Channing Capital Management LLC cut its position in shares of Renasant Corp. (NASDAQ:RNST) by 2.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,251,139 shares of the financial services provider’s stock after selling 25,064 shares during the period. Channing Capital Management LLC owned 2.13% of Renasant worth $51,559,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Metropolitan Life Insurance Co. NY increased its stake in shares of Renasant by 8.4% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 15,650 shares of the financial services provider’s stock worth $712,000 after purchasing an additional 1,214 shares during the last quarter. Rhumbline Advisers increased its stake in shares of Renasant by 3.9% during the 3rd quarter. Rhumbline Advisers now owns 50,603 shares of the financial services provider’s stock worth $2,085,000 after purchasing an additional 1,896 shares during the last quarter. MetLife Investment Advisors LLC grew its stake in Renasant by 10.3% in the 2nd quarter. MetLife Investment Advisors LLC now owns 22,158 shares of the financial services provider’s stock valued at $1,009,000 after buying an additional 2,071 shares during the last quarter. First Quadrant L P CA acquired a new position in Renasant in the 3rd quarter valued at about $124,000. Finally, Adviser Investments LLC acquired a new position in Renasant in the 2nd quarter valued at about $147,000. Institutional investors own 57.25% of the company’s stock.
In other Renasant news, Director Fred F. Sharpe bought 1,000 shares of the firm’s stock in a transaction on Monday, November 5th. The shares were purchased at an average price of $35.45 per share, for a total transaction of $35,450.00. Following the transaction, the director now directly owns 13,676 shares in the company, valued at approximately $484,814.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.41% of the company’s stock.
A number of research analysts recently commented on the stock. BidaskClub lowered shares of Renasant from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 30th. Zacks Investment Research upgraded shares of Renasant from a “sell” rating to a “hold” rating in a research note on Wednesday, September 19th. Stephens reiterated a “hold” rating and issued a $50.00 price target on shares of Renasant in a research note on Monday, August 20th. Finally, ValuEngine lowered shares of Renasant from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 24th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. Renasant currently has an average rating of “Hold” and an average price target of $47.20.
Shares of NASDAQ:RNST opened at $36.55 on Monday. Renasant Corp. has a 12-month low of $32.01 and a 12-month high of $49.78. The company has a market cap of $2.15 billion, a price-to-earnings ratio of 15.10 and a beta of 1.01. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.13.
Renasant (NASDAQ:RNST) last announced its earnings results on Monday, October 22nd. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.01. Renasant had a net margin of 20.84% and a return on equity of 8.70%. The firm had revenue of $138.90 million for the quarter, compared to analyst estimates of $142.06 million. During the same quarter in the prior year, the business posted $0.53 EPS. The business’s revenue was up 10.9% compared to the same quarter last year. Equities analysts expect that Renasant Corp. will post 3.01 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 1st. Shareholders of record on Tuesday, December 18th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date of this dividend is Monday, December 17th. This is a positive change from Renasant’s previous quarterly dividend of $0.20. Renasant’s dividend payout ratio is presently 33.06%.
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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