Russell Investments Group Ltd. Reduces Stock Position in Renasant Co. (NASDAQ:RNST)

Russell Investments Group Ltd. lessened its position in shares of Renasant Co. (NASDAQ:RNST – Get Rating) by 5.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 25,165 shares of the financial services provider’s stock after selling 1,561 shares during the quarter. Russell Investments Group Ltd.’s holdings in Renasant were worth $946,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in RNST. JPMorgan Chase & Co. grew its stake in Renasant by 14.6% during the 1st quarter. JPMorgan Chase & Co. now owns 223,044 shares of the financial services provider’s stock valued at $7,460,000 after purchasing an additional 28,419 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in Renasant by 13.9% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 6,225 shares of the financial services provider’s stock valued at $208,000 after purchasing an additional 760 shares during the last quarter. Citigroup Inc. boosted its stake in shares of Renasant by 12.0% in the first quarter. Citigroup Inc. now owns 49,405 shares of the financial services provider’s stock worth $1,653,000 after buying an additional 5,309 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of Renasant by 84.4% in the first quarter. Bank of Montreal Can now owns 41,006 shares of the financial services provider’s stock worth $1,398,000 after buying an additional 18,769 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its stake in shares of Renasant by 53.1% in the first quarter. MetLife Investment Management LLC now owns 29,195 shares of the financial services provider’s stock worth $977,000 after buying an additional 10,121 shares during the last quarter. Hedge funds and other institutional investors own 76.10% of the company’s stock.

Renasant Price Performance

Shares of Renasant stock opened at $26.69 on Friday. The business has a 50 day simple moving average of $28.28 and a two-hundred day simple moving average of $34.25. Renasant Co. has a 12 month low of $23.47 and a 12 month high of $41.77. The stock has a market capitalization of $1.50 billion, a P/E ratio of 8.39 and a beta of 1.09. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.86 and a quick ratio of 0.85.

Renasant (NASDAQ:RNST – Get Rating) last announced its earnings results on Tuesday, April 25th. The financial services provider reported $0.82 EPS for the quarter, meeting analysts’ consensus estimates of $0.82. Renasant had a return on equity of 8.54% and a net margin of 23.35%. The business had revenue of $221.34 million during the quarter, compared to analysts’ expectations of $167.60 million. During the same quarter in the prior year, the firm earned $0.60 earnings per share. As a group, analysts predict that Renasant Co. will post 3.1 EPS for the current fiscal year.

Renasant Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be issued a $0.22 dividend. The ex-dividend date is Thursday, June 15th. This represents a $0.88 annualized dividend and a dividend yield of 3.30%. Renasant’s dividend payout ratio is presently 27.67%.

Analyst Ratings Changes

A number of brokerages have recently commented on RNST. Truist Financial lowered their target price on Renasant from $38.00 to $34.00 and set a “hold” rating on the stock in a research note on Thursday, March 23rd. Piper Sandler lowered their target price on Renasant from $34.50 to $32.00 in a research note on Thursday, April 27th. Raymond James downgraded Renasant from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 6th. Keefe, Bruyette & Woods lowered their price target on Renasant from $40.00 to $35.00 and set a “market perform” rating on the stock in a research report on Thursday, April 6th. Finally, StockNews.com started coverage on Renasant in a research report on Thursday, May 18th. They set a “sell” rating on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Renasant presently has an average rating of “Hold” and a consensus target price of $35.67.

Insider Activity at Renasant

In related news, Director John Foy purchased 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 3rd. The stock was purchased at an average price of $25.95 per share, with a total value of $77,850.00. Following the completion of the acquisition, the director now owns 34,793 shares in the company, valued at $902,878.35. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Renasant news, EVP Curtis J. Perry bought 10,000 shares of the business’s stock in a transaction on Wednesday, May 10th. The stock was bought at an average price of $24.45 per share, with a total value of $244,500.00. Following the completion of the purchase, the executive vice president now directly owns 70,413 shares in the company, valued at $1,721,597.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Foy bought 3,000 shares of the business’s stock in a transaction on Wednesday, May 3rd. The shares were acquired at an average cost of $25.95 per share, with a total value of $77,850.00. Following the purchase, the director now owns 34,793 shares of the company’s stock, valued at $902,878.35. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 13,500 shares of company stock valued at $337,350. 2.87% of the stock is currently owned by insiders.

Renasant Company Profile

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Renasant Corp. is a bank holding company, which engages in the provision of financial, fiduciary, and insurance services. It operates through the following segments: Community Banks, Insurance, Wealth Management, and Other. The Community Banks segment delivers banking and financial services to individuals and small to medium sized businesses including checking and savings accounts, business and personal loans, interim construction loans, specialty commercial lending, as well as safe deposit and night depository facilities.