Balyasny Asset Management LLC Reduces Holdings in Renasant Corporation (RNST)
Balyasny Asset Management LLC reduced its position in Renasant Corporation (NASDAQ:RNST) by 0.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 144,236 shares of the financial services provider’s stock after selling 1,023 shares during the quarter. Balyasny Asset Management LLC owned approximately 0.29% of Renasant Corporation worth $6,309,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RNST. BlackRock Inc. grew its position in Renasant Corporation by 28,180.2% in the 1st quarter. BlackRock Inc. now owns 2,801,720 shares of the financial services provider’s stock valued at $111,200,000 after acquiring an additional 2,791,813 shares in the last quarter. Vanguard Group Inc. grew its position in Renasant Corporation by 44.4% in the 1st quarter. Vanguard Group Inc. now owns 3,410,031 shares of the financial services provider’s stock valued at $135,344,000 after acquiring an additional 1,048,279 shares in the last quarter. State Street Corp grew its position in Renasant Corporation by 26.8% in the 1st quarter. State Street Corp now owns 1,171,052 shares of the financial services provider’s stock valued at $46,483,000 after acquiring an additional 247,806 shares in the last quarter. Nuveen Asset Management LLC grew its position in Renasant Corporation by 47.6% in the 1st quarter. Nuveen Asset Management LLC now owns 736,445 shares of the financial services provider’s stock valued at $29,230,000 after acquiring an additional 237,347 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Renasant Corporation by 7.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,828,731 shares of the financial services provider’s stock valued at $112,273,000 after acquiring an additional 193,727 shares in the last quarter. 62.11% of the stock is owned by institutional investors.
In related news, Director Michael D. Shmerling bought 1,000 shares of the stock in a transaction dated Tuesday, August 8th. The stock was acquired at an average price of $41.50 per share, for a total transaction of $41,500.00. Following the completion of the purchase, the director now owns 156,347 shares in the company, valued at $6,488,400.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Fred F. Sharpe bought 2,000 shares of the stock in a transaction dated Friday, August 11th. The stock was bought at an average price of $39.55 per share, with a total value of $79,100.00. The disclosure for this purchase can be found here. In the last quarter, insiders bought 9,023 shares of company stock valued at $375,621. Insiders own 3.86% of the company’s stock.
Several equities analysts have weighed in on the company. Zacks Investment Research raised Renasant Corporation from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research report on Tuesday, July 4th. BidaskClub downgraded Renasant Corporation from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. ValuEngine raised Renasant Corporation from a “hold” rating to a “buy” rating in a research report on Monday, September 18th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $43.00 target price on shares of Renasant Corporation in a research report on Friday, September 29th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $44.00 target price on shares of Renasant Corporation in a research report on Friday, July 14th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $44.00.
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Renasant Corporation (RNST) opened at 42.66 on Friday. The stock has a 50 day moving average price of $40.41 and a 200 day moving average price of $41.45. The stock has a market cap of $2.10 billion, a PE ratio of 19.24 and a beta of 1.05. Renasant Corporation has a 52 week low of $32.51 and a 52 week high of $45.32.
Renasant Corporation (NASDAQ:RNST) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating 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 business had revenue of $113.87 million during the quarter, compared to analyst estimates of $112.43 million. During the same quarter last year, the firm earned $0.59 earnings per share. On average, equities analysts predict that Renasant Corporation will post $2.35 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were paid a $0.18 dividend. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.69%. Renasant Corporation’s dividend payout ratio (DPR) is currently 32.58%.
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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