Renasant Co. (NASDAQ:RNST) Stock Position Reduced by Rhumbline Advisers

Rhumbline Advisers trimmed its stake in shares of Renasant Co. (NASDAQ:RNST) by 0.4% during the first quarter, Holdings Channel reports. The firm owned 184,032 shares of the financial services provider’s stock after selling 798 shares during the period. Rhumbline Advisers’ holdings in Renasant were worth $6,244,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mascagni Wealth Management Inc. acquired a new stake in shares of Renasant during the 4th quarter worth approximately $44,000. Covestor Ltd raised its position in shares of Renasant by 73.7% during the 4th quarter. Covestor Ltd now owns 1,838 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 780 shares during the period. Smith Shellnut Wilson LLC ADV acquired a new stake in shares of Renasant during the 4th quarter worth approximately $201,000. Cibc World Markets Corp acquired a new stake in shares of Renasant during the 4th quarter worth approximately $209,000. Finally, CIBC Asset Management Inc acquired a new stake in shares of Renasant during the 4th quarter worth approximately $220,000. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RNST. Keefe, Bruyette & Woods dropped their price target on Renasant from $45.00 to $43.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 6th. Hovde Group raised their target price on Renasant from $34.50 to $35.00 and gave the company a “market perform” rating in a research report on Monday, April 28th. Finally, Raymond James upgraded Renasant from an “outperform” rating to a “strong-buy” rating and set a $40.00 target price on the stock in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Renasant Stock Down 0.8%

RNST opened at $36.22 on Thursday. Renasant Co. has a 12 month low of $26.97 and a 12 month high of $39.63. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The stock has a market cap of $3.44 billion, a P/E ratio of 11.08 and a beta of 0.91. The stock’s 50 day moving average price is $32.73 and its 200 day moving average price is $34.97.

Renasant (NASDAQ:RNST) last posted its earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 EPS for the quarter, beating the consensus estimate of $0.60 by $0.06. Renasant had a return on equity of 6.58% and a net margin of 17.91%. The firm had revenue of $170.59 million for the quarter, compared to analysts’ expectations of $170.38 million. During the same period last year, the firm earned $0.65 EPS. As a group, research analysts predict that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Monday, June 16th. Renasant’s dividend payout ratio (DPR) is presently 27.33%.

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.