Graham Capital Management L.P. Takes $625,000 Position in Renasant Co. (NASDAQ:RNST)

Graham Capital Management L.P. acquired a new stake in Renasant Co. (NASDAQ:RNST) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 17,481 shares of the financial services provider’s stock, valued at approximately $625,000.

Other hedge funds also recently added to or reduced their stakes in the company. HighTower Advisors LLC increased its position in shares of Renasant by 3.4% during the fourth quarter. HighTower Advisors LLC now owns 11,503 shares of the financial services provider’s stock worth $411,000 after purchasing an additional 377 shares in the last quarter. Bank of Montreal Can increased its position in Renasant by 4.1% during the 4th quarter. Bank of Montreal Can now owns 9,619 shares of the financial services provider’s stock valued at $344,000 after buying an additional 383 shares in the last quarter. Arizona State Retirement System boosted its holdings in Renasant by 2.4% in the fourth quarter. Arizona State Retirement System now owns 18,445 shares of the financial services provider’s stock worth $659,000 after acquiring an additional 424 shares in the last quarter. Sheets Smith Wealth Management grew its stake in shares of Renasant by 3.6% during the fourth quarter. Sheets Smith Wealth Management now owns 12,471 shares of the financial services provider’s stock worth $446,000 after acquiring an additional 438 shares during the last quarter. Finally, Covestor Ltd increased 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 valued at $66,000 after acquiring an additional 780 shares in the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RNST has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods cut their price target on shares of Renasant from $45.00 to $43.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 6th. Hovde Group boosted their price objective on shares of Renasant from $34.50 to $35.00 and gave the company a “market perform” rating in a report on Monday, April 28th. Raymond James upgraded Renasant from an “outperform” rating to a “strong-buy” rating and set a $40.00 target price for the company in a research note on Thursday, April 24th. StockNews.com cut Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Finally, Piper Sandler boosted their price target on Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $41.00.

Renasant Stock Down 0.2%

RNST stock opened at $35.83 on Thursday. The company has a market capitalization of $2.28 billion, a P/E ratio of 10.96 and a beta of 0.86. Renasant Co. has a 12 month low of $26.97 and a 12 month high of $39.63. The firm’s fifty day simple moving average is $32.19 and its 200-day simple moving average is $35.07. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94.

Renasant (NASDAQ:RNST) last posted its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 EPS for the quarter, beating the consensus estimate of $0.60 by $0.06. The company had revenue of $170.59 million for the quarter, compared to analyst estimates of $170.38 million. Renasant had a net margin of 17.91% and a return on equity of 6.58%. During the same period in the prior year, the company earned $0.65 earnings per share. As a group, equities research analysts forecast that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a $0.22 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.88 annualized dividend and a yield of 2.46%. Renasant’s dividend payout ratio is presently 27.33%.

Insider Transactions at Renasant

In related news, CAO Kelly Hutcheson sold 1,310 shares of the business’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $36.72, for a total value of $48,103.20. Following the completion of the transaction, the chief accounting officer now directly owns 17,586 shares in the company, valued at $645,757.92. The trade was a 6.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 2.81% of the company’s stock.

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. 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.