36.91 on Friday. Renasant Co. has a 1-year low of $26.28 and a 1-year high of $38.77. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $2.35 billion, a PE ratio of 12.02 and a beta of 1.01. The firm’s fifty day simple moving average is $33.62 and its 200-day simple moving average is $32.35.

Renasant (NASDAQ:RNST) last posted its earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.63 by $0.07. The firm had revenue of $318.34 million for the quarter, compared to the consensus estimate of $184.73 million. Renasant had a net margin of 16.83% and a return on equity of 6.70%. During the same period in the prior year, the business posted $0.75 earnings per share. As a group, sell-side analysts anticipate that Renasant Co. will post 2.64 earnings per share for the current fiscal year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend is Wednesday, December 18th. Renasant’s payout ratio is 28.66%.

Insiders Place Their Bets

In other Renasant news, Director John Creekmore sold 3,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total transaction of $114,000.00. Following the completion of the sale, the director now directly owns 24,057 shares in the company, valued at $914,166. This represents a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.82% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on RNST shares. Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $34.00 to $40.00 in a research report on Monday, August 5th. Keefe, Bruyette & Woods upgraded Renasant from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $36.00 to $40.00 in a research report on Friday, August 2nd. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $34.00 to $41.00 in a research report on Wednesday, July 31st. Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a research report on Wednesday, July 31st. Finally, Hovde Group downgraded Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Renasant has a consensus rating of “Moderate Buy” and a consensus price target of $39.33.

About Renasant

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.