Sheets Smith Wealth Management Raises Stock Holdings in Renasant Co. (NASDAQ:RNST)

Sheets Smith Wealth Management raised its holdings in shares of Renasant Co. (NASDAQ:RNST) by 3.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,471 shares of the financial services provider’s stock after purchasing an additional 438 shares during the quarter. Sheets Smith Wealth Management’s holdings in Renasant were worth $446,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Quarry LP grew its position in shares of Renasant by 698.3% during the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock worth $29,000 after buying an additional 817 shares in the last quarter. KBC Group NV grew its holdings in Renasant by 32.0% during the 3rd quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock worth $80,000 after acquiring an additional 596 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Renasant by 41.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 1,404 shares during the last quarter. ZWJ Investment Counsel Inc. acquired a new stake in shares of Renasant in the 4th quarter valued at about $208,000. Finally, Creative Planning bought a new position in shares of Renasant during the third quarter worth about $207,000. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on RNST shares. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $45.00 price objective on shares of Renasant in a report on Tuesday, December 31st. Hovde Group lowered Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $40.17.

Renasant Trading Down 0.8 %

Shares of NASDAQ RNST opened at $36.48 on Thursday. Renasant Co. has a 12-month low of $27.98 and a 12-month high of $39.47. The company has a market cap of $2.32 billion, a price-to-earnings ratio of 11.88 and a beta of 1.03. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The stock’s 50 day simple moving average is $36.35 and its 200 day simple moving average is $34.55.

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

Renasant Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th were given a $0.22 dividend. The ex-dividend date was Wednesday, December 18th. This represents a $0.88 annualized dividend and a yield of 2.41%. Renasant’s dividend payout ratio is presently 28.66%.

Insider Buying and Selling at Renasant

In other Renasant news, Director John Creekmore sold 3,000 shares of Renasant 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 sale, the director now owns 24,057 shares of the company’s stock, valued at $914,166. The trade was a 11.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.82% of the stock is currently owned by company 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.