Systematic Financial Management LP Buys Shares of 24,920 Renasant Co. (NASDAQ:RNST)

Systematic Financial Management LP purchased a new position in shares of Renasant Co. (NASDAQ:RNST) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 24,920 shares of the financial services provider’s stock, valued at approximately $810,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Quantbot Technologies LP bought a new stake in Renasant in the third quarter worth $2,534,000. Charles Schwab Investment Management Inc. lifted its position in shares of Renasant by 21.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 734,744 shares of the financial services provider’s stock worth $23,879,000 after buying an additional 131,821 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of Renasant during the 3rd quarter worth about $670,000. Duncan Williams Asset Management LLC increased its holdings in shares of Renasant by 19.9% during the 3rd quarter. Duncan Williams Asset Management LLC now owns 11,115 shares of the financial services provider’s stock valued at $361,000 after acquiring an additional 1,847 shares during the last quarter. Finally, Amalgamated Bank raised its stake in shares of Renasant by 7.2% in the 3rd quarter. Amalgamated Bank now owns 18,414 shares of the financial services provider’s stock valued at $598,000 after acquiring an additional 1,240 shares in the last quarter. Institutional investors own 77.31% of the company’s stock.

Renasant Stock Up 0.8 %

Shares of RNST stock opened at $37.43 on Friday. Renasant Co. has a 12 month low of $27.98 and a 12 month high of $39.47. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The firm has a market cap of $2.38 billion, a PE ratio of 13.40 and a beta of 1.02. The stock has a 50 day moving average of $35.03 and a 200-day moving average of $33.07.

Renasant (NASDAQ:RNST) last released its earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.63 by $0.07. The firm had revenue of $318.34 million during the quarter, compared to analysts’ expectations of $184.73 million. Renasant had a net margin of 16.83% and a return on equity of 6.70%. During the same period in the prior year, the company earned $0.75 EPS. On average, equities analysts predict that Renasant Co. will post 2.65 EPS for the current year.

Renasant Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend is Wednesday, December 18th. Renasant’s payout ratio is presently 28.66%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RNST. Truist Financial decreased their target price on Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research report on Friday, September 20th. Hovde Group downgraded shares of Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $39.33.

Insider Buying and Selling

In other Renasant news, Director John Creekmore sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total value of $114,000.00. Following the completion of the sale, the director now owns 24,057 shares in the company, valued at approximately $914,166. This trade represents a 11.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.82% of the stock is owned by company insiders.

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.