Vanguard Group Inc. raised its position in Renasant Corporation (NASDAQ:RNST) by 44.4% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 3,410,031 shares of the financial services provider’s stock after buying an additional 1,048,279 shares during the period. Vanguard Group Inc. owned approximately 7.68% of Renasant Corporation worth $135,344,000 as of its most recent SEC filing.
A number of other large investors have also made changes to their positions in the company. Ameritas Investment Partners Inc. purchased a new stake in Renasant Corporation during the first quarter worth approximately $140,000. New York State Teachers Retirement System purchased a new stake in Renasant Corporation during the fourth quarter worth approximately $152,000. Great Lakes Advisors LLC purchased a new stake in Renasant Corporation during the first quarter worth approximately $245,000. Envestnet Asset Management Inc. boosted its stake in Renasant Corporation by 4.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 6,490 shares of the financial services provider’s stock worth $273,000 after buying an additional 302 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Renasant Corporation by 36.4% in the first quarter. Principal Financial Group Inc. now owns 7,692 shares of the financial services provider’s stock worth $305,000 after buying an additional 2,053 shares during the last quarter. Institutional investors and hedge funds own 66.33% of the company’s stock.
Shares of Renasant Corporation (NASDAQ RNST) traded down 0.73% during mid-day trading on Friday, hitting $39.66. 176,463 shares of the stock traded hands. The firm has a 50 day moving average of $42.21 and a 200 day moving average of $41.52. Renasant Corporation has a 12 month low of $32.51 and a 12 month high of $45.32. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 17.89 and a beta of 1.04.
Renasant Corporation (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.04. The company had revenue of $113.87 million during the quarter, compared to analysts’ expectations of $112.43 million. Renasant Corporation had a net margin of 20.31% and a return on equity of 8.31%. During the same period in the prior year, the business posted $0.59 earnings per share. On average, equities analysts expect that Renasant Corporation will post $2.35 EPS for the current fiscal year.
A number of equities research analysts have recently commented on RNST shares. Zacks Investment Research cut shares of Renasant Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, May 2nd. Keefe, Bruyette & Woods set a $43.00 price objective on shares of Renasant Corporation and gave the company a “hold” rating in a research report on Saturday, May 27th. Jefferies Group LLC restated a “hold” rating and set a $44.00 price objective on shares of Renasant Corporation in a research report on Friday, June 9th. ValuEngine upgraded shares of Renasant Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, June 27th. Finally, BidaskClub downgraded shares of Renasant Corporation from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. Renasant Corporation presently has a consensus rating of “Hold” and a consensus price target of $43.50.
In other Renasant Corporation news, EVP James W. Gray sold 5,000 shares of the company’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $39.94, for a total transaction of $199,700.00. Following the completion of the transaction, the executive vice president now directly owns 43,604 shares in the company, valued at $1,741,543.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Fred F. Sharpe acquired 2,000 shares of Renasant Corporation stock in a transaction on Friday, July 28th. The shares were bought at an average price of $42.33 per share, with a total value of $84,660.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 9,023 shares of company stock valued at $375,621 and have sold 25,000 shares valued at $1,052,800. Corporate insiders own 3.86% of the company’s stock.
About Renasant Corporation
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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