Renasant Co. (NASDAQ:RNST) Shares Acquired by Bank of Montreal Can

Bank of Montreal Can raised its stake in Renasant Co. (NASDAQ:RNST) by 4.1% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 9,619 shares of the financial services provider’s stock after buying an additional 383 shares during the quarter. Bank of Montreal Can’s holdings in Renasant were worth $344,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of RNST. Barclays PLC grew its position in Renasant by 183.3% in the 3rd quarter. Barclays PLC now owns 137,217 shares of the financial services provider’s stock worth $4,461,000 after purchasing an additional 88,783 shares during the last quarter. Virtu Financial LLC bought a new position in Renasant in the 3rd quarter worth approximately $357,000. Franklin Resources Inc. increased its position in Renasant by 122.0% in the 3rd quarter. Franklin Resources Inc. now owns 27,669 shares of the financial services provider’s stock valued at $910,000 after acquiring an additional 15,203 shares during the period. Principal Financial Group Inc. raised its stake in Renasant by 7.8% during the 3rd quarter. Principal Financial Group Inc. now owns 299,485 shares of the financial services provider’s stock valued at $9,733,000 after acquiring an additional 21,683 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Renasant by 81.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 263,353 shares of the financial services provider’s stock worth $8,559,000 after acquiring an additional 117,950 shares during the period. Institutional investors and hedge funds own 77.31% of the company’s stock.

Renasant Stock Up 8.6 %

RNST stock opened at $31.08 on Thursday. Renasant Co. has a twelve month low of $26.97 and a twelve month high of $39.63. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The company has a market cap of $1.98 billion, a PE ratio of 9.50 and a beta of 0.93. The business’s 50-day simple moving average is $33.05 and its 200 day simple moving average is $35.03.

Renasant (NASDAQ:RNST) last released its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.06. The business had revenue of $170.59 million for the quarter, compared to analysts’ expectations of $170.38 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%. During the same period in the previous year, the business posted $0.65 earnings per share. On average, research analysts anticipate that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a $0.22 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.88 dividend on an annualized basis and a yield of 2.83%. Renasant’s payout ratio is 26.91%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $46.00 price objective (up from $45.00) on shares of Renasant in a report on Thursday, January 30th. StockNews.com cut Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Piper Sandler boosted their price objective on Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Raymond James lowered their target price on shares of Renasant from $44.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 2nd. Finally, Stephens boosted their price objective on Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Renasant currently has a consensus rating of “Hold” and a consensus price target of $42.17.

Insider Activity at Renasant

In related news, CAO Kelly Hutcheson sold 1,310 shares of the firm’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $36.72, for a total value of $48,103.20. Following the completion of the transaction, the chief accounting officer now directly owns 17,586 shares of the company’s stock, valued at approximately $645,757.92. This trade represents a 6.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.81% of the stock is currently owned by corporate insiders.

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. 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.