Covestor Ltd Has $34,000 Stock Holdings in Renasant Co. (NASDAQ:RNST)

Covestor Ltd lessened its holdings in Renasant Co. (NASDAQ:RNST) by 33.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,058 shares of the financial services provider’s stock after selling 525 shares during the period. Covestor Ltd’s holdings in Renasant were worth $34,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System increased its holdings in shares of Renasant by 1.8% during the second quarter. Louisiana State Employees Retirement System now owns 28,300 shares of the financial services provider’s stock worth $864,000 after buying an additional 500 shares in the last quarter. ProShare Advisors LLC increased its holdings in shares of Renasant by 7.4% during the first quarter. ProShare Advisors LLC now owns 11,153 shares of the financial services provider’s stock worth $349,000 after buying an additional 765 shares in the last quarter. Park Place Capital Corp increased its holdings in shares of 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 buying an additional 804 shares in the last quarter. Quarry LP increased its holdings in shares of Renasant by 698.3% during the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock worth $29,000 after buying an additional 817 shares in the last quarter. Finally, J.W. Cole Advisors Inc. increased its holdings in shares of Renasant by 11.7% during the third quarter. J.W. Cole Advisors Inc. now owns 8,159 shares of the financial services provider’s stock worth $265,000 after buying an additional 856 shares in the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

Wall Street Analysts Forecast Growth

RNST has been the subject of several recent analyst reports. 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 report on Wednesday, July 31st. Keefe, Bruyette & Woods raised shares of Renasant from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $36.00 to $40.00 in a report on Friday, August 2nd. Truist Financial lowered their price target 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. Piper Sandler raised shares of Renasant from a “neutral” rating to an “overweight” rating and raised their price target for the company from $34.00 to $40.00 in a report on Monday, August 5th. Finally, Hovde Group lowered shares of Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $39.33.

Renasant Stock Up 0.4 %

Renasant stock opened at $36.91 on Friday. The firm has a market capitalization of $2.35 billion, a PE ratio of 12.02 and a beta of 1.01. The company’s 50-day moving average is $33.62 and its 200-day moving average is $32.35. Renasant Co. has a fifty-two week low of $26.28 and a fifty-two week high of $38.77. 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 released its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.07. The company had revenue of $318.34 million for the quarter, compared to analyst estimates 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 previous year, the business earned $0.75 EPS. Sell-side analysts anticipate that Renasant Co. will post 2.64 earnings per share 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 issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Wednesday, December 18th. Renasant’s payout ratio is 28.66%.

Insider Buying and Selling

In related news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total transaction of $114,000.00. Following the completion of the sale, the director now owns 24,057 shares of the company’s stock, valued at approximately $914,166. The trade was a 11.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.82% of the stock is currently 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.