LPL Financial LLC Purchases 1,018 Shares of Renasant Co. (NASDAQ:RNST)

LPL Financial LLC lifted its stake in Renasant Co. (NASDAQ:RNST – Get Rating) by 1.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,482 shares of the financial services provider’s stock after purchasing an additional 1,018 shares during the quarter. LPL Financial LLC owned about 0.11% of Renasant worth $2,274,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Credit Suisse AG lifted its position in Renasant by 0.6% in the 3rd quarter. Credit Suisse AG now owns 46,615 shares of the financial services provider’s stock valued at $1,459,000 after acquiring an additional 283 shares in the last quarter. SummerHaven Investment Management LLC increased its stake in shares of Renasant by 1.1% in the 4th quarter. SummerHaven Investment Management LLC now owns 26,545 shares of the financial services provider’s stock worth $998,000 after purchasing an additional 283 shares in the last quarter. Verition Fund Management LLC boosted its holdings in Renasant by 4.6% in the 3rd quarter. Verition Fund Management LLC now owns 7,833 shares of the financial services provider’s stock worth $245,000 after buying an additional 345 shares during the period. IFP Advisors Inc boosted its holdings in Renasant by 327.8% in the 3rd quarter. IFP Advisors Inc now owns 492 shares of the financial services provider’s stock worth $34,000 after buying an additional 377 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Renasant by 0.9% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 47,696 shares of the financial services provider’s stock worth $1,374,000 after buying an additional 404 shares during the period. 76.10% of the stock is owned by institutional investors.

Renasant Price Performance

Shares of RNST opened at $25.87 on Monday. Renasant Co. has a twelve month low of $23.47 and a twelve month high of $41.77. The company has a 50 day moving average of $28.55 and a two-hundred day moving average of $34.49. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.20. The company has a market cap of $1.45 billion, a price-to-earnings ratio of 8.14 and a beta of 1.09.

Renasant (NASDAQ:RNST – Get Rating) last posted its quarterly earnings data on Tuesday, April 25th. The financial services provider reported $0.82 EPS for the quarter, hitting the consensus estimate of $0.82. Renasant had a net margin of 23.35% and a return on equity of 8.54%. The business had revenue of $221.34 million during the quarter, compared to the consensus estimate of $167.60 million. During the same period in the previous year, the firm posted $0.60 earnings per share. As a group, analysts predict that Renasant Co. will post 3.1 earnings per share for the current fiscal year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, June 15th. This represents a $0.88 annualized dividend and a dividend yield of 3.40%. Renasant’s dividend payout ratio (DPR) is presently 27.67%.

Analysts Set New Price Targets

Several research analysts have commented on RNST shares. StockNews.com started coverage on shares of Renasant in a report on Thursday. They set a “sell” rating for the company. Raymond James lowered shares of Renasant from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 6th. Piper Sandler reduced their price objective on shares of Renasant from $34.50 to $32.00 in a research report on Thursday, April 27th. Truist Financial reduced their target price on shares of Renasant from $38.00 to $34.00 and set a “hold” rating on the stock in a research report on Thursday, March 23rd. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Renasant from $40.00 to $35.00 and set a “market perform” rating on the stock in a research report on Thursday, April 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $35.67.

Insider Buying and Selling

In other news, EVP Curtis J. Perry acquired 10,000 shares of the business’s stock in a transaction on Wednesday, May 10th. The stock was bought at an average price of $24.45 per share, with a total value of $244,500.00. Following the completion of the acquisition, the executive vice president now owns 70,413 shares of the company’s stock, valued at $1,721,597.85. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Renasant news, Director John Foy purchased 3,000 shares of the stock in a transaction that occurred on Wednesday, May 3rd. The shares were purchased at an average cost of $25.95 per share, for a total transaction of $77,850.00. Following the completion of the transaction, the director now owns 34,793 shares of the company’s stock, valued at approximately $902,878.35. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Curtis J. Perry bought 10,000 shares of the firm’s stock in a transaction on Wednesday, May 10th. The stock was purchased at an average price of $24.45 per share, for a total transaction of $244,500.00. Following the completion of the acquisition, the executive vice president now directly owns 70,413 shares in the company, valued at $1,721,597.85. The disclosure for this purchase can be found here. Insiders acquired a total of 13,500 shares of company stock valued at $337,350 over the last 90 days. Insiders own 2.87% of the company’s stock.

Renasant Profile

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Renasant Corp. is a bank holding company, which engages in the provision of financial, fiduciary, and insurance services. It operates through the following segments: Community Banks, Insurance, Wealth Management, and Other. The Community Banks segment delivers banking and financial services to individuals and small to medium sized businesses including checking and savings accounts, business and personal loans, interim construction loans, specialty commercial lending, as well as safe deposit and night depository facilities.