Dark Forest Capital Management LP Invests $221,000 in Renasant Co. (NASDAQ:RNST)

Dark Forest Capital Management LP purchased a new position in shares of Renasant Co. (NASDAQ:RNST) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 6,185 shares of the financial services provider’s stock, valued at approximately $221,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Covestor Ltd grew its holdings in shares of Renasant by 73.7% during the fourth quarter. Covestor Ltd now owns 1,838 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 780 shares during the last quarter. KBC Group NV lifted its position in Renasant by 36.7% during the 4th quarter. KBC Group NV now owns 3,358 shares of the financial services provider’s stock worth $120,000 after buying an additional 901 shares in the last quarter. ZWJ Investment Counsel Inc. bought a new stake in Renasant during the 4th quarter worth about $208,000. Cibc World Markets Corp acquired a new stake in Renasant in the 4th quarter valued at about $209,000. Finally, CIBC Asset Management Inc bought a new position in shares of Renasant in the fourth quarter worth about $220,000. 77.31% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CAO Kelly Hutcheson sold 1,310 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $36.72, for a total transaction of $48,103.20. Following the completion of the sale, the chief accounting officer now owns 17,586 shares of the company’s stock, valued at $645,757.92. This represents a 6.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.81% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Piper Sandler increased their price target on shares of Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Stephens increased their price objective on Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Hovde Group lifted their target price on Renasant from $34.50 to $35.00 and gave the company a “market perform” rating in a research note on Monday. StockNews.com lowered Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $46.00 price objective (up from $45.00) on shares of Renasant in a research report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $41.50.

Renasant Trading Up 0.2 %

NASDAQ RNST opened at $32.36 on Wednesday. The company has a market capitalization of $2.06 billion, a PE ratio of 9.90 and a beta of 0.93. The stock has a 50-day simple moving average of $32.59 and a 200 day simple moving average of $35.05. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. Renasant Co. has a 12 month low of $26.97 and a 12 month high of $39.63.

Renasant (NASDAQ:RNST) last released its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.06. Renasant had a net margin of 17.91% and a return on equity of 6.58%. The business had revenue of $170.59 million during the quarter, compared to analysts’ expectations of $170.38 million. During the same quarter in the prior year, the company earned $0.65 EPS. Research analysts forecast that Renasant Co. will post 2.68 EPS for the current year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a dividend of $0.22 per share. The ex-dividend date is Monday, June 16th. This represents a $0.88 dividend on an annualized basis and a yield of 2.72%. Renasant’s payout ratio is 27.33%.

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. The company operates through Community Banks, Insurance, and Wealth Management segments. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and factoring equipment leasing services, as well as safe deposit and night depository facilities.