Heartland Advisors Inc. Takes Position in Renasant Corp $RNST

Heartland Advisors Inc. acquired a new position in shares of Renasant Corp (NYSE:RNST) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 187,584 shares of the company’s stock, valued at approximately $6,607,000.

Several other hedge funds have also modified their holdings of RNST. Oregon Public Employees Retirement Fund increased its position in Renasant by 1.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 21,701 shares of the company’s stock worth $764,000 after purchasing an additional 300 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of Renasant by 12.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,825 shares of the company’s stock valued at $106,000 after purchasing an additional 306 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Renasant by 27.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,464 shares of the company’s stock valued at $52,000 after buying an additional 312 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Renasant by 68.7% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 857 shares of the company’s stock valued at $32,000 after buying an additional 349 shares during the period. Finally, CIBC Asset Management Inc increased its holdings in shares of Renasant by 4.0% during the 4th quarter. CIBC Asset Management Inc now owns 9,296 shares of the company’s stock worth $327,000 after buying an additional 359 shares during the last quarter. 77.31% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Renasant

In other Renasant news, Director Connie L. Engel sold 1,257 shares of Renasant stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $40.90, for a total transaction of $51,411.30. Following the sale, the director directly owned 15,449 shares in the company, valued at $631,864.10. The trade was a 7.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $39.50, for a total value of $501,808.00. Following the completion of the transaction, the insider directly owned 183,235 shares in the company, valued at approximately $7,237,782.50. The trade was a 6.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 15,611 shares of company stock worth $618,889 in the last 90 days. 2.07% of the stock is owned by corporate insiders.

Renasant Stock Performance

Shares of RNST stock opened at $41.94 on Thursday. Renasant Corp has a 12 month low of $33.04 and a 12 month high of $42.40. 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 firm has a market capitalization of $3.87 billion, a P/E ratio of 17.40 and a beta of 0.97. The company’s fifty day moving average price is $39.78 and its two-hundred day moving average price is $38.09.

Renasant (NYSE:RNST) last announced its earnings results on Tuesday, April 28th. The company reported $0.93 earnings per share 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 company had revenue of $278.49 million during the quarter, compared to the consensus estimate of $275.71 million. During the same period last year, the firm earned $0.65 earnings per share. On average, research analysts anticipate that Renasant Corp will post 3.73 earnings per share for the current fiscal year.

Renasant Increases Dividend

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Hovde Group lifted their target price on Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. Wall Street Zen upgraded Renasant from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. Weiss Ratings restated a “buy (b-)” rating on shares of Renasant in a report on Friday, June 5th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Renasant in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $45.50.

Renasant 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.