Verition Fund Management LLC Makes New $210,000 Investment in Renasant Co. (NASDAQ:RNST)

Verition Fund Management LLC bought a new stake in Renasant Co. (NASDAQ:RNST) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 6,472 shares of the financial services provider’s stock, valued at approximately $210,000.

Several other large investors have also made changes to their positions in the company. Jennison Associates LLC acquired a new position in Renasant in the third quarter valued at about $12,514,000. Stieven Capital Advisors L.P. acquired a new position in shares of Renasant in the 3rd quarter worth approximately $11,981,000. Allspring Global Investments Holdings LLC grew its position in Renasant by 21.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock worth $56,775,000 after acquiring an additional 303,945 shares during the last quarter. Millennium Management LLC increased its holdings in Renasant by 189.3% during the 2nd quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider’s stock valued at $12,820,000 after purchasing an additional 274,685 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in Renasant by 61.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 652,292 shares of the financial services provider’s stock valued at $21,199,000 after purchasing an additional 249,331 shares during the last quarter. Institutional investors own 77.31% of the company’s stock.

Analysts Set New Price Targets

RNST has been the topic of several research analyst reports. Truist Financial decreased their target price on Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a report on Friday, September 20th. Hovde Group lowered shares of Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $39.33.

Renasant Price Performance

Renasant stock opened at $36.48 on Monday. The business’s 50-day simple moving average is $35.54 and its 200 day simple moving average is $33.34. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The stock has a market cap of $2.32 billion, a price-to-earnings ratio of 13.03 and a beta of 1.02. Renasant Co. has a 12-month low of $27.98 and a 12-month high of $39.47.

Renasant (NASDAQ:RNST) last released 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 the consensus estimate of $184.73 million. Renasant had a net margin of 16.83% and a return on equity of 6.70%. During the same period in the prior year, the company posted $0.75 EPS. As a group, research analysts anticipate that Renasant Co. will post 2.65 earnings per share for the current year.

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend is Wednesday, December 18th. Renasant’s dividend payout ratio is presently 28.66%.

Insider Buying and Selling at Renasant

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 sale, the director now directly owns 24,057 shares of the company’s stock, valued at $914,166. This represents a 11.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.82% of the company’s stock.

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.