Renasant (NYSE:RNST) Vice Chairman C Mitchell Waycaster Sells 12,704 Shares

Renasant Corp (NYSE:RNST) Vice Chairman C Mitchell Waycaster sold 12,704 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $39.50, for a total value of $501,808.00. Following the sale, the insider directly owned 183,235 shares of the company’s stock, valued at $7,237,782.50. The trade was a 6.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Renasant Stock Down 1.3%

Shares of Renasant stock opened at $39.11 on Friday. The company has a market capitalization of $3.61 billion, a PE ratio of 16.23 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. The stock’s 50 day moving average is $38.02. Renasant Corp has a 12-month low of $33.04 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 firm had revenue of $278.49 million during the quarter, compared to analysts’ expectations of $275.71 million. Renasant had a return on equity of 8.17% and a net margin of 14.47%.During the same quarter in the prior year, the business earned $0.65 earnings per share. Sell-side analysts anticipate that Renasant Corp will post 3.73 earnings per share for the current year.

Renasant Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders 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 is an increase from Renasant’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 2.5%. Renasant’s dividend payout ratio (DPR) is currently 38.17%.

Analyst Ratings Changes

RNST has been the subject of a number of recent analyst reports. Hovde Group upped their target price on Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 29th. TD Cowen reissued 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. Finally, Weiss Ratings raised Renasant from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, March 10th. 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 has an average rating of “Buy” and an average price target of $45.50.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of RNST. Channing Capital Management LLC acquired a new position in shares of Renasant in the third quarter valued at $60,815,000. Principal Financial Group Inc. raised its stake in shares of Renasant by 178.5% in the first quarter. Principal Financial Group Inc. now owns 1,261,160 shares of the company’s stock valued at $45,566,000 after purchasing an additional 808,316 shares in the last quarter. State Street Corp raised its stake in shares of Renasant by 14.1% in the second quarter. State Street Corp now owns 4,812,696 shares of the company’s stock valued at $172,920,000 after purchasing an additional 595,609 shares in the last quarter. Deprince Race & Zollo Inc. raised its stake in shares of Renasant by 76.8% in the first quarter. Deprince Race & Zollo Inc. now owns 976,243 shares of the company’s stock valued at $35,272,000 after purchasing an additional 423,963 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in shares of Renasant by 4,534.6% in the fourth quarter. SG Americas Securities LLC now owns 413,173 shares of the company’s stock valued at $14,552,000 after purchasing an additional 404,258 shares in the last quarter. 77.31% of the stock is currently owned by institutional investors and hedge funds.

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.