Dimensional Fund Advisors LP Has $199.70 Million Stock Holdings in Renasant Co. $RNST

Dimensional Fund Advisors LP boosted its holdings in shares of Renasant Co. (NASDAQ:RNST) by 0.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,413,327 shares of the financial services provider’s stock after acquiring an additional 23,337 shares during the quarter. Dimensional Fund Advisors LP owned 5.70% of Renasant worth $199,697,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. New York State Common Retirement Fund grew its stake in shares of Renasant by 113.1% in the third quarter. New York State Common Retirement Fund now owns 733,356 shares of the financial services provider’s stock worth $27,054,000 after purchasing an additional 389,155 shares during the last quarter. Channing Capital Management LLC bought a new position in Renasant during the 3rd quarter worth $60,815,000. Public Sector Pension Investment Board raised its position in Renasant by 17.9% during 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 purchasing an additional 56,371 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Renasant by 100.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 553,572 shares of the financial services provider’s stock worth $19,890,000 after buying an additional 277,211 shares during the period. Finally, Algebris UK Ltd. acquired a new position in Renasant during the 3rd quarter worth about $5,645,000. Institutional investors own 77.31% of the company’s stock.

Renasant Price Performance

RNST stock opened at $37.04 on Monday. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of 11.33 and a beta of 0.97. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. Renasant Co. has a 12-month low of $26.97 and a 12-month high of $42.11. The company’s fifty day simple moving average is $38.14 and its 200 day simple moving average is $36.99.

Renasant (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.11. Renasant had a return on equity of 6.58% and a net margin of 17.91%.The firm had revenue of $216.11 million during the quarter, compared to the consensus estimate of $275.40 million. During the same period last year, the business posted $0.73 EPS. On average, analysts expect that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be given a dividend of $0.23 per share. The ex-dividend date is Tuesday, March 17th. This represents a $0.92 annualized dividend and a dividend yield of 2.5%. Renasant’s dividend payout ratio is presently 43.40%.

Insider Buying and Selling

In related news, CFO James C. Iv Mabry sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $37.83, for a total transaction of $472,875.00. Following the completion of the sale, the chief financial officer owned 105,337 shares of the company’s stock, valued at $3,984,898.71. This trade represents a 10.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Kelly Hutcheson sold 1,350 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $38.65, for a total value of $52,177.50. Following the completion of the transaction, the chief accounting officer directly owned 16,728 shares in the company, valued at approximately $646,537.20. This trade represents a 7.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 19,850 shares of company stock valued at $752,333 over the last 90 days. Company insiders own 2.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Hovde Group increased their price target on Renasant from $41.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, January 30th. TD Cowen reaffirmed a “buy” rating on shares of Renasant in a research note on Thursday, January 29th. One 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.com, the company currently has an average rating of “Buy” and an average target price of $43.00.

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.