Deprince Race & Zollo Inc. Sells 212,902 Shares of Renasant Co. $RNST

Deprince Race & Zollo Inc. decreased its holdings in Renasant Co. (NASDAQ:RNST) by 17.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,040,455 shares of the financial services provider’s stock after selling 212,902 shares during the quarter. Deprince Race & Zollo Inc. owned 1.09% of Renasant worth $38,382,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RNST. Sheets Smith Wealth Management grew its stake in shares of Renasant by 2.1% in the 2nd quarter. Sheets Smith Wealth Management now owns 13,361 shares of the financial services provider’s stock worth $480,000 after acquiring an additional 280 shares in the last quarter. Corebridge Financial Inc. boosted its holdings in Renasant by 0.8% during the first quarter. Corebridge Financial Inc. now owns 33,583 shares of the financial services provider’s stock worth $1,139,000 after purchasing an additional 281 shares during the last quarter. Resolute Wealth Strategies LLC boosted its stake in shares of Renasant by 0.4% in the 2nd quarter. Resolute Wealth Strategies LLC now owns 77,499 shares of the financial services provider’s stock worth $2,785,000 after buying an additional 318 shares during the last quarter. HighTower Advisors LLC grew its holdings in shares of Renasant by 2.8% in the first quarter. HighTower Advisors LLC now owns 11,825 shares of the financial services provider’s stock valued at $401,000 after acquiring an additional 322 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Renasant by 49.5% during the second quarter. GAMMA Investing LLC now owns 1,489 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 493 shares during the last quarter. 77.31% of the stock is owned by institutional investors.

Analyst Ratings Changes

RNST has been the topic of several research reports. Hovde Group raised shares of Renasant from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $40.00 to $41.00 in a research report on Thursday, October 30th. Cowen began coverage on shares of Renasant in a research note on Wednesday, September 24th. They set a “buy” rating for the company. Finally, TD Cowen lowered their price target on shares of Renasant from $45.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. According to data from MarketBeat.com, Renasant presently has an average rating of “Buy” and an average price target of $43.17.

Renasant Stock Down 0.2%

Shares of NASDAQ:RNST opened at $36.18 on Friday. The firm has a fifty day moving average price of $35.31 and a two-hundred day moving average price of $36.54. The company has a market cap of $3.44 billion, a price-to-earnings ratio of 11.06 and a beta of 0.99. 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 Co. has a one year low of $26.97 and a one year high of $40.40.

Renasant (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, October 28th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). The business had revenue of $269.55 million for the quarter, compared to the consensus estimate of $271.96 million. Renasant had a net margin of 17.91% and a return on equity of 6.58%. During the same quarter last year, the business posted $1.18 EPS. Analysts anticipate that Renasant Co. will post 2.68 EPS for the current fiscal year.

Renasant Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 1st. Shareholders of record on Thursday, December 18th will be given a dividend of $0.23 per share. The ex-dividend date is Thursday, December 18th. This is a positive change from Renasant’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a yield of 2.5%. Renasant’s dividend payout ratio (DPR) is 46.23%.

Renasant Company Profile

Renasant Corporation is a financial holding company providing banking and related services through its primary subsidiary, Renasant Bank. With origins dating back to 1904 in Tupelo, Mississippi, the company offers a comprehensive suite of commercial and consumer banking products, including deposit accounts, lending and treasury management services. Renasant serves individuals, small businesses and corporate clients across the southeastern United States.

The company operates more than 110 banking offices across Mississippi, Alabama, Tennessee, Florida and Georgia, supplemented by a network of ATMs and digital platforms.