Brown Advisory Inc. Reduces Stake in Renasant Corporation (RNST)
Brown Advisory Inc. cut its stake in Renasant Corporation (NASDAQ:RNST) by 2.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 531,300 shares of the financial services provider’s stock after selling 16,134 shares during the quarter. Brown Advisory Inc. owned approximately 1.08% of Renasant worth $22,793,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of RNST. Westwood Holdings Group Inc. acquired a new position in Renasant during the second quarter worth $43,071,000. Wells Fargo & Company MN increased its position in Renasant by 36.5% during the third quarter. Wells Fargo & Company MN now owns 1,423,017 shares of the financial services provider’s stock worth $61,048,000 after buying an additional 380,801 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Renasant by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 2,935,262 shares of the financial services provider’s stock worth $128,390,000 after buying an additional 106,531 shares during the last quarter. Ameriprise Financial Inc. increased its position in Renasant by 15.1% during the second quarter. Ameriprise Financial Inc. now owns 784,698 shares of the financial services provider’s stock worth $34,328,000 after buying an additional 102,677 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Renasant by 2.8% during the second quarter. Vanguard Group Inc. now owns 3,505,554 shares of the financial services provider’s stock worth $153,333,000 after buying an additional 95,523 shares during the last quarter. 65.21% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have commented on RNST. ValuEngine raised shares of Renasant from a “hold” rating to a “buy” rating in a research report on Monday, September 18th. Zacks Investment Research raised shares of Renasant from a “sell” rating to a “hold” rating in a research report on Wednesday, August 16th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $43.00 target price on shares of Renasant in a research report on Friday, September 29th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company. Renasant currently has a consensus rating of “Hold” and a consensus target price of $44.00.
In other Renasant news, Director Michael D. Shmerling purchased 1,000 shares of the stock in a transaction dated Friday, November 10th. The shares were bought at an average cost of $39.40 per share, with a total value of $39,400.00. Following the completion of the transaction, the director now owns 157,347 shares in the company, valued at approximately $6,199,471.80. The transaction was disclosed in a legal 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 firm’s stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $42.39, for a total value of $423,900.00. Following the completion of the sale, the director now directly owns 29,921 shares in the company, valued at $1,268,351.19. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,729 shares of company stock worth $1,067,623. 3.86% of the stock is currently owned by company insiders.
Renasant Corporation (NASDAQ:RNST) opened at $42.58 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.14. The company has a market cap of $2,122.74, a price-to-earnings ratio of 18.16 and a beta of 1.00. Renasant Corporation has a 1 year low of $37.68 and a 1 year high of $45.31.
Renasant (NASDAQ:RNST) last posted its earnings results on Tuesday, October 17th. The financial services provider reported $0.53 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by ($0.08). The business had revenue of $123.43 million for the quarter, compared to analyst estimates of $127.07 million. Renasant had a return on equity of 8.15% and a net margin of 20.44%. During the same period in the previous year, the company earned $0.59 earnings per share. equities analysts anticipate that Renasant Corporation will post 2.3 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be given a $0.19 dividend. This is an increase from Renasant’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend is Thursday, December 14th. Renasant’s dividend payout ratio (DPR) is currently 32.88%.
Renasant 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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