Empowered Funds LLC Trims Stock Position in Renasant Co. $RNST

Empowered Funds LLC reduced its holdings in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 18.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 250,785 shares of the financial services provider's stock after selling 55,477 shares during the period. Empowered Funds LLC owned approximately 0.26% of Renasant worth $9,011,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the business. Envestnet Asset Management Inc. increased its stake in shares of Renasant by 15.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 37,318 shares of the financial services provider's stock worth $1,266,000 after purchasing an additional 4,922 shares in the last quarter. Mutual of America Capital Management LLC increased its stake in Renasant by 39.2% during the 1st quarter. Mutual of America Capital Management LLC now owns 13,404 shares of the financial services provider's stock worth $455,000 after buying an additional 3,775 shares during the period. CWM LLC increased its holdings in Renasant by 42.7% during the 1st quarter. CWM LLC now owns 1,330 shares of the financial services provider's stock worth $45,000 after purchasing an additional 398 shares during the last quarter. Teachers Retirement System of The State of Kentucky boosted its stake in Renasant by 292.4% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 68,655 shares of the financial services provider's stock valued at $2,330,000 after acquiring an additional 51,161 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Renasant during the 1st quarter worth approximately $1,940,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

Renasant Price Performance

Renasant stock opened at $33.63 on Thursday. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $3.20 billion, a price-to-earnings ratio of 10.28 and a beta of 0.98. The stock's 50 day moving average is $35.69 and its 200-day moving average is $36.33. Renasant Co. has a 12 month low of $26.97 and a 12 month high of $40.40.

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

Renasant Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 1st. Shareholders of record on Thursday, December 18th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Thursday, December 18th. This is a boost from Renasant's previous quarterly dividend of $0.22. Renasant's dividend payout ratio (DPR) is presently 46.23%.

Wall Street Analysts Forecast Growth

RNST has been the topic of several recent analyst reports. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Renasant in a research note on Wednesday, July 23rd. TD Cowen reduced their price objective on Renasant from $45.00 to $44.00 and set a "buy" rating for the company in a research report on Thursday, October 30th. Hovde Group upgraded Renasant from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $40.00 to $41.00 in a report on Thursday, October 30th. Finally, Cowen initiated coverage on Renasant in a research report on Wednesday, September 24th. They issued a "buy" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company's stock. According to data from MarketBeat.com, Renasant has an average rating of "Buy" and an average target price of $43.17.

View Our Latest Stock Report on RNST

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.

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