Deprince Race & Zollo Inc. Increases Stake in Renasant Corp $RNST

Deprince Race & Zollo Inc. increased its position in shares of Renasant Corp (NYSE:RNST) by 76.8% in the 1st quarter, HoldingsChannel reports. The firm owned 976,243 shares of the company’s stock after purchasing an additional 423,963 shares during the period. Deprince Race & Zollo Inc.’s holdings in Renasant were worth $35,272,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RNST. Maryland State Retirement & Pension System boosted its stake in shares of Renasant by 2.0% in the fourth quarter. Maryland State Retirement & Pension System now owns 13,939 shares of the company’s stock valued at $491,000 after buying an additional 279 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of Renasant by 1.4% during the 4th 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 in 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 worth $52,000 after purchasing 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 worth $32,000 after purchasing an additional 349 shares during the period. Finally, CIBC Asset Management Inc increased its holdings in shares of Renasant by 4.0% in the 4th quarter. CIBC Asset Management Inc now owns 9,296 shares of the company’s stock valued at $327,000 after purchasing an additional 359 shares in the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

Renasant Price Performance

Shares of NYSE RNST opened at $43.66 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13. The company’s 50-day moving average price is $40.94 and its 200 day moving average price is $38.79. Renasant Corp has a 52 week low of $33.04 and a 52 week high of $43.96. The stock has a market cap of $4.03 billion, a price-to-earnings ratio of 18.12 and a beta of 0.97.

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. Renasant had a net margin of 14.47% and a return on equity of 8.17%. The company had revenue of $278.49 million during the quarter, compared to analysts’ expectations of $275.71 million. During the same quarter in the previous year, the business posted $0.65 earnings per share. As a group, research analysts forecast 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 was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were paid a dividend of $0.24 per share. This is a positive change from Renasant’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. Renasant’s dividend payout ratio is 39.83%.

Analyst Ratings Changes

Several brokerages recently commented on RNST. Weiss Ratings reiterated a “buy (b-)” rating on shares of Renasant in a research note on Friday, June 5th. Wall Street Zen raised shares of Renasant from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. TD Cowen reiterated a “buy” rating on shares of Renasant in a research report on Thursday, April 30th. Finally, Hovde Group boosted their price target on Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to MarketBeat, Renasant currently has an average rating of “Buy” and a consensus target price of $45.50.

Insider Buying and Selling

In other Renasant news, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $39.50, for a total transaction of $501,808.00. Following the sale, the insider owned 183,235 shares in the company, valued at approximately $7,237,782.50. This represents a 6.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Albert J. Dale III sold 1,650 shares of the firm’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $39.80, for a total value of $65,670.00. Following the transaction, the director directly owned 40,075 shares of the company’s stock, valued at $1,594,985. The trade was a 3.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 15,611 shares of company stock worth $618,889 in the last ninety days. Insiders own 2.07% 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.