Thrivent Financial for Lutherans Increases Stock Position in Renasant Co. (NASDAQ:RNST)

Thrivent Financial for Lutherans raised its holdings in shares of Renasant Co. (NASDAQ:RNST) by 6.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 49,910 shares of the financial services provider’s stock after purchasing an additional 3,142 shares during the period. Thrivent Financial for Lutherans owned approximately 0.08% of Renasant worth $1,622,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Renasant by 6.2% during the first quarter. CANADA LIFE ASSURANCE Co now owns 55,039 shares of the financial services provider’s stock valued at $1,724,000 after purchasing an additional 3,197 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Renasant during the 1st quarter valued at about $208,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Renasant by 3.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 53,621 shares of the financial services provider’s stock valued at $1,680,000 after acquiring an additional 1,999 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of Renasant by 1.2% in the first quarter. Public Employees Retirement System of Ohio now owns 119,696 shares of the financial services provider’s stock worth $3,749,000 after acquiring an additional 1,364 shares during the period. Finally, Park Place Capital Corp raised its holdings in shares of Renasant by 0.9% during the second quarter. Park Place Capital Corp now owns 88,502 shares of the financial services provider’s stock valued at $2,703,000 after purchasing an additional 804 shares during the last quarter. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Renasant Trading Down 0.7 %

NASDAQ:RNST opened at $37.62 on Friday. Renasant Co. has a one year low of $26.28 and a one year high of $39.47. The business has a fifty day moving average price of $34.53 and a 200-day moving average price of $32.85. The firm has a market capitalization of $2.39 billion, a price-to-earnings ratio of 12.25 and a beta of 1.01. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94.

Renasant (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Renasant had a return on equity of 6.70% and a net margin of 16.83%. The business had revenue of $318.34 million during the quarter, compared to analysts’ expectations of $184.73 million. During the same quarter in the prior year, the business posted $0.75 earnings per share. Sell-side analysts forecast that Renasant Co. will post 2.65 EPS for the current year.

Renasant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Wednesday, December 18th. Renasant’s payout ratio is 28.66%.

Insider Buying and Selling at Renasant

In other news, Director John Creekmore sold 3,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total value of $114,000.00. Following the completion of the transaction, the director now owns 24,057 shares of the company’s stock, valued at $914,166. This represents a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.82% of the company’s stock.

Analyst Ratings Changes

RNST has been the topic of several research reports. Keefe, Bruyette & Woods upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $36.00 to $40.00 in a report on Friday, August 2nd. Truist Financial dropped their price target on Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research note on Friday, September 20th. Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $34.00 to $40.00 in a research report on Monday, August 5th. Finally, Hovde Group downgraded Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.33.

About Renasant

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. The company operates through Community Banks, Insurance, and Wealth Management segments. 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.