15,744 Renasant Corp $RNST Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue trimmed its holdings in Renasant Corp (NYSE:RNST) by 45.5% in the 3rd quarter, Holdings Channel reports. The fund owned 18,890 shares of the company’s stock after selling 15,744 shares during the quarter. State of Alaska Department of Revenue’s holdings in Renasant were worth $734,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Cibc World Market Inc. purchased a new position in Renasant during the 2nd quarter valued at about $5,025,000. William Blair Investment Management LLC purchased a new stake in Renasant in the second quarter worth about $32,882,000. BlackRock Inc. bought a new position in shares of Renasant during the second quarter valued at approximately $566,683,000. Hsbc Holdings PLC bought a new position in shares of Renasant during the first quarter valued at approximately $1,822,000. Finally, Deutsche Bank AG purchased a new position in shares of Renasant during the second quarter valued at approximately $4,177,000. 77.31% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Edward Mcgraw sold 35,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $43.88, for a total transaction of $1,535,800.00. Following the sale, the director owned 211,458 shares in the company, valued at $9,278,777.04. This represents a 14.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

RNST has been the topic of a number of analyst reports. TD Cowen dropped their price target on Renasant from $49.00 to $46.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Weiss Ratings raised Renasant from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Finally, Piper Sandler raised their price objective on Renasant from $46.00 to $48.00 and gave the company an “overweight” rating in a research report on Thursday, July 30th. Four research analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, Renasant currently has an average rating of “Buy” and a consensus target price of $46.67.

Renasant Stock Performance

Shares of Renasant stock opened at $41.44 on Friday. The stock has a market cap of $3.79 billion, a price-to-earnings ratio of 12.41 and a beta of 1.01. The firm’s 50-day moving average is $40.51 and its 200 day moving average is $41.16. Renasant Corp has a 1 year low of $33.04 and a 1 year high of $44.54. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.91 and a quick ratio of 0.90.

Renasant (NYSE:RNST) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.91 by $0.03. The company had revenue of $573.62 million for the quarter, compared to the consensus estimate of $280.71 million. Renasant had a net margin of 19.94% and a return on equity of 8.67%. During the same period in the prior year, the firm posted $0.01 EPS. Sell-side analysts anticipate that Renasant Corp will post 3.77 EPS for the current fiscal year.

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Wednesday, September 16th. Renasant’s dividend payout ratio is currently 28.74%.

About Renasant

Renasant Corporation is a financial services holding company headquartered in Tupelo, Mississippi. Through its principal subsidiary, Renasant Bank, the company provides banking and related financial services to individuals, families, small businesses, commercial clients and other organizations.

Renasant Bank offers deposit accounts, consumer and commercial lending, residential mortgages, treasury management and other business banking services. Its broader offerings also include wealth management, trust and investment services, financial planning and insurance-related solutions.

Renasant traces its banking history to 1904 and has expanded through organic growth and acquisitions.