Paradigm Capital Management Inc. NY Buys Shares of 18,500 Renasant Corp $RNST

Paradigm Capital Management Inc. NY purchased a new stake in shares of Renasant Corp (NYSE:RNST) during the second quarter, Holdings Channel.com reports. The fund purchased 18,500 shares of the company’s stock, valued at approximately $787,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Renasant in the 2nd quarter worth about $566,683,000. Bank of New York Mellon Corp purchased a new stake in Renasant during the second quarter valued at about $34,486,000. Principal Financial Group Inc. lifted its holdings in Renasant by 178.5% during the first quarter. Principal Financial Group Inc. now owns 1,261,160 shares of the company’s stock valued at $45,566,000 after purchasing an additional 808,316 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in Renasant during the second quarter valued at about $32,882,000. Finally, State Street Corp boosted its position in Renasant by 14.1% during the second quarter. State Street Corp now owns 4,812,696 shares of the company’s stock worth $172,920,000 after purchasing an additional 595,609 shares during the period. Institutional investors own 77.31% of the company’s stock.

Renasant Stock Down 0.1%

Shares of NYSE RNST opened at $41.44 on Tuesday. Renasant Corp has a 52 week low of $33.04 and a 52 week high of $44.54. The business has a 50-day simple moving average of $42.91 and a two-hundred day simple moving average of $40.48. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.21. The company has a market cap of $3.79 billion, a P/E ratio of 12.41 and a beta of 0.98.

Renasant (NYSE:RNST) last posted its earnings results on Tuesday, July 28th. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.03. Renasant had a return on equity of 8.67% and a net margin of 19.94%.The business had revenue of $573.62 million during the quarter, compared to analyst estimates of $280.71 million. During the same quarter in the previous year, the firm earned $0.01 EPS. Research analysts anticipate that Renasant Corp will post 3.79 earnings per share for the current fiscal year.

Renasant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.96 annualized dividend and a yield of 2.3%. Renasant’s payout ratio is currently 28.74%.

Insider Activity at Renasant

In other Renasant news, Director Connie L. Engel sold 1,257 shares of the stock in a transaction that occurred 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 directly owned 15,449 shares in the company, valued at $631,864.10. This represents a 7.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Edward Robinson Mcgraw sold 35,000 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $43.88, for a total transaction of $1,535,800.00. Following the completion of the transaction, the director directly owned 211,458 shares of the company’s stock, valued at approximately $9,278,777.04. The trade was a 14.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.07% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Hovde Group lifted their target price on shares of Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 29th. TD Cowen upped their price target on shares of Renasant from $48.00 to $49.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Weiss Ratings raised shares of Renasant from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Finally, Piper Sandler lifted their price objective on shares of Renasant from $46.00 to $48.00 and gave the company an “overweight” rating in a research note on Thursday, July 30th. Four research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $47.67.

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.