Geode Capital Management LLC Purchases 153,086 Shares of Renasant Co. (NASDAQ:RNST)

Geode Capital Management LLC raised its holdings in Renasant Co. (NASDAQ:RNST) by 12.0% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,428,038 shares of the financial services provider’s stock after acquiring an additional 153,086 shares during the quarter. Geode Capital Management LLC owned approximately 2.25% of Renasant worth $46,420,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Hantz Financial Services Inc. purchased a new position in Renasant in the 2nd quarter worth about $29,000. Quarry LP increased its position 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 valued at approximately $39,000. Innealta Capital LLC purchased a new stake in shares of Renasant in the second quarter valued at approximately $48,000. Finally, KBC Group NV lifted its holdings in shares of Renasant by 32.0% in the 3rd quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock worth $80,000 after buying an additional 596 shares during the period. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Insider Activity

In other news, Director John Creekmore sold 3,000 shares of the firm’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 transaction, the director now directly owns 24,057 shares in the company, valued at $914,166. This trade represents a 11.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.82% of the company’s stock.

Renasant Price Performance

NASDAQ RNST opened at $35.31 on Tuesday. Renasant Co. has a 12-month low of $27.98 and a 12-month high of $39.47. The firm’s fifty day simple moving average is $35.98 and its two-hundred day simple moving average is $33.61. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $2.24 billion, a P/E ratio of 11.50 and a beta of 1.02.

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. Analysts forecast that Renasant Co. will post 2.65 EPS for the current fiscal year.

Renasant Dividend Announcement

The business 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 is Wednesday, December 18th. This represents a $0.88 annualized dividend and a dividend yield of 2.49%. Renasant’s payout ratio is currently 28.66%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on RNST shares. Truist Financial dropped their price objective on shares of Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research note on Friday, September 20th. Hovde Group downgraded Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Renasant presently has an average rating of “Moderate Buy” and an average 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.