C Mitchell Waycaster Sells 12,704 Shares of Renasant (NYSE:RNST) Stock

Renasant Corp (NYSE:RNST) Vice Chairman C Mitchell Waycaster sold 12,704 shares of Renasant stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $39.50, for a total transaction of $501,808.00. Following the completion of the transaction, the insider owned 183,235 shares in the company, valued at approximately $7,237,782.50. This trade represents a 6.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Renasant Stock Performance

Renasant stock opened at $39.11 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.89 and a current ratio of 0.90. The firm has a market capitalization of $3.61 billion, a price-to-earnings ratio of 16.23 and a beta of 0.97. Renasant Corp has a 1 year low of $33.04 and a 1 year high of $42.11. The business has a 50 day simple moving average of $38.02.

Renasant (NYSE:RNST) last posted its quarterly 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 firm had revenue of $278.49 million for the quarter, compared to analyst estimates of $275.71 million. Renasant had a net margin of 14.47% and a return on equity of 8.17%. During the same quarter in the previous year, the business posted $0.65 earnings per share. As a group, equities analysts predict that Renasant Corp will post 3.73 EPS for the current fiscal year.

Renasant Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.5%. This is a positive change from Renasant’s previous quarterly dividend of $0.23. The ex-dividend date is Tuesday, June 16th. Renasant’s dividend payout ratio (DPR) is presently 39.83%.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Renasant

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Maverick Capital Ltd. acquired a new position in Renasant in the 1st quarter worth approximately $1,007,000. Quantinno Capital Management LP boosted its stake in shares of Renasant by 187.1% during the 1st quarter. Quantinno Capital Management LP now owns 49,639 shares of the company’s stock valued at $1,793,000 after buying an additional 32,349 shares during the period. Mendon Capital Advisors Corp boosted its stake in shares of Renasant by 13.9% during the 1st quarter. Mendon Capital Advisors Corp now owns 307,500 shares of the company’s stock valued at $11,110,000 after buying an additional 37,500 shares during the period. Waverly Advisors LLC boosted its stake in shares of Renasant by 1.2% during the 1st quarter. Waverly Advisors LLC now owns 39,200 shares of the company’s stock valued at $1,416,000 after buying an additional 473 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of Renasant by 8.0% during the 1st quarter. Public Employees Retirement System of Ohio now owns 77,960 shares of the company’s stock valued at $2,817,000 after buying an additional 5,753 shares during the period. Institutional investors and hedge funds own 77.31% of the company’s stock.

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.