Franklin Resources Inc. Increases Stock Position in Renasant Co. (NASDAQ:RNST)

Franklin Resources Inc. lifted its holdings in Renasant Co. (NASDAQ:RNST) by 122.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,669 shares of the financial services provider’s stock after buying an additional 15,203 shares during the quarter. Franklin Resources Inc.’s holdings in Renasant were worth $910,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of RNST. Bank of New York Mellon Corp boosted its stake in 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 worth $17,164,000 after acquiring an additional 11,828 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Renasant by 8.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,180 shares of the financial services provider’s stock worth $403,000 after purchasing an additional 989 shares in the last quarter. Hantz Financial Services Inc. purchased a new stake in shares of Renasant in the 2nd quarter worth approximately $29,000. Quest Partners LLC bought a new position in Renasant during the 2nd quarter valued at approximately $767,000. Finally, American Century Companies Inc. raised its stake in Renasant by 11.4% during the second quarter. American Century Companies Inc. now owns 109,083 shares of the financial services provider’s stock valued at $3,331,000 after buying an additional 11,148 shares during the last quarter. 77.31% of the stock is currently owned by institutional investors.

Renasant Stock Down 0.5 %

RNST opened at $35.79 on Friday. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of 11.66 and a beta of 1.02. The firm has a 50 day moving average price of $36.13 and a 200-day moving average price of $33.77. Renasant Co. has a twelve month low of $27.98 and a twelve month high of $39.47. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

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

Renasant Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Wednesday, December 18th. Renasant’s payout ratio is currently 28.66%.

Insider Buying and Selling

In related news, Director John Creekmore sold 3,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total value 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. This trade represents a 11.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.82% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on RNST shares. Truist Financial lowered their price target on Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research report on Friday, September 20th. Hovde Group downgraded shares of Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Renasant has a consensus 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.