Squarepoint Ops LLC Lowers Position in Renasant Corp $RNST

Squarepoint Ops LLC decreased its stake in shares of Renasant Corp (NYSE:RNST) by 28.4% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 102,865 shares of the company’s stock after selling 40,783 shares during the quarter. Squarepoint Ops LLC’s holdings in Renasant were worth $4,376,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of RNST. Maryland State Retirement & Pension System boosted its holdings in shares of Renasant by 2.0% in the 4th quarter. Maryland State Retirement & Pension System now owns 13,939 shares of the company’s stock valued at $491,000 after purchasing an additional 279 shares during the last quarter. Oregon Public Employees Retirement Fund increased its holdings in shares of Renasant by 1.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 21,701 shares of the company’s stock worth $764,000 after buying an additional 300 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Renasant by 27.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,464 shares of the company’s stock worth $52,000 after buying an additional 312 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of Renasant by 33.6% during the 2nd quarter. Versant Capital Management Inc now owns 1,276 shares of the company’s stock worth $54,000 after buying an additional 321 shares during the last quarter. Finally, HB Wealth Management LLC raised its position in shares of Renasant by 3.5% in the 2nd quarter. HB Wealth Management LLC now owns 10,126 shares of the company’s stock worth $431,000 after buying an additional 346 shares during the period. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Wall Street Analysts Forecast Growth

RNST has been the topic of a number of recent research reports. TD Cowen lifted their price target on shares of Renasant from $48.00 to $49.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Piper Sandler lifted their target price on shares of Renasant from $46.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, July 30th. Finally, Weiss Ratings raised shares of Renasant from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $47.67.

Insider Buying and Selling

In other Renasant news, Director Edward Mcgraw sold 35,000 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $43.88, for a total value of $1,535,800.00. Following the transaction, the director owned 211,458 shares in the company, valued at $9,278,777.04. The trade was a 14.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.07% of the stock is owned by corporate insiders.

Renasant Stock Up 0.6%

Shares of NYSE:RNST opened at $40.78 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.21. Renasant Corp has a 52-week low of $33.04 and a 52-week high of $44.54. The company has a 50 day moving average of $42.43 and a two-hundred day moving average of $40.49. The company has a market capitalization of $3.73 billion, a price-to-earnings ratio of 12.21 and a beta of 0.97.

Renasant (NYSE:RNST) last posted its earnings results on Tuesday, July 28th. The company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.03. The business had revenue of $573.62 million for the quarter, compared to analysts’ expectations of $280.71 million. Renasant had a net margin of 19.94% and a return on equity of 8.67%. During the same period in the previous year, the company posted $0.01 earnings per share. As a group, analysts forecast that Renasant Corp will post 3.79 earnings per share for the current fiscal year.

Renasant Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.96 annualized dividend and a yield of 2.4%. Renasant’s payout ratio is 28.74%.

About Renasant

Renasant Corporation (NYSE: RNST) is a financial services company and the parent organization of Renasant Bank. Headquartered in Tupelo, Mississippi, the company traces its roots to 1904 and operates as a regional banking institution serving individuals, businesses and communities.

Renasant Bank provides a broad range of financial products and services, including checking and savings accounts, consumer and commercial lending, real estate financing, treasury management and other business banking solutions.