28,013 Shares in Renasant Corp $RNST Bought by Magnolia Capital Advisors LLC

Magnolia Capital Advisors LLC acquired a new position in shares of Renasant Corp (NYSE:RNST) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 28,013 shares of the company’s stock, valued at approximately $1,192,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in RNST. PNC Financial Services Group Inc. grew its position in shares of Renasant by 42.8% in the third quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company’s stock valued at $42,000 after purchasing an additional 345 shares during the period. Caitong International Asset Management Co. Ltd increased its stake in shares of Renasant by 241.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the company’s stock worth $43,000 after purchasing an additional 867 shares in the last quarter. FNY Investment Advisers LLC raised its position in shares of Renasant by 151.9% during the 2nd quarter. FNY Investment Advisers LLC now owns 1,063 shares of the company’s stock worth $45,000 after purchasing an additional 641 shares during the last quarter. Versant Capital Management Inc raised its position in shares of Renasant by 33.6% during the 2nd quarter. Versant Capital Management Inc now owns 1,276 shares of the company’s stock worth $54,000 after purchasing an additional 321 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in Renasant in the 4th quarter valued at about $60,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

Renasant Stock Performance

NYSE:RNST opened at $41.05 on Thursday. The company’s 50-day moving average is $42.89 and its two-hundred day moving average is $40.48. Renasant Corp has a 1-year low of $33.04 and a 1-year high of $44.54. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.91 and a quick ratio of 0.90. The firm has a market capitalization of $3.75 billion, a price-to-earnings ratio of 12.29 and a beta of 0.98.

Renasant (NYSE:RNST) last released its quarterly earnings results on Tuesday, July 28th. The company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.91 by $0.03. Renasant had a net margin of 19.94% and a return on equity of 8.67%. The firm had revenue of $573.62 million for the quarter, compared to analyst estimates of $280.71 million. During the same quarter in the previous year, the company earned $0.01 EPS. Analysts forecast that Renasant Corp will post 3.79 EPS for the current year.

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a $0.24 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.3%. Renasant’s payout ratio is currently 28.74%.

Insider Buying and Selling at Renasant

In related news, Director Connie L. Engel sold 1,257 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $40.90, for a total value of $51,411.30. Following the sale, the director directly owned 15,449 shares in the company, valued at approximately $631,864.10. The trade was a 7.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Edward Robinson Mcgraw sold 35,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $43.88, for a total transaction of $1,535,800.00. Following the completion of the transaction, the director directly owned 211,458 shares in the company, valued at $9,278,777.04. The trade was a 14.20% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on RNST. Hovde Group lifted their price objective on Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. Piper Sandler increased their target price on Renasant from $46.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, July 30th. Weiss Ratings upgraded Renasant from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Finally, TD Cowen lifted their price target on Renasant from $48.00 to $49.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $47.67.

Renasant Company 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. 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. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate?1-4 family mortgage; real estate?commercial mortgage; real estate?construction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.