Park Place Capital Corp Sells 25,460 Shares of Renasant Co. (NASDAQ:RNST)

Park Place Capital Corp cut its holdings in Renasant Co. (NASDAQ:RNST) by 22.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 87,698 shares of the financial services provider’s stock after selling 25,460 shares during the quarter. Renasant makes up about 1.0% of Park Place Capital Corp’s investment portfolio, making the stock its 23rd largest position. Park Place Capital Corp’s holdings in Renasant were worth $2,747,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. GAMMA Investing LLC bought a new position in Renasant in the fourth quarter worth about $25,000. Atlantic Edge Private Wealth Management LLC bought a new position in shares of Renasant during the 4th quarter worth approximately $37,000. TFO Wealth Partners LLC lifted its position in Renasant by 13,710.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,381 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 1,371 shares during the last quarter. Criterion Capital Advisors LLC acquired a new stake in Renasant in the fourth quarter valued at approximately $113,000. Finally, Bailard Inc. purchased a new position in Renasant in the fourth quarter worth $205,000. 77.31% of the stock is currently owned by institutional investors.

Renasant Stock Performance

Shares of NASDAQ:RNST traded up $0.04 on Monday, hitting $30.58. 270,554 shares of the company were exchanged, compared to its average volume of 236,243. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18. The stock’s 50 day moving average price is $29.81 and its 200 day moving average price is $30.83. Renasant Co. has a 1-year low of $22.99 and a 1-year high of $34.85. The firm has a market capitalization of $1.72 billion, a P/E ratio of 12.38 and a beta of 1.03.

Renasant (NASDAQ:RNST) last posted its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.02. Renasant had a return on equity of 7.44% and a net margin of 14.67%. The business had revenue of $254.56 million for the quarter, compared to the consensus estimate of $159.60 million. During the same quarter in the previous year, the business earned $0.82 EPS. Sell-side analysts predict that Renasant Co. will post 2.62 EPS for the current year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 2.88%. Renasant’s dividend payout ratio (DPR) is presently 35.77%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. StockNews.com raised Renasant from a “sell” rating to a “hold” rating in a research report on Saturday, April 27th. Truist Financial lowered their price target on Renasant from $35.00 to $33.00 and set a “hold” rating for the company in a report on Monday, April 1st. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Renasant has a consensus rating of “Hold” and a consensus target price of $33.00.

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.