Renasant Co. $RNST Shares Sold by Citigroup Inc.

Citigroup Inc. trimmed its holdings in Renasant Co. (NASDAQ:RNST) by 41.0% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 135,428 shares of the financial services provider’s stock after selling 94,137 shares during the period. Citigroup Inc. owned 0.14% of Renasant worth $4,996,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. New York State Common Retirement Fund increased its stake in Renasant by 113.1% in the 3rd quarter. New York State Common Retirement Fund now owns 733,356 shares of the financial services provider’s stock valued at $27,054,000 after buying an additional 389,155 shares during the period. Public Sector Pension Investment Board lifted its stake in shares of Renasant by 17.9% in the 3rd quarter. Public Sector Pension Investment Board now owns 370,597 shares of the financial services provider’s stock worth $13,671,000 after acquiring an additional 56,371 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Renasant by 100.3% in the second quarter. JPMorgan Chase & Co. now owns 553,572 shares of the financial services provider’s stock valued at $19,890,000 after acquiring an additional 277,211 shares in the last quarter. Algebris UK Ltd. acquired a new position in shares of Renasant during the third quarter worth about $5,645,000. Finally, Russell Investments Group Ltd. raised its holdings in Renasant by 23.0% during the second quarter. Russell Investments Group Ltd. now owns 176,344 shares of the financial services provider’s stock worth $6,336,000 after purchasing an additional 32,967 shares in the last quarter. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Insider Buying and Selling

In other Renasant news, CFO James C. Iv Mabry sold 12,500 shares of the firm’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $37.83, for a total transaction of $472,875.00. Following the transaction, the chief financial officer owned 105,337 shares of the company’s stock, valued at approximately $3,984,898.71. This trade represents a 10.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark Jeanfreau sold 6,000 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $37.88, for a total transaction of $227,280.00. Following the completion of the sale, the executive vice president directly owned 65,172 shares of the company’s stock, valued at $2,468,715.36. This trade represents a 8.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.81% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Hovde Group boosted their target price on Renasant from $41.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. TD Cowen reaffirmed a “buy” rating on shares of Renasant in a research note on Thursday, January 29th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company’s stock. Based on data from MarketBeat, Renasant presently has an average rating of “Buy” and a consensus target price of $43.00.

Renasant Trading Down 1.3%

RNST opened at $38.42 on Wednesday. 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 firm’s 50 day moving average is $38.04 and its 200-day moving average is $36.98. The firm has a market capitalization of $3.65 billion, a P/E ratio of 11.75 and a beta of 0.97. Renasant Co. has a 52-week low of $26.97 and a 52-week high of $42.11.

Renasant (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, January 27th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.11. The company had revenue of $216.11 million for the quarter, compared to the consensus estimate of $275.40 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 earned $0.73 EPS. Analysts expect that Renasant Co. will post 2.68 EPS for the current fiscal year.

Renasant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Tuesday, March 17th. Renasant’s payout ratio is presently 43.40%.

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.