Principal Financial Group Inc. Increases Position in Renasant Co. (NASDAQ:RNST)

Principal Financial Group Inc. grew its stake in Renasant Co. (NASDAQ:RNST – Get Rating) by 4.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 360,584 shares of the financial services provider’s stock after acquiring an additional 15,582 shares during the quarter. Principal Financial Group Inc.’s holdings in Renasant were worth $13,554,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in RNST. State Street Corp increased its holdings in shares of Renasant by 10.8% in the 1st quarter. State Street Corp now owns 2,908,644 shares of the financial services provider’s stock valued at $97,294,000 after acquiring an additional 282,738 shares during the period. Millennium Management LLC increased its holdings in shares of Renasant by 2,244.0% in the 2nd quarter. Millennium Management LLC now owns 292,433 shares of the financial services provider’s stock valued at $8,425,000 after acquiring an additional 279,957 shares during the period. Fisher Asset Management LLC increased its holdings in shares of Renasant by 1,005.0% in the 3rd quarter. Fisher Asset Management LLC now owns 290,268 shares of the financial services provider’s stock valued at $9,080,000 after acquiring an additional 264,000 shares during the period. Renaissance Technologies LLC purchased a new position in shares of Renasant in the 2nd quarter valued at $4,916,000. Finally, Vanguard Group Inc. increased its holdings in shares of Renasant by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 6,153,599 shares of the financial services provider’s stock valued at $205,838,000 after acquiring an additional 149,653 shares during the period. 76.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on RNST shares. Raymond James downgraded Renasant from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 6th. Piper Sandler dropped their target price on Renasant from $34.50 to $32.00 in a research note on Thursday, April 27th. StockNews.com started coverage on Renasant in a research note on Thursday, May 18th. They set a “sell” rating on the stock. Keefe, Bruyette & Woods dropped their target price on Renasant from $40.00 to $35.00 and set a “market perform” rating on the stock in a research note on Thursday, April 6th. Finally, Truist Financial dropped their target price on Renasant from $38.00 to $34.00 and set a “hold” rating on the stock in a research note on Thursday, March 23rd. One equities 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $35.67.

Insider Activity

In related news, Director John Foy acquired 3,000 shares of the firm’s stock in a transaction dated Wednesday, May 3rd. The stock was acquired at an average price of $25.95 per share, with a total value of $77,850.00. Following the acquisition, the director now directly owns 34,793 shares in the company, valued at approximately $902,878.35. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director John Foy acquired 3,000 shares of the firm’s stock in a transaction dated Wednesday, May 3rd. The stock was acquired at an average price of $25.95 per share, with a total value of $77,850.00. Following the acquisition, the director now directly owns 34,793 shares in the company, valued at approximately $902,878.35. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Curtis J. Perry acquired 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 10th. The stock was bought at an average cost of $24.45 per share, with a total value of $244,500.00. Following the acquisition, the executive vice president now owns 70,413 shares in the company, valued at $1,721,597.85. The disclosure for this purchase can be found here. Insiders purchased a total of 13,500 shares of company stock valued at $337,350 in the last quarter. 2.87% of the stock is currently owned by company insiders.

Renasant Stock Down 0.6 %

Renasant stock opened at $26.84 on Thursday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.85 and a current ratio of 0.86. The business’s 50-day simple moving average is $28.28 and its two-hundred day simple moving average is $34.25. The company has a market cap of $1.51 billion, a PE ratio of 8.44 and a beta of 1.09. Renasant Co. has a fifty-two week low of $23.47 and a fifty-two week high of $41.77.

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

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Friday, June 16th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Thursday, June 15th. This represents a $0.88 annualized dividend and a dividend yield of 3.28%. Renasant’s dividend payout ratio (DPR) is presently 27.67%.

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.