Victory Capital Management Inc. Sells 491,589 Shares of Renasant Co. $RNST

Victory Capital Management Inc. cut its position in Renasant Co. (NASDAQ:RNST) by 12.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,496,844 shares of the financial services provider’s stock after selling 491,589 shares during the quarter. Victory Capital Management Inc.’s holdings in Renasant were worth $128,999,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Invesco Ltd. increased its holdings in shares of Renasant by 365.6% in the second quarter. Invesco Ltd. now owns 2,215,665 shares of the financial services provider’s stock worth $79,609,000 after purchasing an additional 1,739,786 shares during the period. Channing Capital Management LLC purchased a new position in Renasant during the third quarter worth about $60,815,000. Geode Capital Management LLC grew its position in Renasant by 48.0% during the second quarter. Geode Capital Management LLC now owns 2,203,182 shares of the financial services provider’s stock worth $79,169,000 after buying an additional 714,972 shares in the last quarter. State Street Corp increased its stake in Renasant by 14.1% in the 2nd quarter. State Street Corp now owns 4,812,696 shares of the financial services provider’s stock worth $172,920,000 after acquiring an additional 595,609 shares during the last quarter. Finally, New York State Common Retirement Fund raised its holdings in shares of Renasant by 113.1% in the 3rd quarter. New York State Common Retirement Fund now owns 733,356 shares of the financial services provider’s stock valued at $27,054,000 after acquiring an additional 389,155 shares in the last quarter. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Renasant Price Performance

RNST stock opened at $38.75 on Thursday. The firm has a market cap of $3.68 billion, a P/E ratio of 11.85 and a beta of 0.97. The firm’s fifty day moving average is $38.09 and its 200 day moving average is $36.99. Renasant Co. has a 52 week low of $26.97 and a 52 week high of $42.11. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.

Renasant (NASDAQ:RNST) last released its quarterly earnings data on Tuesday, January 27th. The financial services provider reported $0.91 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $275.40 million. During the same quarter in the previous year, the business earned $0.73 earnings per share. Research analysts predict that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a $0.23 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $0.92 annualized dividend and a dividend yield of 2.4%. Renasant’s dividend payout ratio (DPR) is currently 43.40%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RNST. TD Cowen reissued a “buy” rating on shares of Renasant in a report on Thursday, January 29th. Hovde Group lifted their target price on shares of Renasant from $41.00 to $44.00 and gave the company 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 given a Buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $43.00.

Insider Buying and Selling at Renasant

In related news, EVP Mark Jeanfreau sold 6,000 shares of Renasant stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $37.88, for a total value of $227,280.00. Following the transaction, the executive vice president directly owned 65,172 shares of the company’s stock, valued at $2,468,715.36. The trade was a 8.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO James C. Iv Mabry sold 12,500 shares of the stock in a transaction 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 sale, the chief financial officer directly owned 105,337 shares of the company’s stock, valued at $3,984,898.71. The trade was a 10.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.81% of the stock is owned by insiders.

Renasant 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.