Squarepoint Ops LLC Reduces Holdings in Renasant Corp $RNST

Key Points

• Squarepoint Ops LLC cut its Renasant holdings by 28.4% in the second quarter, selling 40,783 shares and retaining 102,865 shares worth approximately $4.38 million. Institutional investors collectively own 77.31% of RNST.
• Renasant reported quarterly EPS of $0.94, exceeding the $0.91 consensus estimate, while revenue reached $573.62 million. The company also declared a quarterly dividend of $0.24 per share, equal to a 2.4% yield.
• Analyst sentiment remains positive: Renasant has a consensus “Buy” rating from four analysts, with an average price target of $47.67, compared with a recent share price of $40.78.

Squarepoint Ops LLC lowered its holdings in shares of Renasant Corp (NYSE:RNST - Free Report) by 28.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 102,865 shares of the company's stock after selling 40,783 shares during the period. Squarepoint Ops LLC owned about 0.11% of Renasant worth $4,376,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. PNC Financial Services Group Inc. increased its stake in shares of Renasant by 42.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company's stock worth $42,000 after purchasing an additional 345 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in Renasant by 241.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the company's stock valued at $43,000 after buying an additional 867 shares in the last quarter. FNY Investment Advisers LLC lifted its stake in Renasant by 151.9% in the 2nd quarter. FNY Investment Advisers LLC now owns 1,063 shares of the company's stock valued at $45,000 after buying an additional 641 shares in the last quarter. Nykredit A S acquired a new stake in Renasant during the 2nd quarter valued at $47,000. Finally, Versant Capital Management Inc grew its holdings in Renasant by 33.6% during the 2nd quarter. Versant Capital Management Inc now owns 1,276 shares of the company's stock valued at $54,000 after buying an additional 321 shares during the last quarter. Hedge funds and other institutional investors own 77.31% of the company's stock.

Insider Buying and Selling

In related news, Director Edward Mcgraw sold 35,000 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $43.88, for a total transaction of $1,535,800.00. Following the transaction, the director directly owned 211,458 shares in the company, valued at approximately $9,278,777.04. This represents a 14.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.07% of the company's stock.

Renasant Stock Performance

Shares of RNST opened at $40.78 on Friday. Renasant Corp has a 1 year low of $33.04 and a 1 year high of $44.54. The company's 50 day simple moving average is $42.43 and its 200 day simple moving average is $40.49. The company has a market capitalization of $3.73 billion, a price-to-earnings ratio of 12.21 and a beta of 0.97. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.90 and a current ratio of 0.91.

Renasant (NYSE:RNST - Get Free Report) last released its earnings results on Tuesday, July 28th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.91 by $0.03. The firm had revenue of $573.62 million during the quarter, compared to analysts' expectations of $280.71 million. Renasant had a net margin of 19.94% and a return on equity of 8.67%. During the same period in the previous year, the company earned $0.01 EPS. On average, sell-side analysts predict that Renasant Corp will post 3.79 EPS for the current year.

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.4%. The ex-dividend date is Wednesday, September 16th. Renasant's dividend payout ratio is presently 28.74%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on RNST shares. TD Cowen boosted their price target on Renasant from $48.00 to $49.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Weiss Ratings raised Renasant from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Finally, Piper Sandler increased their price objective on Renasant from $46.00 to $48.00 and gave the company an "overweight" rating in a research note on Thursday, July 30th. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Renasant presently has a consensus rating of "Buy" and an average price target of $47.67.

About Renasant

Renasant Corporation NYSE: RNST is a financial services company and the parent organization of Renasant Bank. Headquartered in Tupelo, Mississippi, the company traces its roots to 1904 and operates as a regional banking institution serving individuals, businesses and communities.

Renasant Bank provides a broad range of financial products and services, including checking and savings accounts, consumer and commercial lending, real estate financing, treasury management and other business banking solutions.

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