Franklin Resources Inc. Acquires 15,203 Shares of Renasant Co. (NASDAQ:RNST)

Franklin Resources Inc. increased its stake in Renasant Co. (NASDAQ:RNST) by 122.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,669 shares of the financial services provider’s stock after purchasing an additional 15,203 shares during the period. Franklin Resources Inc.’s holdings in Renasant were worth $910,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp grew its stake in Renasant by 2.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 562,008 shares of the financial services provider’s stock worth $17,164,000 after buying an additional 11,828 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Renasant by 8.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,180 shares of the financial services provider’s stock worth $403,000 after acquiring an additional 989 shares in the last quarter. Hantz Financial Services Inc. bought a new position in Renasant in the second quarter valued at $29,000. Quest Partners LLC purchased a new stake in Renasant during the second quarter valued at about $767,000. Finally, American Century Companies Inc. lifted its stake in Renasant by 11.4% during the second quarter. American Century Companies Inc. now owns 109,083 shares of the financial services provider’s stock worth $3,331,000 after purchasing an additional 11,148 shares during the last quarter. 77.31% of the stock is currently owned by institutional investors.

Renasant Stock Performance

Shares of RNST stock opened at $35.79 on Friday. The company has a market capitalization of $2.28 billion, a P/E ratio of 11.66 and a beta of 1.02. Renasant Co. has a fifty-two week low of $27.98 and a fifty-two week high of $39.47. 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 stock has a 50 day moving average price of $36.13 and a two-hundred day moving average price of $33.77.

Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. The business had revenue of $318.34 million during 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 company posted $0.75 EPS. Analysts expect that Renasant Co. will post 2.65 earnings per share for the current year.

Renasant Announces Dividend

The firm 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 $0.22 dividend. The ex-dividend date is Wednesday, December 18th. This represents a $0.88 annualized dividend and a dividend yield of 2.46%. Renasant’s payout ratio is presently 28.66%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on RNST shares. Truist Financial decreased their price objective 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 analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $39.33.

Insider Activity at Renasant

In other Renasant news, Director John Creekmore sold 3,000 shares of the stock in a transaction that occurred on 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 owns 24,057 shares in the company, valued at approximately $914,166. This trade represents a 11.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.82% of the stock is owned by company insiders.

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.