Renasant Corporation (RNST) Shares Sold by Broadview Advisors LLC
Broadview Advisors LLC reduced its position in shares of Renasant Corporation (NASDAQ:RNST) by 74.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,094 shares of the financial services provider’s stock after selling 125,050 shares during the period. Broadview Advisors LLC owned about 0.09% of Renasant Corporation worth $1,841,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of RNST. Amalgamated Bank lifted its stake in Renasant Corporation by 1.2% during the second quarter. Amalgamated Bank now owns 5,415 shares of the financial services provider’s stock worth $237,000 after purchasing an additional 65 shares during the last quarter. Legal & General Group Plc boosted its holdings in Renasant Corporation by 1.1% in the second quarter. Legal & General Group Plc now owns 16,021 shares of the financial services provider’s stock worth $702,000 after purchasing an additional 178 shares during the period. New York State Teachers Retirement System boosted its holdings in Renasant Corporation by 5.6% in the first quarter. New York State Teachers Retirement System now owns 3,800 shares of the financial services provider’s stock worth $151,000 after purchasing an additional 200 shares during the period. Smith Shellnut Wilson LLC ADV increased its stake in Renasant Corporation by 4.7% during the second quarter. Smith Shellnut Wilson LLC ADV now owns 6,870 shares of the financial services provider’s stock valued at $222,000 after purchasing an additional 309 shares during the last quarter. Finally, Great Lakes Advisors LLC increased its stake in Renasant Corporation by 5.7% during the second quarter. Great Lakes Advisors LLC now owns 6,531 shares of the financial services provider’s stock valued at $286,000 after purchasing an additional 351 shares during the last quarter. 62.11% of the stock is currently owned by institutional investors and hedge funds.
Shares of Renasant Corporation (RNST) traded down 0.501% during trading on Wednesday, hitting $42.735. 29,259 shares of the stock traded hands. Renasant Corporation has a 52 week low of $32.51 and a 52 week high of $45.32. The firm’s 50-day moving average price is $40.22 and its 200-day moving average price is $41.42. The company has a market cap of $2.11 billion, a price-to-earnings ratio of 19.276 and a beta of 1.05.
Renasant Corporation (NASDAQ:RNST) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.61 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.04. The business had revenue of $113.87 million for the quarter, compared to analysts’ expectations of $112.43 million. Renasant Corporation had a net margin of 20.31% and a return on equity of 8.31%. During the same quarter in the previous year, the firm posted $0.59 earnings per share. On average, equities research analysts anticipate that Renasant Corporation will post $2.35 earnings per share for the current 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. This represents a $0.72 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date of this dividend was Thursday, September 14th. Renasant Corporation’s dividend payout ratio is 32.58%.
In related news, Director Fred F. Sharpe acquired 4,000 shares of the stock in a transaction dated Monday, July 24th. The shares were bought at an average cost of $42.36 per share, for a total transaction of $169,440.00. Following the purchase, the director now owns 9,666 shares in the company, valued at approximately $409,451.76. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Albert J. Dale III sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $42.54, for a total value of $638,100.00. Following the completion of the sale, the director now owns 25,620 shares in the company, valued at $1,089,874.80. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 9,023 shares of company stock valued at $375,621. Corporate insiders own 3.86% of the company’s stock.
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A number of research analysts have recently issued reports on the stock. Jefferies Group LLC restated a “hold” rating and issued a $44.00 price target on shares of Renasant Corporation in a research report on Friday, July 14th. BidaskClub downgraded shares of Renasant Corporation from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th. Zacks Investment Research lowered shares of Renasant Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, July 8th. ValuEngine raised shares of Renasant Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 27th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $43.00 target price on shares of Renasant Corporation in a research note on Friday, September 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. Renasant Corporation presently has a consensus rating of “Hold” and a consensus price target of $44.00.
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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