Renasant Co. (NASDAQ:RNST) Sees Large Increase in Short Interest

Financial News Live · Dec 29, 2022 17:31

Renasant Co. (NASDAQ:RNST – Get Rating) was the recipient of a large increase in short interest in the month of December. As of December 15th, there was short interest totalling 1,480,000 shares, an increase of 59.0% from the November 30th total of 931,000 shares. Approximately 2.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 225,800 shares, the short-interest ratio is currently 6.6 days.

Hedge Funds Weigh In On Renasant

A number of institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC lifted its stake in Renasant by 274.6% during the third quarter. EverSource Wealth Advisors LLC now owns 914 shares of the financial services provider's stock valued at $29,000 after buying an additional 670 shares in the last quarter. Pinebridge Investments L.P. boosted its stake in Renasant by 279.3% in the 2nd quarter. Pinebridge Investments L.P. now owns 1,138 shares of the financial services provider's stock worth $33,000 after purchasing an additional 838 shares during the period. IFP Advisors Inc grew its position in Renasant by 327.8% during the 3rd quarter. IFP Advisors Inc now owns 492 shares of the financial services provider's stock worth $34,000 after purchasing an additional 377 shares in the last quarter. KBC Group NV acquired a new stake in Renasant during the 2nd quarter valued at $126,000. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Renasant in the second quarter valued at $191,000. Hedge funds and other institutional investors own 76.10% of the company's stock.

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Renasant Price Performance

Shares of NASDAQ RNST traded up $0.37 during midday trading on Thursday, reaching $37.84. The company's stock had a trading volume of 170,470 shares, compared to its average volume of 239,909. Renasant has a one year low of $27.61 and a one year high of $41.77. The company has a market cap of $2.12 billion, a price-to-earnings ratio of 13.38 and a beta of 1.15. The company has a 50 day moving average price of $38.99 and a 200 day moving average price of $34.51. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.20.

Renasant (NASDAQ:RNST – Get Rating) last posted its quarterly earnings results on Tuesday, October 25th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.79. Renasant had a net margin of 24.05% and a return on equity of 7.38%. The firm had revenue of $171.50 million for the quarter, compared to analyst estimates of $158.35 million. On average, equities research analysts expect that Renasant will post 3.02 EPS for the current year.

Renasant Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, January 1st. Stockholders of record on Friday, December 16th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Thursday, December 15th. Renasant's dividend payout ratio is 31.43%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. StockNews.com assumed coverage on shares of Renasant in a research note on Wednesday, October 12th. They issued a "hold" rating for the company. Stephens boosted their target price on Renasant from $38.00 to $40.00 and gave the stock an "equal weight" rating in a report on Friday, October 28th. Finally, Raymond James raised Renasant from a "market perform" rating to an "outperform" rating and set a $41.00 price target for the company in a research note on Thursday, October 27th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $37.25.

Renasant Company Profile

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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. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities.