Cubist Systematic Strategies LLC Lowers Holdings in Renasant Co. (NASDAQ:RNST)

Cubist Systematic Strategies LLC trimmed its position in Renasant Co. (NASDAQ:RNST) by 88.3% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 6,356 shares of the financial services provider’s stock after selling 48,184 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Renasant were worth $194,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Millennium Management LLC raised its position in shares of Renasant by 189.3% in the 2nd quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider’s stock worth $12,820,000 after acquiring an additional 274,685 shares in the last quarter. Westwood Holdings Group Inc. raised its position in shares of Renasant by 13.0% in the 1st quarter. Westwood Holdings Group Inc. now owns 2,151,074 shares of the financial services provider’s stock worth $67,372,000 after acquiring an additional 247,354 shares in the last quarter. Edgestream Partners L.P. bought a new position in shares of Renasant in the 1st quarter worth $4,124,000. Goldman Sachs Group Inc. raised its position in shares of Renasant by 4.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 830,687 shares of the financial services provider’s stock worth $27,978,000 after acquiring an additional 38,036 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Renasant by 78.3% in the 2nd quarter. Renaissance Technologies LLC now owns 77,628 shares of the financial services provider’s stock worth $2,371,000 after acquiring an additional 34,100 shares in the last quarter. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Renasant Stock Up 0.5 %

Shares of RNST stock opened at $32.89 on Tuesday. The stock’s 50-day simple moving average is $32.79 and its 200-day simple moving average is $31.49. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a market capitalization of $1.85 billion, a PE ratio of 13.37 and a beta of 1.02. Renasant Co. has a fifty-two week low of $22.99 and a fifty-two week high of $37.40.

Renasant (NASDAQ:RNST) last announced its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.03. The business had revenue of $163.79 million for the quarter, compared to analyst estimates of $166.05 million. Renasant had a return on equity of 6.98% and a net margin of 15.04%. The company’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.83 earnings per share. Equities analysts expect that Renasant Co. will post 2.53 earnings per share for the current year.

Renasant Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders 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 2.68%. The ex-dividend date of this dividend was Monday, September 16th. Renasant’s dividend payout ratio is presently 35.77%.

Analyst Upgrades and Downgrades

RNST has been the subject of several recent research reports. Truist Financial reduced 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. Piper Sandler raised Renasant from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $34.00 to $40.00 in a research report on Monday, August 5th. Keefe, Bruyette & Woods raised Renasant from a “market perform” rating to an “outperform” rating and upped their target price for the company from $36.00 to $40.00 in a research report on Friday, August 2nd. 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. Finally, Raymond James raised Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 target price on the stock in a research report on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Renasant has an average rating of “Moderate Buy” and an average target price of $39.33.

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.