State of Alaska Department of Revenue Sells 15,744 Shares of Renasant Corp $RNST

State of Alaska Department of Revenue reduced its position in shares of Renasant Corp (NYSE:RNST) by 45.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,890 shares of the company’s stock after selling 15,744 shares during the period. State of Alaska Department of Revenue’s holdings in Renasant were worth $734,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Cibc World Market Inc. bought a new position in Renasant during the 2nd quarter valued at approximately $5,025,000. William Blair Investment Management LLC purchased a new stake in Renasant in the 2nd quarter worth approximately $32,882,000. BlackRock Inc. purchased a new stake in Renasant in the 2nd quarter worth approximately $566,683,000. Hsbc Holdings PLC purchased a new stake in Renasant in the 1st quarter worth approximately $1,822,000. Finally, Deutsche Bank AG purchased a new stake in Renasant in the 2nd quarter worth approximately $4,177,000. 77.31% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

RNST has been the topic of a number of recent analyst reports. TD Cowen cut their price objective on Renasant from $49.00 to $46.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Weiss Ratings upgraded Renasant from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Finally, Piper Sandler raised their price target on Renasant from $46.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, July 30th. Four investment analysts have rated the stock with a Buy rating. According to MarketBeat, Renasant has a consensus rating of “Buy” and a consensus price target of $46.67.

Insider Buying and Selling at Renasant

In other news, Director Edward Mcgraw sold 35,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $43.88, for a total value of $1,535,800.00. Following the completion of the transaction, the director owned 211,458 shares of the company’s stock, valued at approximately $9,278,777.04. This represents a 14.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.07% of the company’s stock.

Renasant Trading Up 2.8%

Shares of RNST opened at $41.44 on Friday. Renasant Corp has a 1-year low of $33.04 and a 1-year high of $44.54. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.21. The firm’s 50-day moving average price is $40.51 and its 200-day moving average price is $41.16. The firm has a market capitalization of $3.79 billion, a price-to-earnings ratio of 12.41 and a beta of 1.01.

Renasant (NYSE:RNST) last released its quarterly earnings results on Tuesday, July 28th. The company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.03. Renasant had a net margin of 19.94% and a return on equity of 8.67%. The company had revenue of $573.62 million during the quarter, compared to the consensus estimate of $280.71 million. During the same period in the prior year, the firm earned $0.01 earnings per share. Sell-side analysts anticipate that Renasant Corp will post 3.77 EPS for the current year.

Renasant Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were issued a dividend of $0.24 per share. The ex-dividend date was Wednesday, September 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.3%. Renasant’s dividend payout ratio is 28.74%.

Renasant Company Profile

Renasant Corporation is a financial services holding company headquartered in Tupelo, Mississippi. Through its principal subsidiary, Renasant Bank, the company provides banking and related financial services to individuals, families, small businesses, commercial clients and other organizations.

Renasant Bank offers deposit accounts, consumer and commercial lending, residential mortgages, treasury management and other business banking services. Its broader offerings also include wealth management, trust and investment services, financial planning and insurance-related solutions.

Renasant traces its banking history to 1904 and has expanded through organic growth and acquisitions.