Renasant Co. (NASDAQ:RNST) Position Reduced by Jane Street Group LLC

Jane Street Group LLC trimmed its position in Renasant Co. (NASDAQ:RNST) by 42.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 28,019 shares of the financial services provider’s stock after selling 20,868 shares during the period. Jane Street Group LLC’s holdings in Renasant were worth $911,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its stake in shares of 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 raised 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. acquired a new stake in Renasant in the 2nd quarter valued at about $29,000. Quest Partners LLC acquired a new stake in Renasant in the 2nd quarter valued at about $767,000. Finally, American Century Companies Inc. boosted its position in shares of Renasant by 11.4% during the 2nd quarter. American Century Companies Inc. now owns 109,083 shares of the financial services provider’s stock valued at $3,331,000 after purchasing an additional 11,148 shares in the last quarter. 77.31% of the stock is owned by institutional investors.

Insiders Place Their Bets

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 transaction, the director now owns 24,057 shares in the company, valued at $914,166. This represents a 11.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.82% of the company’s stock.

Analyst Upgrades and Downgrades

RNST has been the subject of several recent research reports. Truist Financial cut their target price on shares of Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research note on Friday, September 20th. Hovde Group cut Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $45.00 price objective on shares of Renasant in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $40.17.

Renasant Stock Up 0.0 %

RNST stock opened at $35.75 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The firm has a market capitalization of $2.27 billion, a P/E ratio of 11.64 and a beta of 1.02. Renasant Co. has a 52-week low of $27.98 and a 52-week high of $39.47. The company’s 50 day simple moving average is $36.26 and its 200-day simple moving average is $33.90.

Renasant (NASDAQ:RNST) last posted its quarterly earnings data 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 period in the previous year, the company posted $0.75 EPS. As a group, equities research analysts anticipate that Renasant Co. will post 2.65 EPS for the current year.

Renasant Announces Dividend

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

About Renasant

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.