Albert Dale III Sells 1,650 Shares of Renasant (NYSE:RNST) Stock

Renasant Corp (NYSE:RNST) Director Albert Dale III sold 1,650 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $39.80, for a total value of $65,670.00. Following the completion of the transaction, the director owned 40,075 shares in the company, valued at approximately $1,594,985. This represents a 3.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Renasant Price Performance

Renasant stock opened at $41.04 on Friday. The business’s 50-day simple moving average is $38.39 and its 200 day simple moving average is $37.46. The stock has a market cap of $3.79 billion, a price-to-earnings ratio of 17.03 and a beta of 0.97. Renasant Corp has a 12-month low of $33.04 and a 12-month high of $42.11. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.13.

Renasant (NYSE:RNST) last issued its earnings results on Tuesday, April 28th. The company reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.09. Renasant had a return on equity of 8.17% and a net margin of 14.47%.The firm had revenue of $278.49 million for the quarter, compared to analysts’ expectations of $275.71 million. During the same quarter last year, the business earned $0.65 earnings per share. As a group, research analysts anticipate that Renasant Corp will post 3.73 earnings per share for the current year.

Renasant Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.3%. This is an increase from Renasant’s previous quarterly dividend of $0.23. The ex-dividend date is Tuesday, June 16th. Renasant’s dividend payout ratio (DPR) is 39.83%.

Analyst Ratings Changes

RNST has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Renasant from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. Weiss Ratings upgraded Renasant from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, March 10th. Hovde Group raised 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 restated a “buy” rating on shares of Renasant in a report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $45.50.

Institutional Investors Weigh In On Renasant

A number of hedge funds have recently modified their holdings of RNST. EverSource Wealth Advisors LLC raised its position in shares of Renasant by 68.7% during the third quarter. EverSource Wealth Advisors LLC now owns 857 shares of the company’s stock worth $32,000 after purchasing an additional 349 shares during the period. First Horizon Corp raised its position in shares of Renasant by 56.3% during the fourth quarter. First Horizon Corp now owns 1,080 shares of the company’s stock worth $38,000 after purchasing an additional 389 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Renasant by 42.8% during the third quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company’s stock worth $42,000 after purchasing an additional 345 shares during the period. Caitong International Asset Management Co. Ltd raised its position in shares of Renasant by 241.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the company’s stock worth $43,000 after purchasing an additional 867 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Renasant during the fourth quarter worth about $60,000. Institutional investors and hedge funds own 77.31% 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.