Palisade Capital Management LP Acquires Shares of 339,896 Renasant Corp $RNST

Palisade Capital Management LP acquired a new stake in Renasant Corp (NYSE:RNST) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 339,896 shares of the company’s stock, valued at approximately $14,459,000.

A number of other hedge funds have also modified their holdings of the stock. Hsbc Holdings PLC bought a new stake in Renasant in the first quarter valued at $1,822,000. UBS Group AG lifted its holdings in shares of Renasant by 27.0% during the fourth quarter. UBS Group AG now owns 367,464 shares of the company’s stock valued at $12,942,000 after acquiring an additional 78,037 shares during the period. William Blair Investment Management LLC lifted its holdings in shares of Renasant by 10.0% during the fourth quarter. William Blair Investment Management LLC now owns 948,159 shares of the company’s stock valued at $33,394,000 after acquiring an additional 85,961 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Renasant by 178.5% in the 1st 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 in the last quarter. Finally, BlackRock Inc. acquired a new stake in shares of Renasant in the 2nd quarter valued at $566,683,000. 77.31% of the stock is owned by institutional investors and hedge funds.

Renasant Trading Down 1.0%

Shares of RNST opened at $40.99 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.90 and a current ratio of 0.91. The company has a market cap of $3.75 billion, a price-to-earnings ratio of 12.27 and a beta of 0.98. The stock has a fifty day moving average price of $42.89 and a two-hundred day moving average price of $40.48. Renasant Corp has a 52-week low of $33.04 and a 52-week high of $44.54.

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

Renasant Announces Dividend

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

Insider Transactions at Renasant

In other Renasant news, Director Edward Robinson Mcgraw sold 35,000 shares of the stock in a transaction dated 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 sale, the director owned 211,458 shares of the company’s stock, valued at $9,278,777.04. This represents a 14.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Connie L. Engel sold 1,257 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $40.90, for a total transaction of $51,411.30. Following the completion of the sale, the director owned 15,449 shares of the company’s stock, valued at $631,864.10. The trade was a 7.52% decrease in their position. The SEC filing for this sale provides additional information. 2.07% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on RNST shares. TD Cowen upped their target price on shares of Renasant from $48.00 to $49.00 and gave the stock a “buy” rating in a report 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. Hovde Group boosted their price target on shares of Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. Finally, Piper Sandler upped their price objective on shares of Renasant from $46.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, July 30th. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $47.67.

About Renasant

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.