Renasant Corp $RNST Shares Sold by SouthState Bank Corp

SouthState Bank Corp reduced its position in Renasant Corp (NYSE:RNST) by 52.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,500 shares of the company’s stock after selling 12,500 shares during the quarter. SouthState Bank Corp’s holdings in Renasant were worth $415,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Maryland State Retirement & Pension System grew its holdings in Renasant by 2.0% during 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 period. Oregon Public Employees Retirement Fund increased its holdings in Renasant by 1.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 21,701 shares of the company’s stock valued at $764,000 after buying an additional 300 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Renasant by 27.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,464 shares of the company’s stock valued at $52,000 after buying an additional 312 shares in the last quarter. CIBC Asset Management Inc lifted its position in shares of Renasant by 4.0% during the 4th quarter. CIBC Asset Management Inc now owns 9,296 shares of the company’s stock valued at $327,000 after acquiring an additional 359 shares during the period. Finally, Lido Advisors LLC lifted its position in shares of Renasant by 4.0% during the 4th quarter. Lido Advisors LLC now owns 9,615 shares of the company’s stock valued at $352,000 after acquiring an additional 368 shares during the period. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on RNST shares. Hovde Group raised their target price on shares of Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. TD Cowen restated a “buy” rating on shares of Renasant in a report on Thursday, April 30th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Renasant in a research report on Friday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $45.50.

Insiders Place Their Bets

In related news, Director Connie L. Engel sold 1,257 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $40.90, for a total value of $51,411.30. Following the transaction, the director owned 15,449 shares in the company, valued at approximately $631,864.10. This represents a 7.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Albert J. Dale III sold 1,650 shares of Renasant stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $39.80, for a total value of $65,670.00. Following the completion of the transaction, the director owned 40,075 shares in the company, valued at $1,594,985. The trade was a 3.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 15,611 shares of company stock worth $618,889 in the last quarter. 2.07% of the stock is currently owned by corporate insiders.

Renasant Stock Performance

Renasant stock opened at $42.93 on Thursday. The stock has a 50 day moving average of $41.48 and a 200-day moving average of $39.19. The stock has a market cap of $3.96 billion, a P/E ratio of 17.81 and a beta of 0.96. Renasant Corp has a 52 week low of $33.04 and a 52 week high of $44.00. 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 (NYSE:RNST) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.09. Renasant had a net margin of 14.47% and a return on equity of 8.17%. The business had revenue of $278.49 million during the quarter, compared to the consensus estimate of $275.71 million. During the same quarter in the prior year, the firm earned $0.65 EPS. On average, analysts expect that Renasant Corp will post 3.73 EPS for the current fiscal year.

Renasant Increases Dividend

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

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. 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.