Fisher Asset Management LLC Reduces Stake in Renasant Co. (NASDAQ:RNST)

Fisher Asset Management LLC cut its holdings in shares of Renasant Co. (NASDAQ:RNST) by 1.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 280,108 shares of the financial services provider’s stock after selling 3,243 shares during the quarter. Fisher Asset Management LLC owned 0.44% of Renasant worth $9,104,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of RNST. Mutual of America Capital Management LLC raised its holdings in shares of Renasant by 3.2% during the third quarter. Mutual of America Capital Management LLC now owns 9,560 shares of the financial services provider’s stock worth $311,000 after purchasing an additional 300 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Renasant by 1.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 28,300 shares of the financial services provider’s stock valued at $864,000 after buying an additional 500 shares during the last quarter. KBC Group NV lifted its holdings in shares of Renasant by 32.0% in the 3rd quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock valued at $80,000 after buying an additional 596 shares during the period. Park Place Capital Corp grew its holdings in Renasant by 0.9% during the second quarter. Park Place Capital Corp now owns 88,502 shares of the financial services provider’s stock worth $2,703,000 after acquiring an additional 804 shares during the period. Finally, Quarry LP raised its position in Renasant by 698.3% during the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 817 shares in the last quarter. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Renasant Price Performance

Shares of Renasant stock opened at $37.88 on Thursday. The stock has a market capitalization of $2.41 billion, a P/E ratio of 12.43 and a beta of 1.01. The business has a 50 day simple moving average of $34.29 and a two-hundred day simple moving average of $32.73. Renasant Co. has a 12 month low of $26.28 and a 12 month high of $39.47. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94.

Renasant (NASDAQ:RNST) last announced its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Renasant had a return on equity of 6.70% and a net margin of 16.83%. The company had revenue of $318.34 million for the quarter, compared to analyst estimates of $184.73 million. During the same quarter last year, the firm posted $0.75 EPS. As a group, analysts predict that Renasant Co. will post 2.65 EPS for the current fiscal year.

Renasant Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Wednesday, December 18th. This represents a $0.88 annualized dividend and a yield of 2.32%. Renasant’s dividend payout ratio is presently 28.66%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on RNST shares. Stephens raised shares of Renasant from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $34.00 to $41.00 in a research note on Wednesday, July 31st. Truist Financial cut their price objective on shares of Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a report on Friday, September 20th. Hovde Group downgraded shares of Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 target price on the stock in a research report on Wednesday, July 31st. Finally, Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $34.00 to $40.00 in a research report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.33.

Insider Buying and Selling at Renasant

In other news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total transaction of $114,000.00. Following the transaction, the director now owns 24,057 shares in the company, valued at $914,166. The trade was a 11.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.82% of the stock is owned by insiders.

Renasant 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.