Renasant Co. $RNST Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. trimmed its holdings in Renasant Co. (NASDAQ:RNST) by 12.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,496,844 shares of the financial services provider’s stock after selling 491,589 shares during the quarter. Victory Capital Management Inc. owned 3.68% of Renasant worth $128,999,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in RNST. State Street Corp lifted its stake in Renasant by 14.1% during the second quarter. State Street Corp now owns 4,812,696 shares of the financial services provider’s stock valued at $172,920,000 after purchasing an additional 595,609 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Renasant by 365.6% in the second quarter. Invesco Ltd. now owns 2,215,665 shares of the financial services provider’s stock valued at $79,609,000 after buying an additional 1,739,786 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Renasant by 48.0% during the 2nd quarter. Geode Capital Management LLC now owns 2,203,182 shares of the financial services provider’s stock valued at $79,169,000 after acquiring an additional 714,972 shares during the last quarter. Channing Capital Management LLC bought a new stake in shares of Renasant during the 3rd quarter worth $60,815,000. Finally, Frontier Capital Management Co. LLC grew its holdings in shares of Renasant by 1.0% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,136,898 shares of the financial services provider’s stock worth $40,849,000 after acquiring an additional 11,242 shares during the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

Insider Activity at Renasant

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on RNST shares. TD Cowen reaffirmed a “buy” rating on shares of Renasant in a report on Thursday, January 29th. Hovde Group upped their price objective on shares of Renasant from $41.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. According to MarketBeat.com, Renasant presently has a consensus rating of “Buy” and a consensus price target of $43.00.

Renasant Trading Up 0.9%

Shares of RNST stock opened at $38.75 on Thursday. Renasant Co. has a 12-month low of $26.97 and a 12-month high of $42.11. 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 company has a 50 day moving average of $38.09 and a 200-day moving average of $36.99. The firm has a market cap of $3.68 billion, a P/E ratio of 11.85 and a beta of 0.97.

Renasant (NASDAQ:RNST) last issued its earnings results on Tuesday, January 27th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $275.40 million. During the same period in the previous year, the company posted $0.73 earnings per share. Sell-side analysts anticipate that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be paid a $0.23 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $0.92 annualized dividend and a dividend yield of 2.4%. Renasant’s dividend payout ratio (DPR) is presently 43.40%.

Renasant 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.