Renasant Corp $RNST Stock Sold by Sterling Capital Management LLC

Sterling Capital Management LLC decreased its position in Renasant Corp (NYSE:RNST) by 94.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,817 shares of the company’s stock after selling 28,227 shares during the quarter. Sterling Capital Management LLC’s holdings in Renasant were worth $71,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Inspire Investing LLC raised its stake in shares of Renasant by 2.2% during the third quarter. Inspire Investing LLC now owns 16,325 shares of the company’s stock worth $635,000 after acquiring an additional 344 shares in the last quarter. Tidal Investments LLC purchased a new stake in shares of Renasant in the 2nd quarter valued at $1,991,000. Nykredit A S purchased a new stake in shares of Renasant in the 2nd quarter valued at $47,000. Corient Private Wealth LP purchased a new stake in shares of Renasant in the 2nd quarter valued at $1,056,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Renasant during the 2nd quarter valued at $370,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Renasant Trading Down 1.9%

NYSE RNST opened at $39.77 on Wednesday. The firm has a market capitalization of $3.64 billion, a PE ratio of 11.14 and a beta of 1.02. The stock’s 50 day moving average is $40.27 and its 200 day moving average is $40.23. Renasant Corp has a twelve month low of $33.05 and a twelve month high of $44.54. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.20.

Renasant (NYSE:RNST) last posted its quarterly earnings data on Tuesday, October 27th. The company reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.08). The firm had revenue of $272.96 million during the quarter, compared to the consensus estimate of $282.34 million. Renasant had a return on equity of 8.83% and a net margin of 21.16%. During the same quarter last year, the company posted $0.77 EPS. Research analysts forecast that Renasant Corp will post 3.71 earnings per share for the current fiscal year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were given a $0.24 dividend. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.4%. Renasant’s dividend payout ratio is currently 26.89%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on RNST shares. Weiss Ratings upgraded shares of Renasant from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Raymond James Financial lowered shares of Renasant from a “strong-buy” rating to an “outperform” rating and cut their price target for the company from $50.00 to $45.00 in a research report on Thursday, October 29th. TD Cowen reduced their price objective on Renasant from $46.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, October 29th. Finally, Piper Sandler lifted their target price on shares of Renasant from $46.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, July 30th. Five analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, Renasant has a consensus rating of “Buy” and an average price target of $46.00.

Renasant Company Profile

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.