Renasant Co. (NASDAQ:RNST) Shares Sold by Point72 DIFC Ltd

Point72 DIFC Ltd trimmed its stake in shares of Renasant Co. (NASDAQ:RNST) by 67.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 851 shares of the financial services provider’s stock after selling 1,765 shares during the quarter. Point72 DIFC Ltd’s holdings in Renasant were worth $26,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Louisiana State Employees Retirement System lifted its stake in Renasant by 1.8% in the second quarter. Louisiana State Employees Retirement System now owns 28,300 shares of the financial services provider’s stock valued at $864,000 after buying an additional 500 shares during the last quarter. Texas Permanent School Fund Corp lifted its position in Renasant by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 49,135 shares of the financial services provider’s stock valued at $1,539,000 after purchasing an additional 637 shares during the last quarter. ProShare Advisors LLC boosted its stake in Renasant by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 11,153 shares of the financial services provider’s stock valued at $349,000 after purchasing an additional 765 shares during the period. Park Place Capital Corp increased its stake in shares of Renasant by 0.9% in the second quarter. Park Place Capital Corp now owns 88,502 shares of the financial services provider’s stock valued at $2,703,000 after purchasing an additional 804 shares during the period. Finally, Quarry LP raised its holdings in shares of Renasant by 698.3% during the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock valued at $29,000 after buying an additional 817 shares during the last quarter. Institutional investors own 77.31% of the company’s stock.

Renasant Stock Performance

NASDAQ:RNST opened at $31.40 on Friday. The company has a 50-day moving average of $33.13 and a 200-day moving average of $31.38. The firm has a market cap of $1.77 billion, a price-to-earnings ratio of 12.76 and a beta of 1.02. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18. Renasant Co. has a twelve month low of $22.99 and a twelve month high of $37.40.

Renasant (NASDAQ:RNST) last issued its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.03. The firm had revenue of $163.79 million during the quarter, compared to analysts’ expectations of $166.05 million. Renasant had a net margin of 15.04% and a return on equity of 6.98%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period last year, the firm posted $0.83 earnings per share. Analysts forecast that Renasant Co. will post 2.54 earnings per share for the current fiscal year.

Renasant Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date was Monday, September 16th. Renasant’s payout ratio is 35.77%.

Wall Street Analyst Weigh In

RNST has been the topic of several analyst reports. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $34.00 to $41.00 in a research report on Wednesday, July 31st. Piper Sandler upgraded shares of Renasant from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $34.00 to $40.00 in a research note on Monday, August 5th. Keefe, Bruyette & Woods upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and increased their target price for the company from $36.00 to $40.00 in a research report on Friday, August 2nd. Hovde Group upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $38.00 to $39.00 in a research report on Monday, August 5th. Finally, Raymond James upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a report on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Renasant presently has a consensus rating of “Moderate Buy” and an average target price of $39.33.

Renasant 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.