Deprince Race & Zollo Inc. Sells 212,902 Shares of Renasant Co. $RNST

Deprince Race & Zollo Inc. reduced its holdings in shares of Renasant Co. (NASDAQ:RNST) by 17.0% during the third quarter, Holdings Channel reports. The fund owned 1,040,455 shares of the financial services provider’s stock after selling 212,902 shares during the period. Deprince Race & Zollo Inc.’s holdings in Renasant were worth $38,382,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Quantbot Technologies LP purchased a new stake in shares of Renasant in the 1st quarter valued at $28,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of Renasant during the second quarter valued at about $37,000. State of Wyoming purchased a new position in shares of Renasant in the first quarter worth about $51,000. GAMMA Investing LLC boosted its holdings in Renasant by 49.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,489 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 493 shares during the period. Finally, Jones Financial Companies Lllp bought a new position in Renasant during the 1st quarter worth approximately $67,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

Renasant Stock Performance

Renasant stock opened at $36.18 on Friday. Renasant Co. has a fifty-two week low of $26.97 and a fifty-two week high of $40.40. The stock’s 50 day simple moving average is $35.31 and its two-hundred day simple moving average is $36.54. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The stock has a market cap of $3.44 billion, a price-to-earnings ratio of 11.06 and a beta of 0.99.

Renasant (NASDAQ:RNST) last announced its earnings results on Tuesday, October 28th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.02). The firm had revenue of $269.55 million during the quarter, compared to the consensus estimate of $271.96 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%.During the same period in the prior year, the company posted $1.18 EPS. As a group, analysts expect that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 1st. Shareholders of record on Thursday, December 18th will be given a dividend of $0.23 per share. This is an increase from Renasant’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Thursday, December 18th. Renasant’s payout ratio is 46.23%.

Analyst Upgrades and Downgrades

RNST has been the subject of a number of analyst reports. Cowen started coverage on Renasant in a research note on Wednesday, September 24th. They set a “buy” rating for the company. TD Cowen dropped their target price on shares of Renasant from $45.00 to $44.00 and set a “buy” rating for the company in a report on Thursday, October 30th. Finally, Hovde Group raised Renasant from a “market perform” rating to an “outperform” rating and upped their price target for the company from $40.00 to $41.00 in a research report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $43.17.

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.