Ameriprise Financial Inc. Increases Position in Renasant Corporation (RNST)
Ameriprise Financial Inc. raised its stake in shares of Renasant Corporation (NASDAQ:RNST) by 2.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 800,249 shares of the financial services provider’s stock after buying an additional 15,551 shares during the quarter. Ameriprise Financial Inc. owned about 1.62% of Renasant worth $34,330,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Advisor Group Inc. grew its holdings in shares of Renasant by 13.3% during the second quarter. Advisor Group Inc. now owns 3,168 shares of the financial services provider’s stock worth $138,000 after purchasing an additional 371 shares in the last quarter. Ameritas Investment Partners Inc. grew its holdings in shares of Renasant by 7.5% during the second quarter. Ameritas Investment Partners Inc. now owns 3,792 shares of the financial services provider’s stock worth $166,000 after purchasing an additional 264 shares in the last quarter. Highwater Wealth Management LLC purchased a new position in shares of Renasant during the third quarter worth about $213,000. Aperio Group LLC purchased a new position in shares of Renasant during the second quarter worth about $229,000. Finally, Amalgamated Bank grew its holdings in shares of Renasant by 1.2% during the second quarter. Amalgamated Bank now owns 5,415 shares of the financial services provider’s stock worth $237,000 after purchasing an additional 65 shares in the last quarter. 65.33% of the stock is owned by institutional investors and hedge funds.
Shares of Renasant Corporation (NASDAQ RNST) opened at $42.58 on Monday. The stock has a market capitalization of $2,100.05, a P/E ratio of 17.97 and a beta of 1.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.93 and a quick ratio of 0.91. Renasant Corporation has a 52 week low of $37.68 and a 52 week high of $45.31.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be paid a $0.19 dividend. The ex-dividend date is Thursday, December 14th. This represents a $0.76 annualized dividend and a yield of 1.78%. This is a positive change from Renasant’s previous quarterly dividend of $0.18. Renasant’s dividend payout ratio is currently 32.88%.
In other Renasant news, Director J Niles Mcneel sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, October 23rd. The stock was sold at an average price of $42.39, for a total value of $423,900.00. Following the completion of the sale, the director now owns 29,921 shares of the company’s stock, valued at $1,268,351.19. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael D. Shmerling acquired 1,000 shares of the stock in a transaction on Friday, November 10th. The stock was bought at an average price of $39.40 per share, with a total value of $39,400.00. Following the transaction, the director now directly owns 157,347 shares of the company’s stock, valued at approximately $6,199,471.80. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 25,729 shares of company stock valued at $1,067,623. 3.86% of the stock is owned by insiders.
Several research analysts have recently commented on RNST shares. ValuEngine lowered Renasant from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $43.00 price objective on shares of Renasant in a report on Friday, September 29th. Finally, Zacks Investment Research lowered Renasant from a “buy” rating to a “hold” rating in a report on Saturday, October 21st. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. Renasant currently has an average rating of “Hold” and an average target price of $44.00.
Renasant Company 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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