Renasant Corp $RNST Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. lowered its stake in shares of Renasant Corp (NYSE:RNST) by 0.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,708,112 shares of the company’s stock after selling 90,425 shares during the quarter. Vanguard Group Inc. owned approximately 0.11% of Renasant worth $377,140,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. First Horizon Corp acquired a new position in Renasant during the 3rd quarter valued at approximately $25,000. EverSource Wealth Advisors LLC boosted its position in Renasant by 68.7% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 857 shares of the company’s stock valued at $32,000 after purchasing an additional 349 shares during the period. PNC Financial Services Group Inc. boosted its position in Renasant by 42.8% during the 3rd 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. Jones Financial Companies Lllp acquired a new position in Renasant during the 1st quarter valued at approximately $67,000. Finally, Danske Bank A S acquired a new position in Renasant during the 3rd quarter valued at approximately $85,000. Institutional investors and hedge funds own 77.31% of the company’s stock.

Wall Street Analysts Forecast Growth

RNST has been the subject of a number of analyst reports. Wall Street Zen upgraded Renasant from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Weiss Ratings upgraded Renasant from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, March 10th. TD Cowen reiterated a “buy” rating on shares of Renasant in a research report on Thursday, April 30th. Finally, Hovde Group boosted their price target on Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. According to MarketBeat.com, Renasant presently has a consensus rating of “Buy” and an average target price of $45.50.

Insider Activity

In other news, CAO Kelly Hutcheson sold 1,350 shares of the business’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $38.65, for a total transaction of $52,177.50. Following the sale, the chief accounting officer directly owned 16,728 shares of the company’s stock, valued at $646,537.20. The trade was a 7.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.07% of the stock is owned by company insiders.

Renasant Stock Up 1.9%

Shares of Renasant stock opened at $40.69 on Thursday. The stock’s fifty day moving average is $37.91. The firm has a market capitalization of $3.83 billion, a price-to-earnings ratio of 16.88 and a beta of 0.97. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.13. Renasant Corp has a 12-month low of $32.74 and a 12-month high of $42.11.

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 analysts’ consensus estimates of $0.84 by $0.09. The company had revenue of $278.49 million for the quarter, compared to analyst estimates of $275.71 million. Renasant had a return on equity of 8.17% and a net margin of 14.47%.During the same period in the previous year, the firm earned $0.65 earnings per share. Analysts expect that Renasant Corp will post 3.74 EPS for the current year.

Renasant Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from Renasant’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Tuesday, June 16th. Renasant’s payout ratio is presently 38.17%.

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. 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.