Fifth Third Bancorp grew its position in shares of Renasant Corp (NYSE:RNST - Free Report) by 37,622.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 75,822 shares of the company's stock after purchasing an additional 75,621 shares during the quarter. Fifth Third Bancorp owned approximately 0.08% of Renasant worth $2,739,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the company. State Street Corp boosted its stake in Renasant by 14.1% in the second quarter. State Street Corp now owns 4,812,696 shares of the company's stock worth $172,920,000 after buying an additional 595,609 shares in the last quarter. Channing Capital Management LLC raised its stake in shares of Renasant by 35.0% during the fourth quarter. Channing Capital Management LLC now owns 2,225,536 shares of the company's stock worth $78,383,000 after acquiring an additional 576,986 shares in the last quarter. Deprince Race & Zollo Inc. lifted its holdings in shares of Renasant by 76.8% in the 1st quarter. Deprince Race & Zollo Inc. now owns 976,243 shares of the company's stock worth $35,272,000 after acquiring an additional 423,963 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Renasant by 4,534.6% in the 4th quarter. SG Americas Securities LLC now owns 413,173 shares of the company's stock worth $14,552,000 after acquiring an additional 404,258 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of Renasant by 15.3% in the 3rd quarter. Wellington Management Group LLP now owns 2,962,781 shares of the company's stock worth $109,297,000 after acquiring an additional 394,249 shares during the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on RNST shares. Hovde Group lifted their target price on shares of Renasant from $44.00 to $46.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 29th. Weiss Ratings restated a "buy (b-)" rating on shares of Renasant in a research report on Friday, June 5th. Finally, TD Cowen reaffirmed a "buy" rating on shares of Renasant in a research note on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to data from MarketBeat.com, Renasant currently has an average rating of "Buy" and a consensus target price of $45.50.
Read Our Latest Report on Renasant
Insider Activity
In related news, Director Albert J. Dale III sold 1,650 shares of the company's stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $39.80, for a total transaction of $65,670.00. Following the sale, the director owned 40,075 shares of the company's stock, valued at $1,594,985. This represents a 3.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Connie L. Engel sold 1,257 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $40.90, for a total transaction of $51,411.30. Following the completion of the transaction, the director directly owned 15,449 shares of the company's stock, valued at approximately $631,864.10. The trade was a 7.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 15,611 shares of company stock valued at $618,889 in the last quarter. 2.07% of the stock is currently owned by insiders.
Renasant Stock Performance
Shares of RNST opened at $43.25 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.90 and a quick ratio of 0.89. Renasant Corp has a one year low of $33.04 and a one year high of $44.50. The company has a 50-day simple moving average of $41.70 and a two-hundred day simple moving average of $39.36. The firm has a market capitalization of $3.99 billion, a PE ratio of 17.95 and a beta of 0.96.
Renasant (NYSE:RNST - Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported $0.93 EPS for the quarter, beating analysts' consensus estimates of $0.84 by $0.09. Renasant had a net margin of 14.47% and a return on equity of 8.17%. The firm had revenue of $278.49 million for the quarter, compared to analysts' expectations of $275.71 million. During the same quarter in the previous year, the business posted $0.65 EPS. On average, analysts anticipate that Renasant Corp will post 3.73 EPS for the current fiscal year.
Renasant Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were paid a dividend of $0.24 per share. The ex-dividend date was Tuesday, June 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. This is an increase from Renasant's previous quarterly dividend of $0.23. Renasant's dividend payout ratio is presently 39.83%.
About Renasant
(
Free Report)
Renasant Corporation operates as a bank holding company for Renasant Bank that 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 accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate1-4 family mortgage; real estatecommercial mortgage; real estateconstruction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.
See Also
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Renasant, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Renasant wasn't on the list.
While Renasant currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
The AI wave will soon hit public markets with Anthropic and OpenAI set to go public later this year. However, you don't have to wait to invest. This report shows seven AI stocks that you can buy today while the big model providers get ready to go public.
Get This Free Report
