Lord Abbett & CO. LLC lowered its position in shares of Renasant Corp. (NASDAQ:RNST) by 9.7% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 351,540 shares of the financial services provider’s stock after selling 37,969 shares during the quarter. Lord Abbett & CO. LLC owned about 0.71% of Renasant worth $14,962,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of RNST. Schwab Charles Investment Management Inc. lifted its position in Renasant by 8.2% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 208,258 shares of the financial services provider’s stock worth $8,516,000 after acquiring an additional 15,851 shares during the period. Teacher Retirement System of Texas acquired a new position in shares of Renasant in the 4th quarter valued at about $689,000. California Public Employees Retirement System lifted its holdings in shares of Renasant by 9.6% in the 4th quarter. California Public Employees Retirement System now owns 67,290 shares of the financial services provider’s stock valued at $2,751,000 after buying an additional 5,890 shares during the period. Swiss National Bank lifted its holdings in shares of Renasant by 14.4% in the 4th quarter. Swiss National Bank now owns 84,000 shares of the financial services provider’s stock valued at $3,435,000 after buying an additional 10,600 shares during the period. Finally, Wells Fargo & Company MN lifted its holdings in shares of Renasant by 13.0% in the 4th quarter. Wells Fargo & Company MN now owns 1,607,332 shares of the financial services provider’s stock valued at $65,723,000 after buying an additional 184,315 shares during the period. 66.97% of the stock is owned by institutional investors.
Shares of Renasant stock opened at $48.22 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. Renasant Corp. has a twelve month low of $37.68 and a twelve month high of $49.78. The stock has a market capitalization of $2.35 billion, a P/E ratio of 18.49 and a beta of 1.00.
Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, April 24th. The financial services provider reported $0.70 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.02. Renasant had a return on equity of 8.50% and a net margin of 19.29%. The firm had revenue of $124.76 million during the quarter, compared to analyst estimates of $124.21 million. During the same quarter in the previous year, the business earned $0.55 EPS. Renasant’s revenue for the quarter was up 15.6% compared to the same quarter last year. analysts forecast that Renasant Corp. will post 3.04 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 30th. Investors of record on Saturday, June 16th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.66%. The ex-dividend date is Thursday, June 14th. This is a positive change from Renasant’s previous quarterly dividend of $0.19. Renasant’s payout ratio is currently 33.06%.
In related news, insider Edward Robinson Mcgraw sold 15,325 shares of Renasant stock in a transaction dated Friday, April 27th. The stock was sold at an average price of $46.12, for a total value of $706,789.00. Following the completion of the transaction, the insider now owns 235,206 shares in the company, valued at approximately $10,847,700.72. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Stuart Johnson sold 7,910 shares of Renasant stock in a transaction dated Thursday, May 17th. The shares were sold at an average price of $47.20, for a total value of $373,352.00. Following the completion of the transaction, the executive vice president now owns 47,428 shares of the company’s stock, valued at approximately $2,238,601.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 36,763 shares of company stock valued at $1,715,014. 3.41% of the stock is owned by company insiders.
Several brokerages have recently issued reports on RNST. Zacks Investment Research cut Renasant from a “hold” rating to a “sell” rating in a report on Tuesday. BidaskClub cut Renasant from a “buy” rating to a “hold” rating in a report on Tuesday, June 12th. ValuEngine cut Renasant from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Finally, Sandler O’Neill raised Renasant from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $46.00.
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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