Quantbot Technologies LP Makes New $2.53 Million Investment in Renasant Co. (NASDAQ:RNST)

Quantbot Technologies LP purchased a new position in shares of Renasant Co. (NASDAQ:RNST) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 77,984 shares of the financial services provider’s stock, valued at approximately $2,534,000. Quantbot Technologies LP owned approximately 0.12% of Renasant as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in RNST. CANADA LIFE ASSURANCE Co raised its position in Renasant by 6.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 55,039 shares of the financial services provider’s stock worth $1,724,000 after purchasing an additional 3,197 shares during the period. Quadrature Capital Ltd bought a new stake in shares of Renasant in the 1st quarter valued at about $208,000. Price T Rowe Associates Inc. MD boosted its holdings in Renasant by 3.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 53,621 shares of the financial services provider’s stock valued at $1,680,000 after acquiring an additional 1,999 shares during the period. Public Employees Retirement System of Ohio grew its position in Renasant by 1.2% during the 1st quarter. Public Employees Retirement System of Ohio now owns 119,696 shares of the financial services provider’s stock worth $3,749,000 after acquiring an additional 1,364 shares during the last quarter. Finally, Park Place Capital Corp increased its stake in Renasant by 0.9% in the 2nd quarter. Park Place Capital Corp now owns 88,502 shares of the financial services provider’s stock worth $2,703,000 after purchasing an additional 804 shares during the period. 77.31% of the stock is currently owned by institutional investors.

Renasant Trading Down 0.8 %

RNST opened at $37.88 on Thursday. 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 Co. has a 52 week low of $26.28 and a 52 week high of $39.47. The stock has a market cap of $2.41 billion, a PE ratio of 12.34 and a beta of 1.01. The business has a 50 day moving average of $34.29 and a 200-day moving average of $32.73.

Renasant (NASDAQ:RNST) last announced its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.63 by $0.07. The business had revenue of $318.34 million during the quarter, compared to analyst estimates of $184.73 million. Renasant had a return on equity of 6.70% and a net margin of 16.83%. During the same quarter last year, the firm posted $0.75 earnings per share. Equities research analysts predict that Renasant Co. will post 2.65 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.32%. The ex-dividend date is Wednesday, December 18th. Renasant’s payout ratio is currently 28.66%.

Analyst Ratings Changes

Several research analysts have recently issued reports on RNST shares. Keefe, Bruyette & Woods upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $36.00 to $40.00 in a report on Friday, August 2nd. Hovde Group downgraded shares of Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Stephens raised Renasant from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $34.00 to $41.00 in a research report on Wednesday, July 31st. Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price objective on the stock in a research report on Wednesday, July 31st. Finally, Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and upped their target price for the company from $34.00 to $40.00 in a report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Renasant presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.33.

Insiders Place Their Bets

In other Renasant news, Director John Creekmore sold 3,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total value of $114,000.00. Following the sale, the director now directly owns 24,057 shares of the company’s stock, valued at approximately $914,166. The trade was a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.82% of the company’s stock.

About Renasant

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.