Vanguard Group Inc. Sells 53,883 Shares of Renasant Co. $RNST

Vanguard Group Inc. trimmed its position in Renasant Co. (NASDAQ:RNST) by 0.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,798,537 shares of the financial services provider’s stock after selling 53,883 shares during the quarter. Vanguard Group Inc. owned 0.11% of Renasant worth $398,358,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. State of New Jersey Common Pension Fund D increased its holdings in Renasant by 5.7% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 57,380 shares of the financial services provider’s stock valued at $2,117,000 after buying an additional 3,102 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Renasant by 42.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 345 shares in the last quarter. Public Sector Pension Investment Board increased its stake in Renasant by 17.9% in the third quarter. Public Sector Pension Investment Board now owns 370,597 shares of the financial services provider’s stock valued at $13,671,000 after acquiring an additional 56,371 shares during the period. Illinois Municipal Retirement Fund raised its position in Renasant by 1.2% in the third quarter. Illinois Municipal Retirement Fund now owns 48,889 shares of the financial services provider’s stock worth $1,804,000 after purchasing an additional 590 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in Renasant by 0.8% during the third quarter. Rhumbline Advisers now owns 277,421 shares of the financial services provider’s stock worth $10,234,000 after purchasing an additional 2,328 shares during the period. 77.31% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

RNST has been the topic of a number of recent research reports. TD Cowen reaffirmed a “buy” rating on shares of Renasant in a report on Thursday, January 29th. Hovde Group raised their target price on Renasant from $41.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $43.00.

Insider Activity

In other news, CFO James C. Iv Mabry sold 12,500 shares of the company’s stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $37.83, for a total transaction of $472,875.00. Following the transaction, the chief financial officer directly owned 105,337 shares in the company, valued at approximately $3,984,898.71. This represents a 10.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark Jeanfreau sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $37.88, for a total transaction of $227,280.00. Following the completion of the sale, the executive vice president directly owned 65,172 shares of the company’s stock, valued at approximately $2,468,715.36. This represents a 8.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.81% of the stock is owned by corporate insiders.

Renasant Stock Performance

NASDAQ:RNST opened at $40.00 on Friday. The stock has a market capitalization of $3.80 billion, a P/E ratio of 12.23 and a beta of 0.99. 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 Co. has a 1 year low of $26.97 and a 1 year high of $42.11. The firm has a 50 day moving average of $37.93 and a 200-day moving average of $36.97.

Renasant (NASDAQ:RNST) last released its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.11. Renasant had a return on equity of 6.58% and a net margin of 17.91%.The firm had revenue of $216.11 million during the quarter, compared to analysts’ expectations of $275.40 million. During the same period last year, the firm posted $0.73 EPS. As a group, sell-side analysts anticipate that Renasant Co. will post 2.68 EPS for the current fiscal year.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, March 17th. Renasant’s payout ratio is currently 43.40%.

Renasant Company Profile

Renasant Corporation is a financial holding company providing banking and related services through its primary subsidiary, Renasant Bank. With origins dating back to 1904 in Tupelo, Mississippi, the company offers a comprehensive suite of commercial and consumer banking products, including deposit accounts, lending and treasury management services. Renasant serves individuals, small businesses and corporate clients across the southeastern United States.

The company operates more than 110 banking offices across Mississippi, Alabama, Tennessee, Florida and Georgia, supplemented by a network of ATMs and digital platforms.