Palisade Capital Management LP trimmed its stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 1.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 985,056 shares of the financial services provider's stock after selling 14,669 shares during the quarter. Renasant comprises 1.0% of Palisade Capital Management LP's portfolio, making the stock its 24th largest position. Palisade Capital Management LP owned approximately 1.55% of Renasant worth $33,423,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. grew its stake in Renasant by 49.0% during the 1st quarter. Principal Financial Group Inc. now owns 459,124 shares of the financial services provider's stock worth $15,578,000 after buying an additional 150,929 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of Renasant by 40.8% during the first quarter. Oregon Public Employees Retirement Fund now owns 21,062 shares of the financial services provider's stock valued at $715,000 after acquiring an additional 6,100 shares during the period. Teacher Retirement System of Texas bought a new position in shares of Renasant during the first quarter worth about $460,000. Keybank National Association OH increased its holdings in shares of Renasant by 2.8% in the 1st quarter. Keybank National Association OH now owns 32,330 shares of the financial services provider's stock worth $1,097,000 after acquiring an additional 866 shares during the period. Finally, New York State Teachers Retirement System lifted its position in Renasant by 38.9% in the 1st quarter. New York State Teachers Retirement System now owns 24,006 shares of the financial services provider's stock valued at $815,000 after purchasing an additional 6,720 shares during the last quarter. Institutional investors own 77.31% of the company's stock.
Renasant Price Performance
Renasant stock traded up $0.28 during trading hours on Friday, hitting $38.14. 321,984 shares of the company traded hands, compared to its average volume of 686,067. Renasant Co. has a 1-year low of $26.97 and a 1-year high of $39.63. The firm has a market cap of $3.62 billion, a P/E ratio of 11.66 and a beta of 0.90. The firm's 50-day simple moving average is $34.96 and its two-hundred day simple moving average is $34.79. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.
Renasant (NASDAQ:RNST - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.06. The business had revenue of $170.59 million during the quarter, compared to analysts' expectations of $170.38 million. Renasant had a net margin of 17.91% and a return on equity of 6.58%. During the same period last year, the firm posted $0.65 earnings per share. As a group, analysts forecast that Renasant Co. will post 2.68 earnings per share for the current fiscal year.
Renasant Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend was Monday, June 16th. Renasant's dividend payout ratio (DPR) is presently 27.33%.
Analysts Set New Price Targets
Several research firms have commented on RNST. Keefe, Bruyette & Woods decreased their target price on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating for the company in a research report on Tuesday, May 6th. Raymond James Financial upgraded Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price objective for the company in a research report on Thursday, April 24th. Finally, Hovde Group increased their price objective on Renasant from $34.50 to $35.00 and gave the stock a "market perform" rating in a report on Monday, April 28th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $41.00.
Check Out Our Latest Analysis on Renasant
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. The company operates through Community Banks, Insurance, and Wealth Management segments. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and factoring equipment leasing services, as well as safe deposit and night depository facilities.
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