Renasant Corporation (NASDAQ:RNST) Position Boosted by Palisade Capital Management LLC NJ
Palisade Capital Management LLC NJ increased its stake in shares of Renasant Corporation (NASDAQ:RNST) by 2.5% during the second quarter, according to its most recent filing with the SEC. The fund owned 806,785 shares of the financial services provider’s stock after buying an additional 19,396 shares during the period. Renasant Corporation makes up approximately 1.3% of Palisade Capital Management LLC NJ’s investment portfolio, making the stock its 3rd largest position. Palisade Capital Management LLC NJ owned approximately 1.82% of Renasant Corporation worth $35,289,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in the stock. Prudential Financial Inc. bought a new stake in shares of Renasant Corporation during the first quarter valued at $1,865,000. Russell Investments Group Ltd. bought a new stake in shares of Renasant Corporation during the fourth quarter valued at $571,000. Fisher Asset Management LLC boosted its stake in shares of Renasant Corporation by 55.9% in the first quarter. Fisher Asset Management LLC now owns 53,258 shares of the financial services provider’s stock valued at $2,114,000 after buying an additional 19,093 shares in the last quarter. Ronald Blue & Co. LLC bought a new stake in shares of Renasant Corporation during the first quarter valued at $2,036,000. Finally, Bank of America Corp DE boosted its stake in shares of Renasant Corporation by 16.5% in the first quarter. Bank of America Corp DE now owns 218,335 shares of the financial services provider’s stock valued at $8,665,000 after buying an additional 30,969 shares in the last quarter. Hedge funds and other institutional investors own 66.65% of the company’s stock.
Renasant Corporation (RNST) opened at 42.16 on Monday. Renasant Corporation has a one year low of $31.56 and a one year high of $45.31. The stock’s 50 day moving average price is $43.15 and its 200 day moving average price is $41.46. The stock has a market cap of $1.87 billion, a price-to-earnings ratio of 19.02 and a beta of 1.04.
Renasant Corporation (NASDAQ:RNST) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.04. The company had revenue of $113.87 million for the quarter, compared to the consensus estimate of $112.43 million. Renasant Corporation had a return on equity of 8.41% and a net margin of 20.31%. During the same quarter last year, the company earned $0.59 EPS. Equities analysts predict that Renasant Corporation will post $2.34 earnings per share for the current fiscal year.
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RNST has been the topic of several analyst reports. Zacks Investment Research upgraded Renasant Corporation from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Wednesday, April 12th. BidaskClub lowered Renasant Corporation from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Jefferies Group LLC reissued a “hold” rating and set a $44.00 price objective on shares of Renasant Corporation in a report on Friday, June 9th. ValuEngine raised Renasant Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 27th. Finally, Keefe, Bruyette & Woods set a $43.00 price objective on Renasant Corporation and gave the stock a “hold” rating in a report on Saturday, May 27th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $43.50.
In related news, Director Albert J. Dale III sold 8,000 shares of Renasant Corporation stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $42.10, for a total transaction of $336,800.00. Following the sale, the director now owns 40,620 shares of the company’s stock, valued at approximately $1,710,102. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP James W. Gray sold 5,000 shares of Renasant Corporation stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $39.94, for a total value of $199,700.00. Following the sale, the executive vice president now directly owns 43,604 shares in the company, valued at approximately $1,741,543.76. The disclosure for this sale can be found here. Insiders have sold a total of 33,000 shares of company stock worth $1,389,600 in the last three months. 3.86% of the stock is owned by corporate insiders.
About Renasant Corporation
Renasant Corporation is a bank holding company that owns and operates Renasant Bank (the Bank) and Renasant Insurance, Inc (Renasant Insurance). The Company’s segments include Community Banks, which delivers a range of banking and financial services to individuals and small to medium-sized businesses, including checking and savings accounts, business and personal loans, equipment leasing, as well as safe deposit and night depository facilities; Insurance, which includes a full service insurance agency offering all lines of commercial and personal insurance through major carriers; Wealth Management, which offers a range of fiduciary services that includes the administration and management of trust accounts, including personal and corporate benefit accounts, and custodial accounts, and Other.
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