Renasant Corporation (RNST) Position Reduced by Prudential Financial Inc.
Prudential Financial Inc. lessened its stake in Renasant Corporation (NASDAQ:RNST) by 89.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,133 shares of the financial services provider’s stock after selling 41,850 shares during the period. Prudential Financial Inc.’s holdings in Renasant Corporation were worth $225,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Ameritas Investment Partners Inc. bought a new position in Renasant Corporation during the 1st quarter worth about $140,000. New York State Teachers Retirement System grew its holdings in Renasant Corporation by 5.6% during the 1st quarter. New York State Teachers Retirement System now owns 3,800 shares of the financial services provider’s stock worth $151,000 after acquiring an additional 200 shares in the last quarter. Trust Co. of Toledo NA OH bought a new position in Renasant Corporation during the 2nd quarter worth about $214,000. Aperio Group LLC bought a new position in Renasant Corporation during the 2nd quarter worth about $229,000. Finally, Amalgamated Bank grew its holdings in Renasant Corporation by 4.2% during the 1st quarter. Amalgamated Bank now owns 5,350 shares of the financial services provider’s stock worth $212,000 after acquiring an additional 214 shares in the last quarter. Institutional investors own 62.11% of the company’s stock.
Renasant Corporation (RNST) opened at 42.68 on Friday. Renasant Corporation has a one year low of $32.51 and a one year high of $45.32. The firm’s 50-day moving average is $40.91 and its 200 day moving average is $41.61. The company has a market capitalization of $2.10 billion, a PE ratio of 19.25 and a beta of 1.05.
Renasant Corporation (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.04. The company had revenue of $113.87 million for the quarter, compared to analyst estimates of $112.43 million. Renasant Corporation had a net margin of 20.31% and a return on equity of 8.31%. During the same period in the prior year, the firm earned $0.59 earnings per share. On average, equities analysts expect that Renasant Corporation will post $2.35 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were paid a dividend of $0.18 per share. The ex-dividend date was Thursday, September 14th. This represents a $0.72 dividend on an annualized basis and a yield of 1.69%. Renasant Corporation’s dividend payout ratio (DPR) is presently 32.58%.
In other Renasant Corporation news, Director Albert J. Dale III sold 15,000 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $42.54, for a total transaction of $638,100.00. Following the sale, the director now directly owns 25,620 shares in the company, valued at $1,089,874.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Fred F. Sharpe purchased 2,000 shares of the business’s stock in a transaction on Friday, August 11th. The shares were acquired at an average price of $39.55 per share, for a total transaction of $79,100.00. The disclosure for this purchase can be found here. Insiders have acquired 9,023 shares of company stock worth $375,621 over the last quarter. Insiders own 3.86% of the company’s stock.
Several research analysts have issued reports on the stock. Zacks Investment Research upgraded shares of Renasant Corporation from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a report on Tuesday, July 4th. BidaskClub cut shares of Renasant Corporation from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. ValuEngine upgraded shares of Renasant Corporation from a “hold” rating to a “buy” rating in a report on Monday, September 18th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $43.00 target price on shares of Renasant Corporation in a report on Friday, September 29th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $44.00 target price on shares of Renasant Corporation in a report on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $44.00.
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Renasant Corporation 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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