Point72 DIFC Ltd Lowers Position in Renasant Co. (NASDAQ:RNST)

Point72 DIFC Ltd decreased its stake in shares of Renasant Co. (NASDAQ:RNST) by 67.5% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 851 shares of the financial services provider’s stock after selling 1,765 shares during the period. Point72 DIFC Ltd’s holdings in Renasant were worth $26,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the stock. Louisiana State Employees Retirement System grew its stake in shares of Renasant by 1.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 28,300 shares of the financial services provider’s stock worth $864,000 after acquiring an additional 500 shares in the last quarter. Texas Permanent School Fund Corp increased its stake in Renasant by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 49,135 shares of the financial services provider’s stock valued at $1,539,000 after buying an additional 637 shares during the last quarter. ProShare Advisors LLC increased its stake in Renasant by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 11,153 shares of the financial services provider’s stock valued at $349,000 after buying an additional 765 shares during the last quarter. Park Place Capital Corp boosted its stake in shares of Renasant by 0.9% in the 2nd quarter. Park Place Capital Corp now owns 88,502 shares of the financial services provider’s stock worth $2,703,000 after buying an additional 804 shares during the last quarter. Finally, Hantz Financial Services Inc. bought a new position in shares of Renasant in the second quarter valued at approximately $29,000. Institutional investors own 77.31% of the company’s stock.

Renasant Price Performance

NASDAQ RNST opened at $32.03 on Monday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.18. The company has a market cap of $1.80 billion, a PE ratio of 13.02 and a beta of 1.02. Renasant Co. has a 52 week low of $22.99 and a 52 week high of $37.40. The firm’s 50-day simple moving average is $33.50 and its two-hundred day simple moving average is $31.32.

Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.03. Renasant had a net margin of 15.04% and a return on equity of 6.98%. The company had revenue of $163.79 million for the quarter, compared to analysts’ expectations of $166.05 million. During the same period in the prior year, the company posted $0.83 EPS. Renasant’s revenue was up 11.1% compared to the same quarter last year. Research analysts predict that Renasant Co. will post 2.57 earnings per share for the current year.

Renasant Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend is Monday, September 16th. Renasant’s payout ratio is currently 35.77%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price target on the stock in a report on Wednesday, July 31st. Keefe, Bruyette & Woods raised shares of Renasant from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $36.00 to $40.00 in a report on Friday, August 2nd. Truist Financial decreased 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 upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $38.00 to $39.00 in a research note on Monday, August 5th. Finally, Stephens upgraded shares of Renasant from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $34.00 to $41.00 in a research note on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $39.33.

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.