Quantbot Technologies LP Takes Position in Renasant Co. (NASDAQ:RNST)

Quantbot Technologies LP acquired a new position in Renasant Co. (NASDAQ:RNST) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 77,984 shares of the financial services provider’s stock, valued at approximately $2,534,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quarry LP raised its stake in shares of Renasant by 698.3% in the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 817 shares during the last quarter. Hantz Financial Services Inc. purchased a new position in Renasant in the 2nd quarter worth about $29,000. Meeder Asset Management Inc. bought a new position in Renasant during the 2nd quarter valued at about $39,000. Innealta Capital LLC purchased a new stake in shares of Renasant during the 2nd quarter valued at about $48,000. Finally, KBC Group NV grew its stake in shares of Renasant by 32.0% in the third 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 during the period. 77.31% of the stock is owned by institutional investors.

Renasant Stock Performance

Shares of RNST opened at $37.88 on Thursday. The business has a 50-day simple moving average of $34.29 and a two-hundred day simple moving average of $32.73. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. Renasant Co. has a 52 week low of $26.28 and a 52 week high of $39.47. The stock has a market cap of $2.41 billion, a price-to-earnings ratio of 12.34 and a beta of 1.01.

Renasant (NASDAQ:RNST) last released its earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, topping 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 net margin of 16.83% and a return on equity of 6.70%. During the same quarter last year, the business earned $0.75 EPS. On average, analysts expect that Renasant Co. will post 2.65 EPS for the current year.

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Wednesday, December 18th. Renasant’s dividend payout ratio (DPR) is 28.66%.

Insider Buying and Selling

In other news, Director John Creekmore sold 3,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total value of $114,000.00. Following the completion of the transaction, the director now owns 24,057 shares of the company’s stock, valued at $914,166. This represents a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.82% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

RNST has been the topic of several research reports. Truist Financial dropped their target price on shares of Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a report on Friday, September 20th. Raymond James raised Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a report on Wednesday, July 31st. Hovde Group cut Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Stephens raised Renasant from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $34.00 to $41.00 in a research report on Wednesday, July 31st. Finally, Piper Sandler raised shares of Renasant from a “neutral” rating to an “overweight” rating and upped their price target for the company from $34.00 to $40.00 in a research report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $39.33.

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.