Westwood Holdings Group Inc. Sells 111,317 Shares of Renasant Corp. (NASDAQ:RNST)
Westwood Holdings Group Inc. decreased its holdings in Renasant Corp. (NASDAQ:RNST) by 9.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 1,089,036 shares of the financial services provider’s stock after selling 111,317 shares during the quarter. Westwood Holdings Group Inc.’s holdings in Renasant were worth $39,140,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the business. BlackRock Inc. raised its position in Renasant by 12.1% in the 2nd quarter. BlackRock Inc. now owns 3,931,894 shares of the financial services provider’s stock valued at $141,312,000 after purchasing an additional 424,447 shares during the last quarter. Wells Fargo & Company MN raised its position in Renasant by 1.6% in the 2nd quarter. Wells Fargo & Company MN now owns 1,910,583 shares of the financial services provider’s stock valued at $68,666,000 after purchasing an additional 30,930 shares during the last quarter. Northern Trust Corp raised its position in Renasant by 9.0% in the 2nd quarter. Northern Trust Corp now owns 1,272,185 shares of the financial services provider’s stock valued at $45,723,000 after purchasing an additional 104,902 shares during the last quarter. Geode Capital Management LLC raised its position in Renasant by 8.7% in the 4th quarter. Geode Capital Management LLC now owns 574,644 shares of the financial services provider’s stock valued at $17,342,000 after purchasing an additional 46,102 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Renasant by 3.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 428,277 shares of the financial services provider’s stock valued at $15,392,000 after purchasing an additional 15,303 shares during the last quarter. Hedge funds and other institutional investors own 63.30% of the company’s stock.
Several equities analysts have issued reports on the company. Zacks Investment Research downgraded Renasant from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. SunTrust Banks dropped their target price on Renasant from $37.00 to $36.00 and set a “hold” rating for the company in a research report on Tuesday, August 27th. BidaskClub upgraded Renasant from a “strong sell” rating to a “sell” rating in a research report on Thursday, September 12th. Finally, DA Davidson started coverage on Renasant in a research report on Tuesday, August 20th. They set a “neutral” rating and a $37.00 target price for the company. Three research analysts have rated the stock with a sell rating and four have given a hold rating to the company. Renasant has an average rating of “Hold” and a consensus target price of $36.75.
Renasant (NASDAQ:RNST) last released its earnings results on Monday, July 22nd. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. The company had revenue of $154.76 million during the quarter, compared to the consensus estimate of $153.47 million. Renasant had a return on equity of 8.69% and a net margin of 24.65%. During the same quarter in the previous year, the company posted $0.74 earnings per share. On average, research analysts expect that Renasant Corp. will post 3.03 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a dividend of $0.22 per share. The ex-dividend date is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.47%. Renasant’s payout ratio is currently 29.33%.
Renasant Corporation operates as a bank holding company for Renasant Bank, which provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings, money market, individual retirement, and health savings accounts, as well as safe deposit and night depository facilities.
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