Renasant Corp $RNST Stock Position Lifted by Algebris UK Ltd.

Algebris UK Ltd. increased its stake in Renasant Corp (NYSE:RNST) by 40.6% in the 4th quarter, HoldingsChannel reports. The fund owned 215,315 shares of the company’s stock after acquiring an additional 62,183 shares during the period. Algebris UK Ltd.’s holdings in Renasant were worth $7,587,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its holdings in shares of Renasant by 0.4% in the third quarter. Dimensional Fund Advisors LP now owns 5,413,327 shares of the company’s stock valued at $199,697,000 after acquiring an additional 23,337 shares in the last quarter. State Street Corp increased its position in shares of Renasant by 14.1% during the 2nd quarter. State Street Corp now owns 4,812,696 shares of the company’s stock valued at $172,920,000 after purchasing an additional 595,609 shares during the period. Wellington Management Group LLP increased its position in shares of Renasant by 15.3% during the 3rd quarter. Wellington Management Group LLP now owns 2,962,781 shares of the company’s stock valued at $109,297,000 after purchasing an additional 394,249 shares during the period. Invesco Ltd. increased its position in shares of Renasant by 0.6% during the 3rd quarter. Invesco Ltd. now owns 2,229,966 shares of the company’s stock valued at $82,263,000 after purchasing an additional 14,301 shares during the period. Finally, Channing Capital Management LLC acquired a new position in shares of Renasant during the 3rd quarter valued at $60,815,000. 77.31% of the stock is currently owned by institutional investors.

Renasant Trading Up 3.3%

Shares of NYSE:RNST opened at $41.10 on Thursday. The stock has a market capitalization of $3.79 billion, a price-to-earnings ratio of 17.05 and a beta of 0.97. Renasant Corp has a 1-year low of $33.04 and a 1-year high of $42.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.89 and a current ratio of 0.90. The company has a 50 day moving average price of $38.20 and a 200 day moving average price of $37.40.

Renasant (NYSE:RNST) last announced its earnings results on Tuesday, April 28th. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.84 by $0.09. Renasant had a return on equity of 8.17% and a net margin of 14.47%.The business had revenue of $278.49 million during the quarter, compared to the consensus estimate of $275.71 million. During the same period in the prior year, the business posted $0.65 earnings per share. On average, research analysts anticipate that Renasant Corp will post 3.73 EPS for the current fiscal year.

Renasant Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be issued a dividend of $0.24 per share. This is a positive change from Renasant’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, June 16th. Renasant’s dividend payout ratio (DPR) is currently 38.17%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Wall Street Zen raised Renasant from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. Weiss Ratings raised Renasant from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, March 10th. Hovde Group lifted their target price on Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Renasant in a report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. Based on data from MarketBeat, Renasant currently has a consensus rating of “Buy” and a consensus price target of $45.50.

Insider Buying and Selling at Renasant

In related news, CAO Kelly Hutcheson sold 1,350 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $38.65, for a total value of $52,177.50. Following the completion of the sale, the chief accounting officer owned 16,728 shares in the company, valued at approximately $646,537.20. This represents a 7.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $39.50, for a total transaction of $501,808.00. Following the completion of the sale, the insider owned 183,235 shares of the company’s stock, valued at approximately $7,237,782.50. This trade represents a 6.48% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.07% of the company’s stock.

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.