Paradigm Capital Management Inc. NY Trims Position in Renasant Corporation (RNST)
Paradigm Capital Management Inc. NY lowered its holdings in Renasant Corporation (NASDAQ:RNST) by 8.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 31,000 shares of the financial services provider’s stock after selling 3,000 shares during the quarter. Paradigm Capital Management Inc. NY owned about 0.07% of Renasant Corporation worth $1,356,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Ameritas Investment Partners Inc. acquired a new stake in Renasant Corporation in the 1st quarter valued at $140,000. New York State Teachers Retirement System grew its position in Renasant Corporation by 5.6% in the 1st quarter. New York State Teachers Retirement System now owns 3,800 shares of the financial services provider’s stock valued at $151,000 after purchasing an additional 200 shares during the period. Trust Co. of Toledo NA OH acquired a new stake in Renasant Corporation in the 2nd quarter valued at $214,000. Aperio Group LLC acquired a new stake in Renasant Corporation in the 2nd quarter valued at $229,000. Finally, Amalgamated Bank grew its position in Renasant Corporation by 4.2% in the 1st quarter. Amalgamated Bank now owns 5,350 shares of the financial services provider’s stock valued at $212,000 after purchasing an additional 214 shares during the period. 62.10% of the stock is owned by institutional investors and hedge funds.
RNST has been the topic of several recent analyst reports. Zacks Investment Research upgraded Renasant Corporation from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research note on Tuesday, July 4th. Jefferies Group LLC restated a “hold” rating and set a $44.00 price objective on shares of Renasant Corporation in a research note on Friday, June 9th. BidaskClub cut Renasant Corporation from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. ValuEngine upgraded Renasant Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 27th. Finally, Keefe, Bruyette & Woods set a $43.00 price objective on Renasant Corporation and gave the company a “hold” rating in a research note on Saturday, May 27th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. Renasant Corporation has a consensus rating of “Hold” and an average price target of $45.33.
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Shares of Renasant Corporation (NASDAQ:RNST) traded up 0.20% during trading on Wednesday, reaching $39.84. The company’s stock had a trading volume of 2,034 shares. The stock’s 50 day moving average is $40.54 and its 200 day moving average is $41.42. The firm has a market cap of $1.96 billion, a P/E ratio of 17.97 and a beta of 1.06. Renasant Corporation has a one year low of $32.51 and a one year high of $45.32.
Renasant Corporation (NASDAQ:RNST) last released its earnings results on Tuesday, July 18th. The financial services provider reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.04. Renasant Corporation had a return on equity of 8.31% and a net margin of 20.31%. The firm had revenue of $113.87 million for the quarter, compared to analysts’ expectations of $112.43 million. During the same period in the prior year, the firm posted $0.59 earnings per share. On average, equities analysts forecast that Renasant Corporation will post $2.35 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.81%. Renasant Corporation’s dividend payout ratio is currently 32.58%.
In related news, Director Michael D. Shmerling bought 1,000 shares of the business’s stock in a transaction dated Tuesday, August 8th. The shares were purchased at an average cost of $41.50 per share, with a total value of $41,500.00. Following the completion of the purchase, the director now owns 156,347 shares in the company, valued at approximately $6,488,400.50. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Fred F. Sharpe bought 2,000 shares of the business’s stock in a transaction dated Friday, August 11th. The stock was bought at an average cost of $39.55 per share, for a total transaction of $79,100.00. The disclosure for this purchase can be found here. Over the last three months, insiders bought 9,023 shares of company stock worth $375,621. Insiders own 3.86% of the company’s stock.
Renasant Corporation Profile
Renasant Corporation is a bank holding company that owns and operates Renasant Bank (the Bank) and Renasant Insurance, Inc (Renasant Insurance). The Company’s segments include Community Banks, which delivers a range of banking and financial services to individuals and small to medium-sized businesses, including checking and savings accounts, business and personal loans, equipment leasing, as well as safe deposit and night depository facilities; Insurance, which includes a full service insurance agency offering all lines of commercial and personal insurance through major carriers; Wealth Management, which offers a range of fiduciary services that includes the administration and management of trust accounts, including personal and corporate benefit accounts, and custodial accounts, and Other.
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