Bridgeway Capital Management LLC Has $16.37 Million Stake in Renasant Co. $RNST

Bridgeway Capital Management LLC cut its holdings in shares of Renasant Co. (NASDAQ:RNST) by 5.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 455,645 shares of the financial services provider’s stock after selling 27,151 shares during the quarter. Bridgeway Capital Management LLC’s holdings in Renasant were worth $16,371,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in RNST. Invesco Ltd. increased its holdings in shares of Renasant by 365.6% in the second quarter. Invesco Ltd. now owns 2,215,665 shares of the financial services provider’s stock valued at $79,609,000 after purchasing an additional 1,739,786 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Renasant by 22.0% during the 1st quarter. Vanguard Group Inc. now owns 8,789,556 shares of the financial services provider’s stock worth $298,230,000 after buying an additional 1,582,105 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Renasant by 232.8% during the 1st quarter. Wellington Management Group LLP now owns 1,590,935 shares of the financial services provider’s stock worth $53,980,000 after buying an additional 1,112,946 shares during the period. Geode Capital Management LLC grew its stake in Renasant by 48.0% in the 2nd quarter. Geode Capital Management LLC now owns 2,203,182 shares of the financial services provider’s stock valued at $79,169,000 after buying an additional 714,972 shares during the last quarter. Finally, State Street Corp grew its stake in Renasant by 14.1% in the 2nd quarter. State Street Corp now owns 4,812,696 shares of the financial services provider’s stock valued at $172,920,000 after buying an additional 595,609 shares during the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

Renasant Stock Performance

Shares of NASDAQ:RNST opened at $37.17 on Friday. Renasant Co. has a 12-month low of $26.97 and a 12-month high of $40.40. The company’s 50 day moving average price is $35.11 and its two-hundred day moving average price is $36.44. The firm has a market cap of $3.53 billion, a PE ratio of 11.37 and a beta of 0.99. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

Renasant (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, October 28th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.02). The company had revenue of $269.55 million during the quarter, compared to the consensus estimate of $271.96 million. Renasant had a net margin of 17.91% and a return on equity of 6.58%. During the same quarter last year, the firm posted $1.18 earnings per share. Equities research analysts predict that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 1st. Stockholders of record on Thursday, December 18th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Thursday, December 18th. This is a positive change from Renasant’s previous quarterly dividend of $0.22. Renasant’s dividend payout ratio is currently 46.23%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on RNST shares. Hovde Group upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $40.00 to $41.00 in a research report on Thursday, October 30th. TD Cowen dropped their price target on Renasant from $45.00 to $44.00 and set a “buy” rating for the company in a report on Thursday, October 30th. Finally, Cowen assumed coverage on Renasant in a research note on Wednesday, September 24th. They issued a “buy” rating for the company. One research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $43.17.

Renasant Profile

Renasant Corporation operates as a bank holding company for Renasant Bank that provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. The company operates through Community Banks, Insurance, and Wealth Management segments. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and factoring equipment leasing services, as well as safe deposit and night depository facilities.