Renasant Co. (NASDAQ:RNST) Shares Sold by Fisher Asset Management LLC

Fisher Asset Management LLC lessened its holdings in Renasant Co. (NASDAQ:RNST) by 1.1% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 280,108 shares of the financial services provider’s stock after selling 3,243 shares during the period. Fisher Asset Management LLC’s holdings in Renasant were worth $9,104,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Citigroup Inc. lifted its position in Renasant by 59.9% in the third quarter. Citigroup Inc. now owns 128,767 shares of the financial services provider’s stock valued at $4,185,000 after buying an additional 48,234 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Renasant by 21.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 734,744 shares of the financial services provider’s stock valued at $23,879,000 after acquiring an additional 131,821 shares during the period. Landscape Capital Management L.L.C. acquired a new position in shares of Renasant in the 3rd quarter worth approximately $852,000. Intech Investment Management LLC purchased a new position in shares of Renasant during the 3rd quarter worth approximately $670,000. Finally, Jennison Associates LLC acquired a new stake in Renasant in the 3rd quarter valued at approximately $12,514,000. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Renasant Trading Down 0.8 %

NASDAQ RNST opened at $37.88 on Thursday. Renasant Co. has a 52 week low of $26.28 and a 52 week high of $39.47. The firm has a 50 day moving average of $34.29 and a two-hundred day moving average of $32.73. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $2.41 billion, a PE ratio of 12.43 and a beta of 1.01.

Renasant (NASDAQ:RNST) last released its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.07. The business had revenue of $318.34 million during the quarter, compared to analysts’ expectations of $184.73 million. Renasant had a return on equity of 6.70% and a net margin of 16.83%. During the same period in the prior year, the firm posted $0.75 EPS. As a group, research analysts expect that Renasant Co. will post 2.65 EPS for the current fiscal year.

Renasant Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be paid a dividend of $0.22 per share. The ex-dividend date is Wednesday, December 18th. This represents a $0.88 dividend on an annualized basis and a yield of 2.32%. Renasant’s dividend payout ratio is presently 28.66%.

Insider Transactions at Renasant

In other Renasant news, Director John Creekmore sold 3,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total transaction of $114,000.00. Following the transaction, the director now directly owns 24,057 shares of the company’s stock, valued at approximately $914,166. This trade represents a 11.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.82% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on RNST. Hovde Group cut Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Keefe, Bruyette & Woods upgraded Renasant from a “market perform” rating to an “outperform” rating and raised their target price for the company from $36.00 to $40.00 in a report on Friday, August 2nd. Piper Sandler upgraded shares of Renasant from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $34.00 to $40.00 in a research note on Monday, August 5th. Stephens raised shares of Renasant from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $34.00 to $41.00 in a research note on Wednesday, July 31st. Finally, Truist Financial cut their target price on shares of Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research note on Friday, September 20th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Renasant presently has a consensus rating of “Moderate Buy” and an average target price of $39.33.

About Renasant

Renasant Corporation operates as a bank holding company for Renasant Bank that provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. The company operates through Community Banks, Insurance, and Wealth Management segments. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and factoring equipment leasing services, as well as safe deposit and night depository facilities.