Los Angeles Capital Management & Equity Research Inc. increased its position in Renasant Corp. (NASDAQ:RNST) by 214.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 78,790 shares of the financial services provider’s stock after purchasing an additional 53,720 shares during the period. Los Angeles Capital Management & Equity Research Inc. owned approximately 0.13% of Renasant worth $2,378,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Strs Ohio increased its position in shares of Renasant by 200.0% during the 4th quarter. Strs Ohio now owns 900 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 600 shares during the last quarter. Federated Investors Inc. PA increased its holdings in Renasant by 213.7% in the 3rd quarter. Federated Investors Inc. PA now owns 734 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 500 shares during the last quarter. Trustcore Financial Services LLC increased its holdings in Renasant by 213.1% in the 4th quarter. Trustcore Financial Services LLC now owns 2,145 shares of the financial services provider’s stock worth $65,000 after acquiring an additional 1,460 shares during the last quarter. Bank of Montreal Can increased its holdings in Renasant by 16.3% in the 4th quarter. Bank of Montreal Can now owns 2,478 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 348 shares during the last quarter. Finally, Quantamental Technologies LLC purchased a new stake in Renasant in the 4th quarter worth about $114,000. 59.42% of the stock is owned by institutional investors and hedge funds.
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Several research analysts have commented on RNST shares. Zacks Investment Research downgraded Renasant from a “hold” rating to a “sell” rating in a research note on Wednesday, December 26th. TheStreet downgraded Renasant from a “b-” rating to a “c+” rating in a research report on Tuesday, December 11th. BidaskClub downgraded Renasant from a “sell” rating to a “strong sell” rating in a research report on Tuesday, January 15th. Finally, Hovde Group reiterated a “market perform” rating and set a $38.00 price target (up previously from $34.00) on shares of Renasant in a research report on Monday, January 28th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $41.00.
Shares of Renasant stock opened at $37.05 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.91 and a current ratio of 0.96. Renasant Corp. has a one year low of $28.02 and a one year high of $49.78. The company has a market capitalization of $2.27 billion, a price-to-earnings ratio of 12.35 and a beta of 1.20.
Renasant (NASDAQ:RNST) last posted its earnings results on Tuesday, January 22nd. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.78. Renasant had a return on equity of 9.30% and a net margin of 24.19%. The firm had revenue of $151.83 million for the quarter, compared to analysts’ expectations of $152.15 million. During the same period in the previous year, the firm earned $0.33 earnings per share. As a group, equities analysts expect that Renasant Corp. will post 3.21 EPS for the current fiscal year.
In other news, insider Bartow Morgan, Jr. purchased 25,000 shares of the company’s stock in a transaction that occurred on Monday, December 10th. The shares were bought at an average cost of $32.95 per share, for a total transaction of $823,750.00. Following the completion of the transaction, the insider now directly owns 346,522 shares of the company’s stock, valued at approximately $11,417,899.90. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.41% of the company’s stock.
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Renasant Company Profile
Renasant Corporation operates as a bank holding company for Renasant Bank, which provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings, money market, individual retirement, and health savings accounts, as well as safe deposit and night depository facilities.
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