Peregrine Capital Management LLC Sells 14,124 Shares of Renasant Corp $RNST

Peregrine Capital Management LLC lessened its stake in shares of Renasant Corp (NYSE:RNST) by 8.8% in the first quarter, Holdings Channel reports. The institutional investor owned 146,771 shares of the company’s stock after selling 14,124 shares during the period. Peregrine Capital Management LLC’s holdings in Renasant were worth $5,303,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Maryland State Retirement & Pension System grew its stake in shares of Renasant by 2.0% in the fourth quarter. Maryland State Retirement & Pension System now owns 13,939 shares of the company’s stock worth $491,000 after acquiring an additional 279 shares during the last quarter. Oregon Public Employees Retirement Fund increased its holdings in shares of Renasant by 1.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 21,701 shares of the company’s stock valued at $764,000 after acquiring an additional 300 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Renasant by 27.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,464 shares of the company’s stock worth $52,000 after purchasing an additional 312 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Renasant by 68.7% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 857 shares of the company’s stock worth $32,000 after purchasing an additional 349 shares during the last quarter. Finally, CIBC Asset Management Inc raised its position in shares of Renasant by 4.0% in the 4th quarter. CIBC Asset Management Inc now owns 9,296 shares of the company’s stock worth $327,000 after purchasing an additional 359 shares during the last quarter. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Insider Buying and Selling at Renasant

In other news, Director Albert J. Dale III sold 1,650 shares of the stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $39.80, for a total value of $65,670.00. Following the completion of the sale, the director directly owned 40,075 shares of the company’s stock, valued at $1,594,985. This represents a 3.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the firm’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $39.50, for a total transaction of $501,808.00. Following the sale, the insider owned 183,235 shares in the company, valued at $7,237,782.50. The trade was a 6.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 15,611 shares of company stock valued at $618,889 over the last 90 days. 2.07% of the stock is currently owned by corporate insiders.

Renasant Price Performance

Shares of RNST opened at $43.66 on Thursday. The firm has a fifty day simple moving average of $40.94 and a two-hundred day simple moving average of $38.79. The firm has a market cap of $4.03 billion, a PE ratio of 18.12 and a beta of 0.97. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13. Renasant Corp has a 1-year low of $33.04 and a 1-year high of $43.96.

Renasant (NYSE:RNST) last announced its earnings results on Tuesday, April 28th. The company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.09. The business had revenue of $278.49 million for the quarter, compared to analysts’ expectations of $275.71 million. Renasant had a return on equity of 8.17% and a net margin of 14.47%.During the same period last year, the firm posted $0.65 earnings per share. On average, equities analysts anticipate that Renasant Corp will post 3.73 EPS for the current year.

Renasant Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Tuesday, June 16th. This is a positive change from Renasant’s previous quarterly dividend of $0.23. Renasant’s dividend payout ratio (DPR) is 39.83%.

Analyst Ratings Changes

Several brokerages recently commented on RNST. Hovde Group increased their price objective on shares of Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Renasant in a report on Friday, June 5th. TD Cowen reiterated a “buy” rating on shares of Renasant in a research note on Thursday, April 30th. Finally, Wall Street Zen raised shares of Renasant from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $45.50.

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. 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.