First Trust Advisors LP reduced its holdings in shares of Renasant Corp. (NASDAQ:RNST) by 10.0% during the 4th quarter, Holdings Channel reports. The firm owned 85,508 shares of the financial services provider’s stock after selling 9,511 shares during the period. First Trust Advisors LP’s holdings in Renasant were worth $2,581,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. Federated Investors Inc. PA boosted its holdings in shares of Renasant by 213.7% in the third quarter. Federated Investors Inc. PA now owns 734 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 500 shares in the last quarter. Strs Ohio boosted its holdings in Renasant by 200.0% during the fourth quarter. Strs Ohio now owns 900 shares of the financial services provider’s stock worth $27,000 after buying an additional 600 shares in the last quarter. Trustcore Financial Services LLC boosted its holdings in Renasant by 213.1% during the fourth quarter. Trustcore Financial Services LLC now owns 2,145 shares of the financial services provider’s stock worth $65,000 after buying an additional 1,460 shares in the last quarter. Bank of Montreal Can boosted its holdings in Renasant by 16.3% during the fourth quarter. Bank of Montreal Can now owns 2,478 shares of the financial services provider’s stock worth $76,000 after buying an additional 348 shares in the last quarter. Finally, BlueMountain Capital Management LLC purchased a new stake in Renasant during the third quarter worth about $127,000. 60.03% of the stock is currently owned by institutional investors and hedge funds.
RNST stock opened at $37.76 on Friday. The stock has a market cap of $2.21 billion, a P/E ratio of 12.59 and a beta of 1.24. Renasant Corp. has a 52 week low of $28.02 and a 52 week high of $49.78. The company has a current ratio of 0.95, a quick ratio of 0.91 and a debt-to-equity ratio of 0.13.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Thursday, March 21st will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Wednesday, March 20th. Renasant’s payout ratio is currently 28.00%.
A number of research firms recently commented on RNST. Hovde Group reissued a “market perform” rating and set a $38.00 price objective (up previously from $34.00) on shares of Renasant in a report on Monday, January 28th. TheStreet raised shares of Renasant from a “c+” rating to a “b-” rating in a report on Wednesday, February 20th. BidaskClub downgraded shares of Renasant from a “sell” rating to a “strong sell” rating in a report on Tuesday, January 15th. Zacks Investment Research raised shares of Renasant from a “sell” rating to a “hold” rating in a report on Wednesday, January 9th. Finally, Stephens reissued a “hold” rating and set a $36.00 price objective on shares of Renasant in a report on Wednesday, December 19th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $41.00.
In other Renasant news, EVP James W. Gray sold 2,504 shares of Renasant stock in a transaction dated Wednesday, February 20th. The shares were sold at an average price of $38.33, for a total transaction of $95,978.32. Following the completion of the transaction, the executive vice president now owns 58,072 shares in the company, valued at $2,225,899.76. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 3.41% of the company’s stock.
Renasant Company Profile
Renasant Corporation operates as a bank holding company for Renasant Bank, which provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings, money market, individual retirement, and health savings accounts, as well as safe deposit and night depository facilities.
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