Renasant Corp $RNST Shares Sold by Sterling Capital Management LLC

Sterling Capital Management LLC lessened its stake in shares of Renasant Corp (NYSE:RNST) by 33.4% during the first quarter, Holdings Channel.com reports. The fund owned 26,937 shares of the company’s stock after selling 13,524 shares during the period. Sterling Capital Management LLC’s holdings in Renasant were worth $973,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in RNST. EverSource Wealth Advisors LLC lifted its holdings in shares of Renasant by 68.7% in the third 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. First Horizon Corp boosted its holdings in shares of Renasant by 56.3% in the fourth 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. boosted its stake in Renasant by 42.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company’s stock worth $42,000 after purchasing an additional 345 shares during the period. Caitong International Asset Management Co. Ltd boosted its position in shares of Renasant by 241.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the company’s stock worth $43,000 after buying an additional 867 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new stake in Renasant during the 4th quarter worth about $60,000. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Renasant Trading Down 0.5%

Renasant stock opened at $42.48 on Wednesday. The stock has a market cap of $3.92 billion, a price-to-earnings ratio of 17.63 and a beta of 0.97. Renasant Corp has a 12 month low of $33.04 and a 12 month high of $43.96. The business has a 50 day moving average price of $40.88 and a two-hundred day moving average price of $38.74. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.13.

Renasant (NYSE:RNST) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.09. The firm had revenue of $278.49 million for the quarter, compared to the consensus estimate of $275.71 million. Renasant had a net margin of 14.47% and a return on equity of 8.17%. During the same quarter in the previous year, the company earned $0.65 earnings per share. As a group, equities analysts forecast that Renasant Corp will post 3.73 EPS for the current year.

Renasant Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a dividend of $0.24 per share. This is a boost from Renasant’s previous quarterly dividend of $0.23. The ex-dividend date was Tuesday, June 16th. This represents a $0.96 annualized dividend and a dividend yield of 2.3%. Renasant’s dividend payout ratio is 39.83%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RNST. TD Cowen reissued a “buy” rating on shares of Renasant in a research note on Thursday, April 30th. Weiss Ratings restated a “buy (b-)” rating on shares of Renasant in a report on Friday, June 5th. Hovde Group boosted their price target on Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 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 three have given a Buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $45.50.

Insider Buying and Selling at Renasant

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

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.