Renasant Corporation (RNST) Position Maintained by King Luther Capital Management Corp
King Luther Capital Management Corp maintained its stake in Renasant Corporation (NASDAQ:RNST) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 181,650 shares of the financial services provider’s stock at the close of the second quarter. King Luther Capital Management Corp owned about 0.41% of Renasant Corporation worth $7,945,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Prudential Financial Inc. bought a new position in shares of Renasant Corporation in the first quarter worth about $1,865,000. Bank of America Corp DE raised 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 worth $8,665,000 after acquiring an additional 30,969 shares during the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of Renasant Corporation by 58.8% in the first quarter. UBS Asset Management Americas Inc. now owns 22,095 shares of the financial services provider’s stock worth $877,000 after acquiring an additional 8,177 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Renasant Corporation in the first quarter worth about $382,000. Finally, Ronald Blue & Co. LLC bought a new position in shares of Renasant Corporation in the first quarter worth about $2,036,000. 62.10% of the stock is owned by institutional investors.
In other news, Director Fred F. Sharpe purchased 4,000 shares of the stock in a transaction on Monday, July 24th. The stock was purchased at an average price of $42.36 per share, for a total transaction of $169,440.00. Following the acquisition, the director now owns 9,666 shares in the company, valued at $409,451.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Fred F. Sharpe purchased 2,000 shares of the stock in a transaction on Friday, August 11th. The shares were purchased at an average price of $39.55 per share, with a total value of $79,100.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 9,023 shares of company stock valued at $375,621. Company insiders own 3.86% of the company’s stock.
RNST has been the subject of a number of recent research reports. Keefe, Bruyette & Woods set a $43.00 price target on shares of Renasant Corporation and gave the stock a “hold” rating in a research note on Saturday, May 27th. Jefferies Group LLC reissued a “hold” rating and set a $44.00 price target on shares of Renasant Corporation in a research note on Friday, June 9th. ValuEngine raised shares of Renasant Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 27th. Zacks Investment Research raised shares of Renasant Corporation from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a research note on Tuesday, July 4th. Finally, BidaskClub downgraded shares of Renasant Corporation from a “hold” rating to a “sell” rating in a research note on Sunday, July 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $45.33.
Shares of Renasant Corporation (RNST) opened at 39.52 on Friday. Renasant Corporation has a 52 week low of $32.51 and a 52 week high of $45.32. The company has a market cap of $1.95 billion, a P/E ratio of 17.83 and a beta of 1.06. The firm has a 50-day moving average of $40.20 and a 200 day moving average of $41.37.
Renasant Corporation (NASDAQ:RNST) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.04. Renasant Corporation had a net margin of 20.31% and a return on equity of 8.31%. The firm had revenue of $113.87 million during the quarter, compared to analyst estimates of $112.43 million. During the same quarter last year, the business earned $0.59 EPS. Equities analysts anticipate that Renasant Corporation will post $2.35 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.72 annualized dividend and a yield of 1.82%. Renasant Corporation’s payout ratio is 32.58%.
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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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