BNP Paribas Arbitrage SA Buys 3,016 Shares of Renasant Corporation (RNST)
BNP Paribas Arbitrage SA raised its stake in shares of Renasant Corporation (NASDAQ:RNST) by 123.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 5,466 shares of the financial services provider’s stock after purchasing an additional 3,016 shares during the period. BNP Paribas Arbitrage SA’s holdings in Renasant Corporation were worth $239,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Prudential Financial Inc. bought a new stake in Renasant Corporation during the first quarter valued at about $1,865,000. Bank of America Corp DE grew its holdings in Renasant Corporation by 16.5% during 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 purchasing an additional 30,969 shares during the period. UBS Asset Management Americas Inc. grew its holdings in Renasant Corporation by 58.8% during the first quarter. UBS Asset Management Americas Inc. now owns 22,095 shares of the financial services provider’s stock valued at $877,000 after purchasing an additional 8,177 shares during the period. Jane Street Group LLC bought a new stake in Renasant Corporation during the first quarter valued at about $382,000. Finally, Dimensional Fund Advisors LP grew its holdings in Renasant Corporation by 7.4% during the first quarter. Dimensional Fund Advisors LP now owns 2,828,731 shares of the financial services provider’s stock valued at $112,273,000 after purchasing an additional 193,727 shares during the period. 62.11% of the stock is owned by institutional investors and hedge funds.
Several analysts have issued reports on RNST shares. Zacks Investment Research raised Renasant Corporation from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a report on Tuesday, July 4th. ValuEngine raised Renasant Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 27th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $44.00 price objective on shares of Renasant Corporation in a research note on Friday, June 9th. Keefe, Bruyette & Woods set a $43.00 price objective on Renasant Corporation and gave the stock a “hold” rating in a research note on Saturday, May 27th. Finally, BidaskClub lowered Renasant Corporation from a “hold” rating to a “sell” rating in a research note on Sunday, July 16th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. Renasant Corporation presently has an average rating of “Hold” and a consensus price target of $44.00.
In other Renasant Corporation news, Director Fred F. Sharpe bought 2,000 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were purchased at an average cost of $39.55 per share, for a total transaction of $79,100.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael D. Shmerling bought 1,000 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were acquired at an average price of $41.50 per share, for a total transaction of $41,500.00. Following the completion of the transaction, the director now directly owns 156,347 shares in the company, valued at $6,488,400.50. The disclosure for this purchase can be found here. Insiders have bought a total of 9,023 shares of company stock worth $375,621 over the last 90 days. Insiders own 3.86% of the company’s stock.
Renasant Corporation (RNST) opened at 40.86 on Friday. The stock has a 50 day moving average price of $40.07 and a 200-day moving average price of $41.35. Renasant Corporation has a 1-year low of $32.51 and a 1-year high of $45.32. The company has a market cap of $2.02 billion, a price-to-earnings ratio of 18.43 and a beta of 1.06.
Renasant Corporation (NASDAQ:RNST) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.61 EPS for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.04. Renasant Corporation had a return on equity of 8.31% and a net margin of 20.31%. The firm had revenue of $113.87 million for the quarter, compared to analysts’ expectations of $112.43 million. During the same period last year, the firm earned $0.59 EPS. On average, equities research analysts forecast that Renasant Corporation will post $2.35 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date is Thursday, September 14th. Renasant Corporation’s dividend payout ratio (DPR) is presently 32.58%.
Renasant Corporation Company Profile
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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