Amalgamated Bank Has $598,000 Stock Holdings in Renasant Co. (NASDAQ:RNST)

Amalgamated Bank grew its stake in Renasant Co. (NASDAQ:RNST) by 7.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 18,414 shares of the financial services provider’s stock after purchasing an additional 1,240 shares during the quarter. Amalgamated Bank’s holdings in Renasant were worth $598,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in RNST. Allspring Global Investments Holdings LLC increased its stake in Renasant by 21.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock valued at $56,775,000 after purchasing an additional 303,945 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Renasant by 189.3% in the second quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider’s stock worth $12,820,000 after acquiring an additional 274,685 shares in the last quarter. Westwood Holdings Group Inc. raised its position in shares of Renasant by 13.0% during the first quarter. Westwood Holdings Group Inc. now owns 2,151,074 shares of the financial services provider’s stock worth $67,372,000 after purchasing an additional 247,354 shares during the period. Edgestream Partners L.P. acquired a new stake in shares of Renasant during the first quarter worth $4,124,000. Finally, Renaissance Technologies LLC lifted its position in Renasant by 78.3% in the 2nd quarter. Renaissance Technologies LLC now owns 77,628 shares of the financial services provider’s stock valued at $2,371,000 after acquiring an additional 34,100 shares in the last quarter. 77.31% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

RNST has been the topic of a number of research reports. Keefe, Bruyette & Woods raised shares of Renasant from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $36.00 to $40.00 in a research report on Friday, August 2nd. Piper Sandler raised Renasant from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $34.00 to $40.00 in a research report on Monday, August 5th. Hovde Group lowered Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Truist Financial cut 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. Finally, Raymond James upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 target price on the stock in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $39.33.

Insiders Place Their Bets

In other news, Director John Creekmore sold 3,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were 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 in the company, valued at $914,166. This represents a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 2.82% of the company’s stock.

Renasant Trading Up 0.4 %

Shares of RNST opened at $36.91 on Friday. The firm has a market cap of $2.35 billion, a P/E ratio of 12.02 and a beta of 1.01. Renasant Co. has a fifty-two week low of $26.28 and a fifty-two week high of $38.77. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The business has a 50-day moving average of $33.62 and a 200 day moving average of $32.35.

Renasant (NASDAQ:RNST) last released its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.07. The firm 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 in the prior year, the firm posted $0.75 earnings per share. As a group, research analysts forecast that Renasant Co. will post 2.64 EPS for the current year.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date is Wednesday, December 18th. Renasant’s payout ratio is 28.66%.

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.