William Blair Investment Management LLC decreased its position in shares of Renasant Corporation (NASDAQ:RNST) by 0.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 551,579 shares of the financial services provider’s stock after selling 2,210 shares during the period. William Blair Investment Management LLC owned 1.24% of Renasant Corporation worth $21,892,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently modified their holdings of RNST. Victory Capital Management Inc. raised its position in shares of Renasant Corporation by 2.4% in the first quarter. Victory Capital Management Inc. now owns 521,269 shares of the financial services provider’s stock worth $20,689,000 after buying an additional 12,261 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Renasant Corporation by 7.0% in the first quarter. SG Americas Securities LLC now owns 26,965 shares of the financial services provider’s stock worth $1,070,000 after buying an additional 1,769 shares during the last quarter. Prudential Financial Inc. bought a new stake in Renasant Corporation during the first quarter valued at $1,865,000. Ronald Blue & Co. LLC bought a new stake in Renasant Corporation during the first quarter valued at $2,036,000. Finally, Envestnet Asset Management Inc. raised its stake in Renasant Corporation by 10.4% in the first quarter. Envestnet Asset Management Inc. now owns 7,163 shares of the financial services provider’s stock valued at $286,000 after buying an additional 673 shares in the last quarter. 66.48% of the stock is owned by hedge funds and other institutional investors.
Renasant Corporation (NASDAQ RNST) traded down 0.70% during mid-day trading on Friday, hitting $43.78. The stock had a trading volume of 322,237 shares. The company has a 50-day moving average price of $42.08 and a 200 day moving average price of $41.25. Renasant Corporation has a 1-year low of $30.21 and a 1-year high of $45.16. The company has a market cap of $1.94 billion, a P/E ratio of 20.00 and a beta of 1.06.
Renasant Corporation (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, April 25th. The financial services provider reported $0.55 EPS for the quarter, beating the consensus estimate of $0.53 by $0.02. The business had revenue of $106.04 million for the quarter, compared to analysts’ expectations of $109.87 million. Renasant Corporation had a net margin of 19.90% and a return on equity of 8.35%. During the same period in the previous year, the firm posted $0.54 EPS. Equities research analysts forecast that Renasant Corporation will post $2.25 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be given a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $0.72 annualized dividend and a yield of 1.64%. Renasant Corporation’s dividend payout ratio is currently 33.03%.
Several equities research analysts have recently weighed in on RNST shares. Zacks Investment Research raised Renasant Corporation from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Wednesday, April 12th. Jefferies Group LLC reissued a “hold” rating and set a $44.00 price objective on shares of Renasant Corporation in a research note on Wednesday, April 5th. Finally, Keefe, Bruyette & Woods set a $43.00 price objective on Renasant Corporation and gave the stock a “hold” rating in a research note on Saturday, May 27th.
In other Renasant Corporation news, EVP James W. Gray sold 5,000 shares of the business’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $39.94, for a total transaction of $199,700.00. Following the sale, the executive vice president now directly owns 43,604 shares of the company’s stock, valued at approximately $1,741,543.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Albert J. Dale III sold 8,000 shares of the business’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $42.10, for a total transaction of $336,800.00. Following the sale, the director now directly owns 40,620 shares in the company, valued at $1,710,102. The disclosure for this sale can be found here. Insiders have sold a total of 18,000 shares of company stock worth $751,500 over the last three months. Insiders own 3.86% of the company’s stock.
Renasant Corporation Company Profile
Renasant Corporation is a bank holding company that owns and operates Renasant Bank (the Bank) and Renasant Insurance, Inc (Renasant Insurance). The Company’s segments include Community Banks, which delivers a range of banking and financial services to individuals and small to medium-sized businesses, including checking and savings accounts, business and personal loans, equipment leasing, as well as safe deposit and night depository facilities; Insurance, which includes a full service insurance agency offering all lines of commercial and personal insurance through major carriers; Wealth Management, which offers a range of fiduciary services that includes the administration and management of trust accounts, including personal and corporate benefit accounts, and custodial accounts, and Other.
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