Inspire Investing LLC Purchases 1,135 Shares of Renasant Co. (NASDAQ:RNST)

Inspire Investing LLC increased its position in shares of Renasant Co. (NASDAQ:RNST) by 9.8% during the 3rd quarter, Holdings Channel reports. The firm owned 12,679 shares of the financial services provider’s stock after purchasing an additional 1,135 shares during the quarter. Inspire Investing LLC’s holdings in Renasant were worth $412,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Duncan Williams Asset Management LLC boosted its stake in shares of Renasant by 19.9% in the 3rd quarter. Duncan Williams Asset Management LLC now owns 11,115 shares of the financial services provider’s stock worth $361,000 after buying an additional 1,847 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Renasant by 94.1% during the third quarter. SG Americas Securities LLC now owns 7,188 shares of the financial services provider’s stock valued at $234,000 after acquiring an additional 3,484 shares during the last quarter. Quarry LP lifted its holdings in Renasant by 698.3% during the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 817 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in Renasant by 41.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 1,404 shares during the last quarter. Finally, Magnolia Capital Advisors LLC bought a new position in Renasant in the 2nd quarter valued at $675,000. 77.31% of the stock is owned by institutional investors.

Renasant Stock Performance

Shares of RNST stock opened at $34.21 on Friday. The firm’s 50 day moving average is $32.88 and its 200 day moving average is $31.55. The stock has a market capitalization of $1.93 billion, a P/E ratio of 13.91 and a beta of 1.02. Renasant Co. has a 12 month low of $22.99 and a 12 month 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.

Renasant (NASDAQ:RNST) last posted its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.03. Renasant had a return on equity of 6.98% and a net margin of 15.04%. The firm had revenue of $163.79 million for the quarter, compared to the consensus estimate of $166.05 million. During the same quarter in the prior year, the business posted $0.83 earnings per share. The business’s quarterly revenue was up 11.1% on a year-over-year basis. On average, sell-side analysts anticipate that Renasant Co. will post 2.53 earnings per share for the current year.

Renasant Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.57%. The ex-dividend date was Monday, September 16th. Renasant’s dividend payout ratio is presently 35.77%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $34.00 to $41.00 in a research note on Wednesday, July 31st. Hovde Group raised shares of Renasant from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $38.00 to $39.00 in a research report on Monday, August 5th. Keefe, Bruyette & Woods raised shares of Renasant from a “market perform” rating to an “outperform” rating and increased their target price for the company from $36.00 to $40.00 in a research report on Friday, August 2nd. Truist Financial lowered their price target on shares of Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a report on Friday, September 20th. Finally, Raymond James raised Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average 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.