SG Americas Securities LLC Acquires 3,484 Shares of Renasant Co. (NASDAQ:RNST)

SG Americas Securities LLC increased its holdings in shares of Renasant Co. (NASDAQ:RNST) by 94.1% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 7,188 shares of the financial services provider’s stock after purchasing an additional 3,484 shares during the period. SG Americas Securities LLC’s holdings in Renasant were worth $234,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of RNST. Hantz Financial Services Inc. bought a new position in Renasant during the second quarter worth about $29,000. Quarry LP boosted its holdings 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 acquiring an additional 817 shares during the period. Meeder Asset Management Inc. bought a new stake in shares of Renasant during the second quarter worth approximately $39,000. Innealta Capital LLC bought a new stake in shares of Renasant during the second quarter worth approximately $48,000. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Renasant by 41.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider’s stock worth $147,000 after acquiring an additional 1,404 shares during the period. Institutional investors own 77.31% of the company’s stock.

Analyst Upgrades and Downgrades

RNST has been the subject of a number of research analyst reports. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $34.00 to $41.00 in a report on Wednesday, July 31st. Truist Financial reduced their price objective on Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a report on Friday, September 20th. Raymond James upgraded 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 upgraded Renasant from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $38.00 to $39.00 in a report on Monday, August 5th. Finally, Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $34.00 to $40.00 in a report on Monday, August 5th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $39.33.

Renasant Stock Down 3.8 %

NASDAQ RNST opened at $32.39 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18. Renasant Co. has a 1-year low of $22.99 and a 1-year high of $37.40. The company has a 50 day moving average of $32.93 and a 200-day moving average of $31.61. The company has a market cap of $1.82 billion, a price-to-earnings ratio of 13.17 and a beta of 1.02.

Renasant (NASDAQ:RNST) last released its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.03. Renasant had a net margin of 15.04% and a return on equity of 6.98%. The company had revenue of $163.79 million during the quarter, compared to the consensus estimate of $166.05 million. During the same period in the previous year, the business earned $0.83 earnings per share. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. On average, equities research analysts expect that Renasant Co. will post 2.53 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a dividend of $0.22 per share. The ex-dividend date was Monday, September 16th. This represents a $0.88 annualized dividend and a yield of 2.72%. Renasant’s dividend payout ratio is currently 35.77%.

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.