Maltese Capital Management LLC Sells 107,500 Shares of Renasant Corp $RNST

Maltese Capital Management LLC trimmed its position in Renasant Corp (NYSE:RNST) by 41.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 152,500 shares of the company’s stock after selling 107,500 shares during the quarter. Maltese Capital Management LLC owned about 0.16% of Renasant worth $5,626,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RNST. First Horizon Corp bought a new position in Renasant in the 3rd quarter worth $25,000. EverSource Wealth Advisors LLC raised its holdings in Renasant by 68.7% during the third quarter. EverSource Wealth Advisors LLC now owns 857 shares of the company’s stock valued at $32,000 after acquiring an additional 349 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of Renasant by 42.8% in the third quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company’s stock valued at $42,000 after acquiring an additional 345 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in shares of Renasant in the first quarter valued at about $67,000. Finally, State of Wyoming boosted its stake in shares of Renasant by 236.7% in the second quarter. State of Wyoming now owns 5,091 shares of the company’s stock worth $183,000 after acquiring an additional 3,579 shares during the period. Institutional investors own 77.31% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on RNST. Weiss Ratings upgraded shares of Renasant from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, March 10th. Hovde Group upped their target price on shares of Renasant from $41.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. TD Cowen reaffirmed a “buy” rating on shares of Renasant in a research note on Thursday, January 29th. Finally, Wall Street Zen upgraded shares of Renasant from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $43.00.

Renasant Stock Down 0.0%

RNST stock opened at $35.66 on Tuesday. Renasant Corp has a twelve month low of $26.97 and a twelve month high of $42.11. The company has a market capitalization of $3.36 billion, a PE ratio of 16.82 and a beta of 0.97. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.91 and a quick ratio of 0.90. The company’s fifty day moving average price is $38.21.

Renasant (NYSE:RNST) last released its earnings results on Tuesday, January 27th. The company reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.11. Renasant had a return on equity of 7.53% and a net margin of 12.55%.The firm had revenue of $278.52 million for the quarter, compared to analysts’ expectations of $269.00 million.

Renasant Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be paid a dividend of $0.23 per share. The ex-dividend date is Tuesday, March 17th. This represents a $0.92 annualized dividend and a dividend yield of 2.6%. Renasant’s dividend payout ratio (DPR) is currently 43.40%.

Insider Activity

In related news, EVP Mark Jeanfreau sold 6,000 shares of Renasant stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $37.88, for a total value of $227,280.00. Following the completion of the sale, the executive vice president directly owned 65,172 shares in the company, valued at $2,468,715.36. The trade was a 8.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO James C. Iv Mabry sold 12,500 shares of the stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $37.83, for a total transaction of $472,875.00. Following the transaction, the chief financial officer owned 105,337 shares in the company, valued at approximately $3,984,898.71. The trade was a 10.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 19,850 shares of company stock worth $752,333. Company insiders own 2.81% 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.