Stone Ridge Asset Management LLC cut its stake in Renasant Corp. (NASDAQ:RNST) by 10.8% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 17,701 shares of the financial services provider’s stock after selling 2,146 shares during the period. Stone Ridge Asset Management LLC’s holdings in Renasant were worth $729,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently modified their holdings of the company. Los Angeles Capital Management & Equity Research Inc. acquired a new position in Renasant in the third quarter worth $1,033,000. Wells Fargo & Company MN raised its position in shares of Renasant by 4.5% during the third quarter. Wells Fargo & Company MN now owns 1,713,831 shares of the financial services provider’s stock worth $70,627,000 after acquiring an additional 73,172 shares during the last quarter. Kaizen Advisory LLC bought a new stake in shares of Renasant during the third quarter worth $907,000. Frontier Capital Management Co. LLC raised its position in shares of Renasant by 10.1% during the third quarter. Frontier Capital Management Co. LLC now owns 1,342,399 shares of the financial services provider’s stock worth $55,320,000 after acquiring an additional 123,471 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Renasant during the third quarter worth $2,683,000. 57.25% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ RNST opened at $36.32 on Monday. The stock has a market capitalization of $2.13 billion, a P/E ratio of 15.01 and a beta of 1.01. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. Renasant Corp. has a 12 month low of $32.01 and a 12 month high of $49.78.
Renasant (NASDAQ:RNST) last released its quarterly earnings data on Monday, October 22nd. The financial services provider reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.01. The business had revenue of $138.90 million during the quarter, compared to the consensus estimate of $142.06 million. Renasant had a return on equity of 8.70% and a net margin of 20.84%. The firm’s revenue was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.53 earnings per share. On average, equities research analysts predict that Renasant Corp. will post 3.01 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 1st. Investors of record on Tuesday, December 18th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Monday, December 17th. This is an increase from Renasant’s previous quarterly dividend of $0.20. Renasant’s dividend payout ratio is currently 33.06%.
A number of research firms have recently weighed in on RNST. Zacks Investment Research upgraded Renasant from a “sell” rating to a “hold” rating in a research report on Wednesday, September 19th. ValuEngine downgraded Renasant from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd. BidaskClub downgraded Renasant from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 30th. Finally, Stephens set a $50.00 target price on Renasant and gave the stock a “hold” rating in a research report on Tuesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $47.20.
In related news, Director Fred F. Sharpe acquired 1,000 shares of the company’s stock in a transaction that occurred on Monday, November 5th. The stock was acquired at an average price of $35.45 per share, for a total transaction of $35,450.00. Following the completion of the acquisition, the director now owns 13,676 shares of the company’s stock, valued at approximately $484,814.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.41% of the company’s stock.
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Renasant Company Profile
Renasant Corporation operates as a bank holding company for Renasant Bank, which 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, money market, individual retirement, and health savings accounts, as well as safe deposit and night depository facilities.
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