Citigroup Inc. Grows Holdings in Renasant Co. (NASDAQ:RNST)

Citigroup Inc. raised its stake in Renasant Co. (NASDAQ:RNST) by 59.9% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 128,767 shares of the financial services provider’s stock after purchasing an additional 48,234 shares during the period. Citigroup Inc.’s holdings in Renasant were worth $4,185,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of RNST. Jennison Associates LLC acquired a new stake in shares of Renasant in the 3rd quarter worth approximately $12,514,000. Stieven Capital Advisors L.P. acquired a new stake in shares of Renasant during the 3rd quarter valued at $11,981,000. Allspring Global Investments Holdings LLC grew its stake in shares of Renasant by 21.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock valued at $56,775,000 after buying an additional 303,945 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Renasant by 189.3% during the 2nd quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider’s stock valued at $12,820,000 after purchasing an additional 274,685 shares in the last quarter. Finally, 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. Institutional investors own 77.31% of the company’s stock.

Insider Activity

In related news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total transaction of $114,000.00. Following the completion of the transaction, the director now owns 24,057 shares in the company, valued at approximately $914,166. This trade represents a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.82% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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

Renasant Stock Down 1.7 %

NASDAQ:RNST opened at $36.93 on Wednesday. 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 capitalization of $2.35 billion, a P/E ratio of 12.03 and a beta of 1.02. The stock’s fifty day simple moving average is $34.71 and its 200-day simple moving average is $32.96.

Renasant (NASDAQ:RNST) last issued its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.63 by $0.07. Renasant had a return on equity of 6.70% and a net margin of 16.83%. The business had revenue of $318.34 million for the quarter, compared to the consensus estimate of $184.73 million. During the same quarter last year, the business posted $0.75 EPS. Equities research analysts expect that Renasant Co. will post 2.65 earnings per share for the current year.

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend is Wednesday, December 18th. Renasant’s payout ratio is 28.66%.

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.