Renasant Co. (NASDAQ:RNST) Position Lowered by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its stake in shares of Renasant Co. (NASDAQ:RNST) by 2.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 353,143 shares of the financial services provider’s stock after selling 7,441 shares during the period. Principal Financial Group Inc. owned about 0.63% of Renasant worth $10,799,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of RNST. JPMorgan Chase & Co. lifted its position in shares of Renasant by 14.6% during the first quarter. JPMorgan Chase & Co. now owns 223,044 shares of the financial services provider’s stock worth $7,460,000 after purchasing an additional 28,419 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Renasant by 13.9% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 6,225 shares of the financial services provider’s stock worth $208,000 after acquiring an additional 760 shares during the period. Citigroup Inc. raised its stake in Renasant by 12.0% during the first quarter. Citigroup Inc. now owns 49,405 shares of the financial services provider’s stock worth $1,653,000 after acquiring an additional 5,309 shares during the period. Bank of Montreal Can raised its stake in Renasant by 84.4% during the first quarter. Bank of Montreal Can now owns 41,006 shares of the financial services provider’s stock worth $1,398,000 after acquiring an additional 18,769 shares during the period. Finally, MetLife Investment Management LLC raised its stake in Renasant by 53.1% during the first quarter. MetLife Investment Management LLC now owns 29,195 shares of the financial services provider’s stock worth $977,000 after acquiring an additional 10,121 shares during the period. Institutional investors own 76.47% of the company’s stock.

Renasant Trading Up 0.6 %

Renasant stock opened at $28.19 on Tuesday. The firm has a 50 day simple moving average of $28.85 and a 200-day simple moving average of $29.70. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.90 and a quick ratio of 0.88. The stock has a market capitalization of $1.58 billion, a PE ratio of 9.46 and a beta of 1.10. Renasant Co. has a 12-month low of $23.47 and a 12-month high of $41.77.

Renasant (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.08. The business had revenue of $214.39 million during the quarter, compared to analysts’ expectations of $170.80 million. Renasant had a net margin of 20.47% and a return on equity of 8.69%. During the same period last year, the firm posted $0.72 earnings per share. As a group, equities research analysts expect that Renasant Co. will post 2.9 EPS for the current fiscal year.

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 3.12%. The ex-dividend date is Thursday, September 14th. Renasant’s dividend payout ratio (DPR) is presently 29.53%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Truist Financial increased their price objective on shares of Renasant from $29.00 to $34.00 and gave the stock a “hold” rating in a research note on Thursday, July 27th. StockNews.com began coverage on shares of Renasant in a research note on Thursday, August 17th. They issued a “sell” rating on the stock. Piper Sandler raised their price target on shares of Renasant from $30.00 to $32.00 in a research note on Thursday, July 27th. Finally, Stephens raised their price target on shares of Renasant from $30.00 to $34.00 in a research note on Thursday, July 27th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $34.80.

Renasant Company 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 factoring equipment leasing services, as well as safe deposit and night depository facilities.