First Republic Investment Management Inc. acquired a new stake in Renasant Corp. (NASDAQ:RNST) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 18,296 shares of the financial services provider’s stock, valued at approximately $456,000.
Other large investors have also made changes to their positions in the company. Macquarie Group Ltd. purchased a new stake in shares of Renasant in the second quarter valued at $47,000. Advisor Group Holdings Inc. purchased a new stake in shares of Renasant in the first quarter valued at $70,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Renasant by 3,188.8% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 3,519 shares of the financial services provider’s stock valued at $77,000 after purchasing an additional 3,412 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Renasant by 47.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,283 shares of the financial services provider’s stock valued at $94,000 after purchasing an additional 1,378 shares during the period. Finally, Bank of Montreal Can grew its position in shares of Renasant by 109.8% in the second quarter. Bank of Montreal Can now owns 8,484 shares of the financial services provider’s stock valued at $180,000 after purchasing an additional 4,440 shares during the period. 68.98% of the stock is owned by institutional investors and hedge funds.
Renasant stock opened at $23.36 on Wednesday. The firm has a market capitalization of $1.31 billion, a PE ratio of 13.66 and a beta of 1.35. Renasant Corp. has a one year low of $18.22 and a one year high of $36.84. The stock’s 50 day moving average price is $25.14 and its 200 day moving average price is $24.09. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.94 and a current ratio of 0.97.
Renasant (NASDAQ:RNST) last released its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.06. Renasant had a net margin of 14.07% and a return on equity of 5.62%. The business had revenue of $169.95 million during the quarter, compared to the consensus estimate of $147.73 million. During the same quarter last year, the company earned $0.82 earnings per share. On average, analysts forecast that Renasant Corp. will post 1.69 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date of this dividend is Tuesday, September 15th. Renasant’s payout ratio is currently 30.24%.
A number of research analysts recently weighed in on RNST shares. BidaskClub cut Renasant from a “sell” rating to a “strong sell” rating in a report on Tuesday. DA Davidson cut Renasant from a “buy” rating to a “neutral” rating and reduced their target price for the company from $28.50 to $27.00 in a report on Tuesday. Zacks Investment Research upgraded Renasant from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 1st. Finally, SunTrust Banks reduced their target price on Renasant from $28.00 to $26.00 and set a “hold” rating on the stock in a report on Thursday, July 30th. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the company. Renasant currently has a consensus rating of “Hold” and a consensus price target of $32.75.
Renasant Company Profile
Renasant Corporation operates as a bank holding company for Renasant Bank, which provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings, money market, individual retirement, and health savings accounts, as well as safe deposit and night depository facilities.
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