Amalgamated Bank Raises Stock Position in Renasant Co. (NASDAQ:RNST)

Amalgamated Bank lifted its holdings in Renasant Co. (NASDAQ:RNST) by 7.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,414 shares of the financial services provider’s stock after acquiring an additional 1,240 shares during the period. Amalgamated Bank’s holdings in Renasant were worth $598,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its stake in shares of Renasant by 21.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock worth $56,775,000 after purchasing an additional 303,945 shares during the period. Millennium Management LLC lifted its stake in Renasant by 189.3% in the second quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider’s stock worth $12,820,000 after purchasing an additional 274,685 shares during the last quarter. Westwood Holdings Group Inc. boosted its position in shares of Renasant by 13.0% during the first quarter. Westwood Holdings Group Inc. now owns 2,151,074 shares of the financial services provider’s stock valued at $67,372,000 after buying an additional 247,354 shares during the period. Edgestream Partners L.P. bought a new position in shares of Renasant during the first quarter valued at approximately $4,124,000. Finally, Renaissance Technologies LLC increased its stake in Renasant by 78.3% in the second quarter. Renaissance Technologies LLC now owns 77,628 shares of the financial services provider’s stock worth $2,371,000 after purchasing an additional 34,100 shares during the period. Hedge funds and other institutional investors 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 company’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 $914,166. This represents a 11.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.82% of the stock is owned by corporate insiders.

Renasant Stock Performance

Shares of RNST stock opened at $36.91 on Friday. The company has a market cap of $2.35 billion, a P/E ratio of 12.02 and a beta of 1.01. 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 firm has a fifty day moving average price of $33.62 and a 200 day moving average price of $32.35. Renasant Co. has a 12 month low of $26.28 and a 12 month high of $38.77.

Renasant (NASDAQ:RNST) last released its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 6.70% and a net margin of 16.83%. During the same quarter last year, the business posted $0.75 EPS. Sell-side analysts predict that Renasant Co. will post 2.64 earnings per share for the current fiscal year.

Renasant Announces Dividend

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

Analyst Upgrades and Downgrades

RNST has been the subject of a number of research analyst reports. Raymond James raised Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 target price for the company in a research report on Wednesday, July 31st. Keefe, Bruyette & Woods raised shares of Renasant from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $36.00 to $40.00 in a research note on Friday, August 2nd. Piper Sandler upgraded shares of Renasant from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $34.00 to $40.00 in a report on Monday, August 5th. Truist Financial lowered their price target on shares of Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research report on Friday, September 20th. Finally, Stephens raised shares of 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 note on Wednesday, July 31st. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Renasant has an average rating of “Moderate Buy” and a consensus price target 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.