Bank of New York Mellon Corp Decreases Holdings in Renasant Co. (NASDAQ:RNST)

Bank of New York Mellon Corp cut its holdings in shares of Renasant Co. (NASDAQ:RNST) by 3.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 590,385 shares of the financial services provider’s stock after selling 23,649 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.05% of Renasant worth $18,054,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in RNST. Delta Asset Management LLC TN purchased a new position in Renasant during the 4th quarter valued at about $29,000. Point72 Middle East FZE bought a new stake in shares of Renasant during the 4th quarter valued at about $74,000. Smith Shellnut Wilson LLC ADV bought a new stake in shares of Renasant during the 4th quarter valued at about $222,000. Cravens & Co Advisors LLC bought a new stake in shares of Renasant during the 4th quarter valued at about $228,000. Finally, Barnes Pettey Financial Advisors LLC bought a new stake in shares of Renasant during the 4th quarter valued at about $231,000. 76.47% of the stock is owned by hedge funds and other institutional investors.

Renasant Stock Performance

NASDAQ:RNST opened at $28.17 on Wednesday. The firm has a market cap of $1.58 billion, a PE ratio of 9.45 and a beta of 1.10. Renasant Co. has a fifty-two week low of $23.47 and a fifty-two week high of $41.77. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.88 and a current ratio of 0.90. The business has a 50 day moving average price of $28.83 and a 200-day moving average price of $29.63.

Renasant (NASDAQ:RNST) last announced its earnings results on Tuesday, July 25th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.08. The company had revenue of $214.39 million during the quarter, compared to the consensus estimate of $170.80 million. Renasant had a return on equity of 8.69% and a net margin of 20.47%. During the same quarter in the prior year, the company earned $0.72 earnings per share. Equities research analysts predict that Renasant Co. will post 2.9 earnings per share for the current year.

Renasant Dividend Announcement

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RNST. Piper Sandler lifted their price target on Renasant from $30.00 to $32.00 in a research report on Thursday, July 27th. StockNews.com started coverage on Renasant in a research report on Thursday, August 17th. They issued a “sell” rating for the company. Truist Financial boosted their target price on Renasant from $29.00 to $34.00 and gave the stock a “hold” rating in a research report on Thursday, July 27th. Finally, Stephens boosted their target price on Renasant from $30.00 to $34.00 in a research report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target 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.