HighTower Advisors LLC Grows Stock Holdings in Renasant Co. (NASDAQ:RNST)

HighTower Advisors LLC grew its stake in shares of Renasant Co. (NASDAQ:RNST) by 7.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,126 shares of the financial services provider’s stock after acquiring an additional 734 shares during the period. HighTower Advisors LLC’s holdings in Renasant were worth $365,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Mutual of America Capital Management LLC lifted its holdings in Renasant by 3.2% during the 3rd quarter. Mutual of America Capital Management LLC now owns 9,560 shares of the financial services provider’s stock worth $311,000 after purchasing an additional 300 shares in the last quarter. Louisiana State Employees Retirement System increased its position 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 valued at $864,000 after buying an additional 500 shares during the period. KBC Group NV lifted its holdings in shares of Renasant by 32.0% in the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock worth $80,000 after buying an additional 596 shares in the last quarter. Quarry LP boosted its position in shares of Renasant by 698.3% in the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 817 shares during the period. Finally, J.W. Cole Advisors Inc. grew its stake in 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 valued at $265,000 after acquiring an additional 856 shares in the last quarter. 77.31% of the stock is owned by institutional investors.

Insider Buying and Selling at Renasant

In other news, Director John Creekmore sold 3,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were 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 of the company’s stock, valued at approximately $914,166. This represents a 11.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.82% of the company’s stock.

Analysts Set New Price Targets

RNST has been the subject of a number of recent analyst reports. Hovde Group lowered shares of Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Truist Financial reduced 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. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $39.33.

Renasant Stock Performance

Renasant stock opened at $35.38 on Monday. Renasant Co. has a fifty-two week low of $27.98 and a fifty-two week high of $39.47. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The stock has a market cap of $2.25 billion, a P/E ratio of 11.52 and a beta of 1.02. The firm’s fifty day moving average price is $35.93 and its 200-day moving average price is $33.56.

Renasant (NASDAQ:RNST) last released its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates 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 earnings per share. On average, equities research analysts expect that Renasant Co. will post 2.65 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend is Wednesday, December 18th. Renasant’s dividend payout ratio is currently 28.66%.

About Renasant

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.