Renasant (NYSE:RNST) Director Albert Dale III Sells 1,650 Shares

Renasant Corp (NYSE:RNST) Director Albert Dale III sold 1,650 shares of Renasant stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $39.80, for a total value of $65,670.00. Following the completion of the transaction, the director owned 40,075 shares in the company, valued at approximately $1,594,985. The trade was a 3.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Renasant Price Performance

Shares of RNST remained flat at $41.12 during midday trading on Thursday. The stock had a trading volume of 455,839 shares, compared to its average volume of 716,914. Renasant Corp has a one year low of $33.04 and a one year high of $42.11. The company’s 50 day moving average price is $38.20 and its two-hundred day moving average price is $37.40. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.90 and a quick ratio of 0.89. The company has a market cap of $3.79 billion, a PE ratio of 17.08 and a beta of 0.97.

Renasant (NYSE:RNST) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.09. The company had revenue of $278.49 million for the quarter, compared to analyst estimates of $275.71 million. Renasant had a return on equity of 8.17% and a net margin of 14.47%.During the same quarter last year, the company posted $0.65 EPS. On average, research analysts predict that Renasant Corp will post 3.73 earnings per share for the current year.

Renasant Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be given a dividend of $0.24 per share. The ex-dividend date is Tuesday, June 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.3%. This is an increase from Renasant’s previous quarterly dividend of $0.23. Renasant’s dividend payout ratio is presently 38.17%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on RNST. Wall Street Zen upgraded Renasant from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Hovde Group boosted 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. TD Cowen restated a “buy” rating on shares of Renasant in a research report on Thursday, April 30th. Finally, Weiss Ratings upgraded Renasant from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, March 10th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $45.50.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RNST. EverSource Wealth Advisors LLC lifted its holdings in Renasant by 68.7% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 857 shares of the company’s stock worth $32,000 after buying an additional 349 shares during the period. First Horizon Corp lifted its holdings in Renasant by 56.3% during the 4th quarter. First Horizon Corp now owns 1,080 shares of the company’s stock worth $38,000 after buying an additional 389 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Renasant by 42.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company’s stock worth $42,000 after buying an additional 345 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake in shares of Renasant by 241.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the company’s stock valued at $43,000 after purchasing an additional 867 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Renasant in the 4th quarter valued at about $60,000. 77.31% of the stock is owned by institutional investors and hedge funds.

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.