Renasant (NYSE:RNST) Director Sells $51,411.30 in Stock

Renasant Corp (NYSE:RNST) Director Connie Engel sold 1,257 shares of the 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 completion of the sale, the director directly 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 sale was disclosed in a legal filing with the SEC, which is available at this link.

Renasant Price Performance

Renasant stock opened at $42.34 on Friday. The stock has a market cap of $3.91 billion, a P/E ratio of 17.57 and a beta of 0.97. The company has a fifty day simple moving average of $39.91 and a 200-day simple moving average of $38.14. Renasant Corp has a 12-month low of $33.04 and a 12-month high of $42.42. 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 posted its earnings results on Tuesday, April 28th. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.84 by $0.09. Renasant had a return on equity of 8.17% and a net margin of 14.47%.The firm had revenue of $278.49 million for the quarter, compared to analyst estimates of $275.71 million. During the same quarter in the prior year, the company posted $0.65 earnings per share. Equities analysts expect that Renasant Corp will post 3.73 EPS for the current fiscal year.

Renasant Increases Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.96 annualized dividend and a dividend yield of 2.3%. This is an increase from Renasant’s previous quarterly dividend of $0.23. Renasant’s payout ratio is currently 38.17%.

Institutional Investors Weigh In On Renasant

Institutional investors and hedge funds have recently bought and sold shares of the stock. Jain Global LLC lifted its position in Renasant by 408.5% in the third quarter. Jain Global LLC now owns 486,377 shares of the company’s stock valued at $17,942,000 after acquiring an additional 390,733 shares during the last quarter. Channing Capital Management LLC purchased a new stake in Renasant in the third quarter valued at $60,815,000. Public Sector Pension Investment Board lifted its position in Renasant by 17.9% in the third quarter. Public Sector Pension Investment Board now owns 370,597 shares of the company’s stock valued at $13,671,000 after acquiring an additional 56,371 shares during the last quarter. UBS Group AG lifted its position in Renasant by 27.0% in the fourth quarter. UBS Group AG now owns 367,464 shares of the company’s stock valued at $12,942,000 after acquiring an additional 78,037 shares during the last quarter. Finally, William Blair Investment Management LLC lifted its position in Renasant by 10.0% in the fourth quarter. William Blair Investment Management LLC now owns 948,159 shares of the company’s stock valued at $33,394,000 after acquiring an additional 85,961 shares during the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. TD Cowen reaffirmed a “buy” rating on shares of Renasant in a research report on Thursday, April 30th. Wall Street Zen raised Renasant from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Hovde Group upped their price objective on Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 29th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Renasant in a report on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. Based on data from MarketBeat.com, Renasant has a consensus rating of “Buy” and a consensus price target of $45.50.

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.