Renasant Corp. (RNST) Stake Decreased by Trustcore Financial Services LLC

Trustcore Financial Services LLC lowered its stake in shares of Renasant Corp. (NASDAQ:RNST) by 27.2% in the first quarter, HoldingsChannel reports. The institutional investor owned 1,562 shares of the financial services provider’s stock after selling 583 shares during the quarter. Trustcore Financial Services LLC’s holdings in Renasant were worth $53,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Metropolitan Life Insurance Co. NY grew its position in shares of Renasant by 356.5% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 15,648 shares of the financial services provider’s stock worth $472,000 after buying an additional 12,220 shares in the last quarter. Great West Life Assurance Co. Can grew its position in shares of Renasant by 38.2% during the fourth quarter. Great West Life Assurance Co. Can now owns 6,697 shares of the financial services provider’s stock worth $194,000 after buying an additional 1,850 shares in the last quarter. BancorpSouth Bank grew its position in shares of Renasant by 133.6% during the fourth quarter. BancorpSouth Bank now owns 120,815 shares of the financial services provider’s stock worth $3,646,000 after buying an additional 69,091 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Renasant by 1.3% during the third quarter. Vanguard Group Inc. now owns 4,098,733 shares of the financial services provider’s stock worth $168,909,000 after buying an additional 54,183 shares in the last quarter. Finally, Brown Advisory Inc. grew its position in shares of Renasant by 35.0% during the fourth quarter. Brown Advisory Inc. now owns 302,907 shares of the financial services provider’s stock worth $9,142,000 after buying an additional 78,517 shares in the last quarter. 61.03% of the stock is owned by institutional investors and hedge funds.

In other Renasant news, EVP James W. Gray sold 2,504 shares of Renasant stock in a transaction on Wednesday, February 20th. The shares were sold at an average price of $38.33, for a total value of $95,978.32. Following the completion of the transaction, the executive vice president now owns 58,072 shares of the company’s stock, valued at $2,225,899.76. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 3.64% of the company’s stock.

A number of equities analysts have commented on the stock. BidaskClub downgraded shares of Renasant from a “hold” rating to a “sell” rating in a report on Wednesday. Zacks Investment Research raised shares of Renasant from a “sell” rating to a “hold” rating in a report on Saturday, April 27th. Finally, TheStreet raised shares of Renasant from a “c+” rating to a “b-” rating in a report on Wednesday, February 20th. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. Renasant currently has a consensus rating of “Hold” and an average target price of $37.00.

Renasant stock traded down $0.20 during mid-day trading on Friday, reaching $35.34. The company’s stock had a trading volume of 113,359 shares, compared to its average volume of 164,728. The company has a market cap of $2.08 billion, a PE ratio of 11.78 and a beta of 1.23. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.93. Renasant Corp. has a twelve month low of $28.02 and a twelve month high of $49.78.

Renasant (NASDAQ:RNST) last released its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.77 EPS for the quarter, hitting analysts’ consensus estimates of $0.77. The firm had revenue of $150.50 million during the quarter, compared to the consensus estimate of $150.40 million. Renasant had a net margin of 24.55% and a return on equity of 8.76%. The firm’s revenue was up 20.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.70 earnings per share. Equities research analysts anticipate that Renasant Corp. will post 3.2 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date of this dividend is Thursday, June 13th. This is an increase from Renasant’s previous quarterly dividend of $0.21. Renasant’s payout ratio is currently 28.00%.

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About Renasant

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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Institutional Ownership by Quarter for Renasant (NASDAQ:RNST)

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