46,875 Shares in Renasant Co. (NASDAQ:RNST) Acquired by Banc Funds Co. LLC

Banc Funds Co. LLC acquired a new stake in Renasant Co. (NASDAQ:RNST) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 46,875 shares of the financial services provider’s stock, valued at approximately $1,523,000. Banc Funds Co. LLC owned approximately 0.07% of Renasant at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Victory Capital Management Inc. increased its position in shares of Renasant by 1.7% in the third quarter. Victory Capital Management Inc. now owns 3,955,366 shares of the financial services provider’s stock valued at $128,549,000 after buying an additional 65,777 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Renasant by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,887,606 shares of the financial services provider’s stock worth $118,725,000 after acquiring an additional 22,821 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Renasant by 21.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock valued at $56,775,000 after purchasing an additional 303,945 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Renasant by 21.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 734,744 shares of the financial services provider’s stock valued at $23,879,000 after purchasing an additional 131,821 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Renasant by 61.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 652,292 shares of the financial services provider’s stock worth $21,199,000 after purchasing an additional 249,331 shares in the last quarter. 77.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RNST has been the topic of a number of recent research reports. Truist Financial reduced their target price on Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research note on Friday, September 20th. Hovde Group downgraded Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Finally, Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $34.00 to $40.00 in a research report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $39.33.

Renasant Price Performance

RNST stock opened at $37.62 on Monday. The stock has a market capitalization of $2.39 billion, a price-to-earnings ratio of 12.25 and a beta of 1.01. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. Renasant Co. has a 52-week low of $26.28 and a 52-week high of $39.47. The stock’s fifty day simple moving average is $34.53 and its 200-day simple moving average is $32.88.

Renasant (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Renasant had a return on equity of 6.70% and a net margin of 16.83%. The firm had revenue of $318.34 million for the quarter, compared to analyst estimates of $184.73 million. During the same period last year, the company earned $0.75 EPS. Equities research analysts expect that Renasant Co. will post 2.65 EPS for the current year.

Renasant Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.34%. The ex-dividend date is Wednesday, December 18th. Renasant’s dividend payout ratio (DPR) is 28.66%.

Insiders Place Their Bets

In other news, Director John Creekmore sold 3,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total transaction of $114,000.00. Following the completion of the sale, the director now directly owns 24,057 shares in the company, valued at $914,166. This represents a 11.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.82% of the stock is currently owned by insiders.

Renasant Profile

Renasant Corporation operates as a bank holding company for Renasant Bank that provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. The company operates through Community Banks, Insurance, and Wealth Management segments. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and factoring equipment leasing services, as well as safe deposit and night depository facilities.