Renasant (NYSE:RNST) Director Connie Engel Sells 1,257 Shares of Stock

Renasant Corp (NYSE:RNST) Director Connie Engel sold 1,257 shares of Renasant stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $40.90, for a total transaction of $51,411.30. Following the sale, the director owned 15,449 shares in the company, valued at approximately $631,864.10. The trade was a 7.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Renasant Trading Up 1.1%

RNST stock opened at $41.48 on Wednesday. The firm has a fifty day moving average price of $39.65 and a 200 day moving average price of $38.03. Renasant Corp has a fifty-two week low of $33.04 and a fifty-two week high of $42.40. 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 cap of $3.83 billion, a PE ratio of 17.21 and a beta of 0.97.

Renasant (NYSE:RNST) last posted its earnings results 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 firm had revenue of $278.49 million during the quarter, compared to analyst estimates of $275.71 million. During the same period last year, the firm posted $0.65 earnings per share. Sell-side analysts anticipate that Renasant Corp will post 3.73 earnings per share for the current fiscal 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 paid 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 2.3%. The ex-dividend date of this dividend is Tuesday, June 16th. Renasant’s payout ratio is presently 38.17%.

Institutional Trading of Renasant

Several hedge funds have recently modified their holdings of the company. Mascagni Wealth Management Inc. lifted its position in shares of Renasant by 10.5% during the first quarter. Mascagni Wealth Management Inc. now owns 18,769 shares of the company’s stock valued at $678,000 after buying an additional 1,783 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Renasant by 13.6% during the first quarter. Bank of America Corp DE now owns 847,691 shares of the company’s stock valued at $30,627,000 after acquiring an additional 101,527 shares in the last quarter. Amundi increased its holdings in shares of Renasant by 15.6% during the first quarter. Amundi now owns 16,093 shares of the company’s stock valued at $581,000 after acquiring an additional 2,169 shares in the last quarter. California State Teachers Retirement System increased its holdings in shares of Renasant by 21.1% during the first quarter. California State Teachers Retirement System now owns 109,738 shares of the company’s stock valued at $3,965,000 after acquiring an additional 19,083 shares in the last quarter. Finally, Empowered Funds LLC increased its holdings in shares of Renasant by 8.7% during the first quarter. Empowered Funds LLC now owns 328,457 shares of the company’s stock valued at $11,867,000 after acquiring an additional 26,281 shares in the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on RNST shares. Wall Street Zen upgraded Renasant from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. TD Cowen reaffirmed a “buy” rating on shares of Renasant in a research report on Thursday, April 30th. Weiss Ratings restated a “buy (b-)” rating on shares of Renasant in a research note on Friday. Finally, Hovde Group increased their price target 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. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus 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.