Park Place Capital Corp Sells 25,460 Shares of Renasant Co. (NASDAQ:RNST)

Park Place Capital Corp reduced its position in Renasant Co. (NASDAQ:RNST) by 22.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 87,698 shares of the financial services provider’s stock after selling 25,460 shares during the quarter. Renasant comprises about 1.0% of Park Place Capital Corp’s holdings, making the stock its 23rd biggest holding. Park Place Capital Corp owned 0.16% of Renasant worth $2,747,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of RNST. Deutsche Bank AG grew its position in shares of Renasant by 13.9% during the 3rd quarter. Deutsche Bank AG now owns 27,167 shares of the financial services provider’s stock valued at $712,000 after purchasing an additional 3,317 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of Renasant by 10.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 139,706 shares of the financial services provider’s stock valued at $3,659,000 after acquiring an additional 12,741 shares in the last quarter. Ignite Planners LLC boosted its position in shares of Renasant by 8.0% during the 4th quarter. Ignite Planners LLC now owns 18,622 shares of the financial services provider’s stock valued at $626,000 after acquiring an additional 1,382 shares during the last quarter. Brookstone Capital Management bought a new position in shares of Renasant in the fourth quarter worth approximately $211,000. Finally, Ballew Advisors Inc increased its position in shares of Renasant by 43.8% in the fourth quarter. Ballew Advisors Inc now owns 11,131 shares of the financial services provider’s stock worth $343,000 after purchasing an additional 3,389 shares during the last quarter. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Renasant Trading Up 0.1 %

Renasant stock traded up $0.04 during mid-day trading on Monday, hitting $30.58. The company’s stock had a trading volume of 270,554 shares, compared to its average volume of 236,243. The business has a 50 day moving average price of $29.81 and a 200-day moving average price of $30.83. Renasant Co. has a 12 month low of $22.99 and a 12 month high of $34.85. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 12.38 and a beta of 1.03. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.93 and a quick ratio of 0.92.

Renasant (NASDAQ:RNST) last posted its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.02. Renasant had a return on equity of 7.44% and a net margin of 14.67%. The business had revenue of $254.56 million for the quarter, compared to analyst estimates of $159.60 million. During the same period last year, the company earned $0.82 EPS. As a group, analysts forecast that Renasant Co. will post 2.62 EPS for the current year.

Renasant Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date of this dividend was Friday, June 14th. Renasant’s payout ratio is 35.77%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on RNST shares. StockNews.com raised shares of Renasant from a “sell” rating to a “hold” rating in a report on Saturday, April 27th. Truist Financial dropped their price target on Renasant from $35.00 to $33.00 and set a “hold” rating for the company in a research note on Monday, April 1st. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $33.00.

Renasant Company 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.