Peregrine Capital Management LLC Lowers Stock Position in Renasant Co. (NASDAQ:RNST)

Peregrine Capital Management LLC trimmed its stake in Renasant Co. (NASDAQ:RNST - Free Report) by 5.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 174,958 shares of the financial services provider's stock after selling 9,530 shares during the period. Peregrine Capital Management LLC owned approximately 0.27% of Renasant worth $5,936,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. HighTower Advisors LLC raised its position in Renasant by 3.4% in the 4th quarter. HighTower Advisors LLC now owns 11,503 shares of the financial services provider's stock worth $411,000 after purchasing an additional 377 shares during the period. Bank of Montreal Can lifted its holdings in Renasant by 4.1% in the 4th quarter. Bank of Montreal Can now owns 9,619 shares of the financial services provider's stock worth $344,000 after buying an additional 383 shares during the period. Arizona State Retirement System boosted its stake in shares of Renasant by 2.4% during the 4th quarter. Arizona State Retirement System now owns 18,445 shares of the financial services provider's stock valued at $659,000 after purchasing an additional 424 shares in the last quarter. Sheets Smith Wealth Management grew its holdings in shares of Renasant by 4.9% during the 1st quarter. Sheets Smith Wealth Management now owns 13,081 shares of the financial services provider's stock worth $444,000 after acquiring an additional 610 shares during the period. Finally, Covestor Ltd grew its stake in Renasant by 73.7% in the fourth quarter. Covestor Ltd now owns 1,838 shares of the financial services provider's stock worth $66,000 after purchasing an additional 780 shares during the period. 77.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RNST has been the subject of a number of analyst reports. 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 note on Tuesday, May 6th. Raymond James Financial upgraded shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 target price on the stock in a report on Thursday, April 24th. Finally, Hovde Group boosted their target price on shares of Renasant from $34.50 to $35.00 and gave the company a "market perform" rating in a research note on Monday, April 28th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $41.00.

Renasant Stock Performance

Shares of NASDAQ RNST traded up $0.28 during midday trading on Friday, hitting $38.14. 321,984 shares of the company's stock traded hands, compared to its average volume of 686,067. The firm has a fifty day moving average of $35.08 and a 200 day moving average of $34.80. Renasant Co. has a 1 year low of $26.97 and a 1 year high of $39.63. 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 capitalization of $3.62 billion, a price-to-earnings ratio of 11.66 and a beta of 0.90.

Renasant (NASDAQ:RNST - Get Free Report) last announced its earnings results 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. Renasant had a net margin of 17.91% and a return on equity of 6.58%. The company had revenue of $170.59 million during the quarter, compared to analyst estimates of $170.38 million. During the same period in the previous year, the business posted $0.65 earnings per share. On average, analysts forecast that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date was Monday, June 16th. Renasant's payout ratio is 27.33%.

Renasant Company Profile

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.