Renasant Co. (NASDAQ:RNST) Shares Sold by Rhumbline Advisers

Rhumbline Advisers trimmed its holdings in shares of Renasant Co. (NASDAQ:RNST) by 0.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 177,357 shares of the financial services provider’s stock after selling 425 shares during the period. Rhumbline Advisers owned 0.31% of Renasant worth $5,416,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Hantz Financial Services Inc. purchased a new stake in shares of Renasant in the second quarter worth about $29,000. Peregrine Capital Management LLC boosted its holdings in Renasant by 10.9% in the 2nd quarter. Peregrine Capital Management LLC now owns 220,615 shares of the financial services provider’s stock worth $6,738,000 after acquiring an additional 21,720 shares during the period. Innealta Capital LLC acquired a new stake in Renasant in the second quarter valued at approximately $48,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Renasant by 8.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,180 shares of the financial services provider’s stock valued at $403,000 after acquiring an additional 989 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Renasant by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 562,008 shares of the financial services provider’s stock valued at $17,164,000 after purchasing an additional 11,828 shares during the period. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RNST has been the subject of several analyst reports. Raymond James upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 target price for the company in a research note on Wednesday, July 31st. Keefe, Bruyette & Woods raised Renasant from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $36.00 to $40.00 in a research report on Friday, August 2nd. Truist Financial boosted their price target on Renasant from $32.00 to $38.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $34.00 to $41.00 in a research note on Wednesday, July 31st. Finally, Hovde Group raised Renasant from a “market perform” rating to an “outperform” rating and upped their target price for the company from $38.00 to $39.00 in a research report on Monday, August 5th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $39.50.

Renasant Price Performance

Shares of RNST opened at $32.80 on Friday. Renasant Co. has a 52 week low of $22.99 and a 52 week high of $37.40. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18. The firm has a market cap of $2.08 billion, a price-to-earnings ratio of 13.33 and a beta of 1.02. The stock has a 50 day moving average of $33.55 and a 200-day moving average of $31.20.

Renasant (NASDAQ:RNST) last released its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.69 EPS 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 the consensus estimate of $166.05 million. Renasant had a net margin of 15.04% and a return on equity of 6.98%. The firm’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.83 earnings per share. As a group, analysts forecast that Renasant Co. will post 2.58 EPS for the current year.

Renasant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a dividend of $0.22 per share. The ex-dividend date is Monday, September 16th. This represents a $0.88 annualized dividend and a yield of 2.68%. Renasant’s dividend payout ratio (DPR) is 35.77%.

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.