Renasant Corporation (RNST) Stake Lowered by Peregrine Capital Management LLC
Peregrine Capital Management LLC lessened its position in Renasant Corporation (NASDAQ:RNST) by 20.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 229,911 shares of the financial services provider’s stock after selling 57,821 shares during the period. Peregrine Capital Management LLC owned approximately 0.47% of Renasant Corporation worth $9,863,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in RNST. Advisor Group Inc. lifted its stake in shares of Renasant Corporation by 13.3% in the 2nd quarter. Advisor Group Inc. now owns 3,168 shares of the financial services provider’s stock worth $138,000 after acquiring an additional 371 shares during the period. New York State Teachers Retirement System lifted its stake in shares of Renasant Corporation by 5.6% in the 1st quarter. New York State Teachers Retirement System now owns 3,800 shares of the financial services provider’s stock worth $151,000 after acquiring an additional 200 shares during the period. Ameritas Investment Partners Inc. lifted its stake in shares of Renasant Corporation by 7.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,792 shares of the financial services provider’s stock worth $166,000 after acquiring an additional 264 shares during the period. Amalgamated Bank lifted its stake in shares of Renasant Corporation by 4.2% in the 1st quarter. Amalgamated Bank now owns 5,350 shares of the financial services provider’s stock worth $212,000 after acquiring an additional 214 shares during the period. Finally, Highwater Wealth Management LLC acquired a new stake in shares of Renasant Corporation in the 3rd quarter worth $213,000. Institutional investors own 62.15% of the company’s stock.
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Renasant Corporation (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.08). The company had revenue of $123.43 million during the quarter, compared to analyst estimates of $127.07 million. Renasant Corporation had a return on equity of 8.57% and a net margin of 20.44%. During the same period in the previous year, the company earned $0.59 EPS.
Several research firms have recently commented on RNST. Zacks Investment Research cut shares of Renasant Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, July 8th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $43.00 target price on shares of Renasant Corporation in a research note on Friday, September 29th. BidaskClub cut shares of Renasant Corporation from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. Jefferies Group LLC restated a “hold” rating and issued a $44.00 target price on shares of Renasant Corporation in a research note on Friday, July 14th. Finally, ValuEngine upgraded shares of Renasant Corporation from a “hold” rating to a “buy” rating in a research note on Monday, September 18th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. Renasant Corporation presently has an average rating of “Hold” and an average price target of $44.00.
In related news, Director Fred F. Sharpe acquired 2,000 shares of Renasant Corporation stock in a transaction that occurred on Friday, August 11th. The stock was acquired at an average price of $39.55 per share, with a total value of $79,100.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director J Niles Mcneel sold 10,000 shares of the company’s stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $42.39, for a total transaction of $423,900.00. Following the completion of the sale, the director now directly owns 29,921 shares of the company’s stock, valued at approximately $1,268,351.19. The disclosure for this sale can be found here. Insiders purchased 3,023 shares of company stock valued at $121,521 in the last ninety days. Corporate insiders own 3.86% of the company’s stock.
Renasant Corporation Company Profile
Renasant Corporation is a bank holding company that owns and operates Renasant Bank (the Bank) and Renasant Insurance, Inc (Renasant Insurance). The Company’s segments include Community Banks, which delivers a range of banking and financial services to individuals and small to medium-sized businesses, including checking and savings accounts, business and personal loans, equipment leasing, as well as safe deposit and night depository facilities; Insurance, which includes a full service insurance agency offering all lines of commercial and personal insurance through major carriers; Wealth Management, which offers a range of fiduciary services that includes the administration and management of trust accounts, including personal and corporate benefit accounts, and custodial accounts, and Other.
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