State Street Corp Raises Stock Holdings in Renasant Co. (NASDAQ:RNST)

State Street Corp increased its stake in shares of Renasant Co. (NASDAQ:RNST) by 26.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,369,915 shares of the financial services provider’s stock after purchasing an additional 705,344 shares during the quarter. State Street Corp owned approximately 5.30% of Renasant worth $109,522,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. acquired a new position in shares of Renasant in the second quarter valued at approximately $29,000. Quarry LP raised its holdings in Renasant by 698.3% in the 2nd quarter. Quarry LP now owns 934 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 817 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Renasant during the 2nd quarter worth $39,000. Innealta Capital LLC purchased a new position in shares of Renasant during the 2nd quarter worth $48,000. Finally, KBC Group NV boosted its holdings in shares of Renasant by 32.0% during the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock worth $80,000 after purchasing an additional 596 shares during the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

Insider Buying and Selling at Renasant

In other news, Director John Creekmore sold 3,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total transaction of $114,000.00. Following the transaction, the director now directly owns 24,057 shares of the company’s stock, valued at approximately $914,166. The trade was a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.82% of the stock is currently owned by corporate insiders.

Renasant Stock Performance

Renasant stock opened at $36.48 on Monday. 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 $27.98 and a 12 month high of $39.47. The company has a market cap of $2.32 billion, a price-to-earnings ratio of 11.88 and a beta of 1.02. The stock’s 50-day moving average is $35.54 and its 200-day moving average is $33.34.

Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Renasant had a net margin of 16.83% and a return on equity of 6.70%. The firm had revenue of $318.34 million for the quarter, compared to analysts’ expectations of $184.73 million. During the same period in the previous year, the company posted $0.75 earnings per share. Equities analysts anticipate that Renasant Co. will post 2.65 earnings per share for the current year.

Renasant Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Wednesday, December 18th. This represents a $0.88 annualized dividend and a yield of 2.41%. Renasant’s dividend payout ratio is currently 28.66%.

Analyst Ratings Changes

Several research firms recently weighed in on RNST. Truist Financial reduced their target price on Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research report on Friday, September 20th. Hovde Group lowered shares of Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $39.33.

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.