Victory Capital Management Inc. Acquires 65,777 Shares of Renasant Co. (NASDAQ:RNST)

Victory Capital Management Inc. grew its stake in Renasant Co. (NASDAQ:RNST) by 1.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,955,366 shares of the financial services provider’s stock after acquiring an additional 65,777 shares during the period. Victory Capital Management Inc. owned 6.12% of Renasant worth $128,549,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Hantz Financial Services Inc. bought a new position in Renasant in the second quarter valued at approximately $29,000. Quarry LP grew its stake in shares of Renasant by 698.3% in the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock valued at $29,000 after buying an additional 817 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in Renasant during the second quarter worth $39,000. Innealta Capital LLC bought a new stake in Renasant during the second quarter worth $48,000. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Renasant by 41.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider’s stock valued at $147,000 after acquiring an additional 1,404 shares during the last quarter. Institutional investors own 77.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on RNST shares. Hovde Group raised shares of Renasant from a “market perform” rating to an “outperform” rating and upped their target price for the company from $38.00 to $39.00 in a report on Monday, August 5th. Stephens raised Renasant from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $34.00 to $41.00 in a research report on Wednesday, July 31st. Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $34.00 to $40.00 in a research note on Monday, August 5th. Truist Financial dropped their price target on Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research note on Friday, September 20th. Finally, Raymond James raised shares of Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $39.33.

Renasant Stock Performance

Shares of NASDAQ RNST opened at $37.40 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The firm has a market cap of $2.38 billion, a price-to-earnings ratio of 13.61 and a beta of 1.01. The stock’s fifty day moving average price is $33.41 and its two-hundred day moving average price is $32.23. Renasant Co. has a one year low of $25.07 and a one year high of $38.77.

Renasant (NASDAQ:RNST) last announced its earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Renasant had a net margin of 16.83% and a return on equity of 6.70%. The company had revenue of $318.34 million during the quarter, compared to analysts’ expectations of $184.73 million. During the same quarter in the previous year, the business posted $0.75 earnings per share. On average, equities analysts forecast that Renasant Co. will post 2.64 EPS for the current year.

Insider Transactions at Renasant

In related news, Director John Creekmore sold 3,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 24,057 shares in the company, valued at approximately $914,166. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.82% of the company’s stock.

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.