Sheets Smith Wealth Management Reduces Stock Holdings in Renasant Co. (NASDAQ:RNST)

Sheets Smith Wealth Management lessened its stake in shares of Renasant Co. (NASDAQ:RNST) by 3.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 11,961 shares of the financial services provider’s stock after selling 413 shares during the period. Sheets Smith Wealth Management’s holdings in Renasant were worth $403,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Renasant by 23.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,191 shares of the financial services provider’s stock worth $319,000 after acquiring an additional 2,350 shares during the last quarter. Strs Ohio grew its stake in Renasant by 14.3% in the third quarter. Strs Ohio now owns 30,300 shares of the financial services provider’s stock worth $793,000 after purchasing an additional 3,800 shares in the last quarter. Watershed Asset Management L.L.C. increased its holdings in Renasant by 8.2% during the 3rd quarter. Watershed Asset Management L.L.C. now owns 8,957 shares of the financial services provider’s stock worth $235,000 after purchasing an additional 680 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Renasant by 89.4% in the 3rd quarter. Victory Capital Management Inc. now owns 4,535,641 shares of the financial services provider’s stock worth $118,788,000 after buying an additional 2,140,613 shares during the period. Finally, Illinois Municipal Retirement Fund bought a new position in shares of Renasant during the 3rd quarter worth $875,000. 77.31% of the stock is currently owned by institutional investors.

Renasant Trading Up 0.8 %

NASDAQ RNST opened at $30.34 on Tuesday. Renasant Co. has a 52 week low of $22.99 and a 52 week high of $34.85. The company has a 50 day moving average price of $30.07 and a 200 day moving average price of $30.14. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.18. The firm has a market cap of $1.71 billion, a PE ratio of 10.06 and a beta of 1.04.

Renasant (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. The business had revenue of $254.56 million for the quarter, compared to the consensus estimate of $159.60 million. Renasant had a return on equity of 7.44% and a net margin of 14.67%. During the same period in the prior year, the firm posted $0.82 earnings per share. As a group, sell-side analysts forecast that Renasant Co. will post 2.62 EPS for the current fiscal year.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.90%. The ex-dividend date is Friday, June 14th. Renasant’s dividend payout ratio is presently 35.77%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Truist Financial lowered their price objective on shares of Renasant from $35.00 to $33.00 and set a “hold” rating for the company in a research note on Monday, April 1st. Stephens lifted their price objective on shares of Renasant from $36.00 to $37.00 and gave the company an “equal weight” rating in a report on Tuesday, January 30th. Keefe, Bruyette & Woods boosted their price objective on shares of Renasant from $34.00 to $35.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 30th. Finally, StockNews.com raised Renasant from a “sell” rating to a “hold” rating in a research report on Saturday, April 27th. Five investment analysts have rated the stock with a hold rating, According to MarketBeat.com, Renasant has a consensus rating of “Hold” and an average target price of $33.00.

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.