Stieven Capital Advisors L.P. Buys 192,925 Shares of Renasant Co. $RNST

Stieven Capital Advisors L.P. boosted its stake in Renasant Co. (NASDAQ:RNST) by 80.7% in the second quarter, HoldingsChannel reports. The firm owned 432,032 shares of the financial services provider’s stock after acquiring an additional 192,925 shares during the period. Renasant makes up approximately 3.0% of Stieven Capital Advisors L.P.’s holdings, making the stock its 12th largest holding. Stieven Capital Advisors L.P.’s holdings in Renasant were worth $15,523,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake in shares of Renasant by 100.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 553,572 shares of the financial services provider’s stock worth $19,890,000 after buying an additional 277,211 shares during the last quarter. Swiss National Bank lifted its holdings in Renasant by 47.3% in the second quarter. Swiss National Bank now owns 181,430 shares of the financial services provider’s stock valued at $6,519,000 after acquiring an additional 58,230 shares during the period. Handelsbanken Fonder AB boosted its position in Renasant by 13.9% in the second quarter. Handelsbanken Fonder AB now owns 14,723 shares of the financial services provider’s stock worth $529,000 after purchasing an additional 1,800 shares during the last quarter. Dynamic Technology Lab Private Ltd grew its stake in shares of Renasant by 259.3% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 48,718 shares of the financial services provider’s stock valued at $1,750,000 after purchasing an additional 35,158 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in shares of Renasant by 54.9% in the 2nd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 88,575 shares of the financial services provider’s stock worth $3,182,000 after purchasing an additional 31,405 shares during the period. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Renasant Trading Down 0.2%

Shares of NASDAQ RNST opened at $33.59 on Friday. Renasant Co. has a fifty-two week low of $26.97 and a fifty-two week high of $40.40. The company has a market cap of $3.19 billion, a price-to-earnings ratio of 10.27 and a beta of 0.98. The business’s 50 day moving average price is $35.60 and its 200-day moving average price is $36.31. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.

Renasant (NASDAQ:RNST) last posted its quarterly earnings results on Tuesday, October 28th. The financial services provider reported $0.77 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). The company had revenue of $269.55 million during the quarter, compared to the consensus estimate of $271.96 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%.During the same quarter in the previous year, the company posted $1.18 earnings per share. On average, sell-side analysts expect that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 1st. Investors of record on Thursday, December 18th will be issued a $0.23 dividend. The ex-dividend date is Thursday, December 18th. This is a positive change from Renasant’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.7%. Renasant’s dividend payout ratio (DPR) is presently 46.23%.

Analysts Set New Price Targets

Several research firms have recently commented on RNST. Hovde Group upgraded Renasant from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $40.00 to $41.00 in a research note on Thursday, October 30th. Cowen started coverage on Renasant in a research note on Wednesday, September 24th. They issued a “buy” rating on the stock. Finally, TD Cowen lowered their price target on shares of Renasant from $45.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $43.17.

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. 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.