Renasant Corp $RNST Shares Acquired by Jain Global LLC

Jain Global LLC lifted its holdings in shares of Renasant Corp (NYSE:RNST) by 408.5% in the third quarter, HoldingsChannel.com reports. The firm owned 486,377 shares of the company’s stock after acquiring an additional 390,733 shares during the quarter. Jain Global LLC’s holdings in Renasant were worth $17,942,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP raised its holdings in Renasant by 0.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 5,413,327 shares of the company’s stock valued at $199,697,000 after buying an additional 23,337 shares during the period. State Street Corp boosted its stake in Renasant by 14.1% during the second quarter. State Street Corp now owns 4,812,696 shares of the company’s stock worth $172,920,000 after buying an additional 595,609 shares during the period. Wellington Management Group LLP increased its position in shares of Renasant by 15.3% during the third quarter. Wellington Management Group LLP now owns 2,962,781 shares of the company’s stock valued at $109,297,000 after acquiring an additional 394,249 shares during the last quarter. Invesco Ltd. raised its stake in shares of Renasant by 0.6% in the 3rd quarter. Invesco Ltd. now owns 2,229,966 shares of the company’s stock valued at $82,263,000 after acquiring an additional 14,301 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Renasant by 48.0% in the 2nd quarter. Geode Capital Management LLC now owns 2,203,182 shares of the company’s stock valued at $79,169,000 after acquiring an additional 714,972 shares during the period. 77.31% of the stock is owned by institutional investors and hedge funds.

Renasant Price Performance

Shares of NYSE:RNST opened at $35.70 on Monday. The stock has a market capitalization of $3.36 billion, a price-to-earnings ratio of 16.84 and a beta of 0.97. Renasant Corp has a 1 year low of $26.97 and a 1 year high of $42.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.91 and a quick ratio of 0.90. The stock’s 50-day simple moving average is $38.22.

Renasant (NYSE:RNST) last posted its quarterly earnings data on Tuesday, January 27th. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.80 by $0.11. The business had revenue of $278.52 million during the quarter, compared to analyst estimates of $269.00 million. Renasant had a net margin of 12.55% and a return on equity of 7.53%.

Renasant Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, March 17th. Renasant’s dividend payout ratio (DPR) is currently 43.40%.

Insider Buying and Selling at Renasant

In other Renasant news, EVP Mark Jeanfreau sold 6,000 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $37.88, for a total value of $227,280.00. Following the completion of the transaction, the executive vice president owned 65,172 shares in the company, valued at $2,468,715.36. The trade was a 8.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO James C. Iv Mabry sold 12,500 shares of the company’s stock in a transaction on Friday, January 30th. The stock was sold at an average price of $37.83, for a total value of $472,875.00. Following the sale, the chief financial officer directly owned 105,337 shares in the company, valued at $3,984,898.71. This represents a 10.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 19,850 shares of company stock valued at $752,333 in the last 90 days. Company insiders own 2.81% of the company’s stock.

Analyst Upgrades and Downgrades

RNST has been the topic of several recent analyst reports. Weiss Ratings upgraded shares of Renasant from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, March 10th. TD Cowen reissued a “buy” rating on shares of Renasant in a research report on Thursday, January 29th. Wall Street Zen upgraded Renasant from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. Finally, Hovde Group raised their price target on Renasant from $41.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $43.00.

Renasant Profile

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. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate?1-4 family mortgage; real estate?commercial mortgage; real estate?construction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.