28,227 Renasant Corp $RNST Shares Sold by Sterling Capital Management LLC

Key Points

• Sterling Capital Management cut its Renasant stake by 94% in the third quarter, selling 28,227 shares and ending the period with 1,817 shares valued at about $71,000.
• Renasant reported quarterly EPS of $0.86, below the $0.94 analyst consensus, and revenue of $272.96 million, also short of estimates. Analysts expect full-year EPS of $3.71.
• Analysts maintained a generally positive outlook: the consensus rating was Buy, with a $46 average price target. The company’s quarterly dividend was $0.24 per share, equivalent to a 2.4% annualized yield.

Sterling Capital Management LLC lowered its holdings in Renasant Corp (NYSE:RNST - Free Report) by 94.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,817 shares of the company's stock after selling 28,227 shares during the period. Sterling Capital Management LLC's holdings in Renasant were worth $71,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of RNST. BlackRock Inc. purchased a new position in Renasant in the 2nd quarter valued at approximately $566,683,000. Wellington Management Group LLP grew its position in shares of Renasant by 33.6% in the second quarter. Wellington Management Group LLP now owns 5,779,920 shares of the company's stock valued at $245,878,000 after purchasing an additional 1,453,908 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Renasant by 1.2% in the first quarter. Dimensional Fund Advisors LP now owns 5,328,672 shares of the company's stock valued at $192,521,000 after purchasing an additional 61,674 shares in the last quarter. Jennison Associates LLC boosted its stake in Renasant by 9.6% in the 1st quarter. Jennison Associates LLC now owns 1,399,604 shares of the company's stock worth $50,568,000 after purchasing an additional 123,146 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in Renasant by 178.5% during the 1st quarter. Principal Financial Group Inc. now owns 1,261,160 shares of the company's stock valued at $45,566,000 after buying an additional 808,316 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 $39.77 on Wednesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.91 and a quick ratio of 0.90. Renasant Corp has a one year low of $33.05 and a one year high of $44.54. The stock has a market cap of $3.64 billion, a PE ratio of 11.14 and a beta of 1.02. The firm has a 50 day simple moving average of $40.27 and a two-hundred day simple moving average of $40.23.

Renasant (NYSE:RNST - Get Free Report) last issued its quarterly earnings results on Tuesday, October 27th. The company reported $0.86 EPS for the quarter, missing analysts' consensus estimates of $0.94 by ($0.08). The company had revenue of $272.96 million during the quarter, compared to the consensus estimate of $282.34 million. Renasant had a return on equity of 8.83% and a net margin of 21.16%. During the same period in the previous year, the company earned $0.77 EPS. On average, analysts predict that Renasant Corp will post 3.71 EPS for the current fiscal year.

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Wednesday, September 16th. Renasant's dividend payout ratio is currently 26.89%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on RNST shares. Weiss Ratings upgraded Renasant from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Raymond James Financial lowered shares of Renasant from a "strong-buy" rating to an "outperform" rating and cut their price objective for the company from $50.00 to $45.00 in a research report on Thursday, October 29th. TD Cowen reduced their price objective on shares of Renasant from $46.00 to $45.00 and set a "buy" rating for the company in a research note on Thursday, October 29th. Finally, Piper Sandler upped their target price on shares of Renasant from $46.00 to $48.00 and gave the stock an "overweight" rating in a report on Thursday, July 30th. Five analysts have rated the stock with a Buy rating. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $46.00.

Renasant Company Profile

Renasant Corporation is a financial services holding company headquartered in Tupelo, Mississippi. Through its principal subsidiary, Renasant Bank, the company provides banking and related financial services to individuals, families, small businesses, commercial clients and other organizations.

Renasant Bank offers deposit accounts, consumer and commercial lending, residential mortgages, treasury management and other business banking services. Its broader offerings also include wealth management, trust and investment services, financial planning and insurance-related solutions.

Renasant traces its banking history to 1904 and has expanded through organic growth and acquisitions.

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