Charles Schwab Investment Management Inc. Grows Position in Renasant Co. (NASDAQ:RNST)

Charles Schwab Investment Management Inc. increased its stake in shares of Renasant Co. (NASDAQ:RNST) by 21.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 734,744 shares of the financial services provider’s stock after buying an additional 131,821 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Renasant were worth $23,879,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of RNST. Hantz Financial Services Inc. acquired a new stake in shares of Renasant during the 2nd quarter worth about $29,000. Quarry LP lifted its stake in shares of Renasant by 698.3% in the 2nd quarter. Quarry LP now owns 934 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 817 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Renasant during the 2nd quarter worth about $39,000. Innealta Capital LLC acquired a new stake in Renasant during the 2nd quarter worth approximately $48,000. Finally, KBC Group NV lifted its holdings in shares of Renasant by 32.0% during the 3rd quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock valued at $80,000 after acquiring an additional 596 shares in the last quarter. 77.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RNST has been the topic of several recent analyst reports. Truist Financial cut their price target on Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research note on Friday, September 20th. Hovde Group downgraded Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Renasant currently has an average rating of “Moderate Buy” and an average target price of $39.33.

Renasant Stock Down 1.0 %

Shares of NASDAQ RNST opened at $37.15 on Friday. The firm’s 50-day moving average is $34.92 and its 200-day moving average is $33.03. Renasant Co. has a 1 year low of $27.98 and a 1 year high of $39.47. The firm has a market capitalization of $2.36 billion, a PE ratio of 12.10 and a beta of 1.02. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16.

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

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend is Wednesday, December 18th. Renasant’s dividend payout ratio is currently 28.66%.

Insider Activity

In other news, Director John Creekmore sold 3,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total transaction of $114,000.00. Following the completion of the transaction, the director now owns 24,057 shares of the company’s stock, valued at approximately $914,166. The trade was a 11.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.82% of the stock is currently owned by company insiders.

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.