Mutual of America Capital Management LLC Grows Stake in Renasant Co. (NASDAQ:RNST)

Mutual of America Capital Management LLC grew its position in Renasant Co. (NASDAQ:RNST) by 3.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,560 shares of the financial services provider’s stock after acquiring an additional 300 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Renasant were worth $311,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Renasant by 6.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 55,039 shares of the financial services provider’s stock worth $1,724,000 after acquiring an additional 3,197 shares during the last quarter. Quadrature Capital Ltd bought a new stake in Renasant in the first quarter worth about $208,000. Price T Rowe Associates Inc. MD boosted its position in shares of Renasant by 3.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 53,621 shares of the financial services provider’s stock valued at $1,680,000 after buying an additional 1,999 shares during the period. Public Employees Retirement System of Ohio grew its stake in shares of Renasant by 1.2% during the first quarter. Public Employees Retirement System of Ohio now owns 119,696 shares of the financial services provider’s stock valued at $3,749,000 after buying an additional 1,364 shares during the last quarter. Finally, Park Place Capital Corp raised its holdings in shares of Renasant by 0.9% in the second quarter. Park Place Capital Corp now owns 88,502 shares of the financial services provider’s stock worth $2,703,000 after buying an additional 804 shares during the period. 77.31% of the stock is owned by institutional investors.

Renasant Trading Down 0.8 %

NASDAQ RNST opened at $37.88 on Friday. The company has a market capitalization of $2.41 billion, a price-to-earnings ratio of 12.34 and a beta of 1.01. Renasant Co. has a one year low of $26.28 and a one year 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 company’s 50-day simple moving average is $34.45 and its two-hundred day simple moving average is $32.80.

Renasant (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. The business had revenue of $318.34 million for the quarter, compared to analyst estimates of $184.73 million. Renasant had a return on equity of 6.70% and a net margin of 16.83%. During the same quarter in the previous year, the firm earned $0.75 earnings per share. Equities analysts forecast that Renasant Co. will post 2.65 EPS for the current fiscal year.

Renasant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Wednesday, December 18th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.32%. Renasant’s payout ratio is 28.66%.

Insider Activity

In other news, Director John Creekmore sold 3,000 shares of the company’s 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 directly 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 document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RNST. Truist Financial cut their price objective on Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research report on Friday, September 20th. Piper Sandler raised shares of Renasant from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $34.00 to $40.00 in a research note on Monday, August 5th. Keefe, Bruyette & Woods raised shares of Renasant from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $36.00 to $40.00 in a research report on Friday, August 2nd. Finally, Hovde Group lowered shares of Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $39.33.

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.