Heartland Advisors Inc. Invests $10.21 Million in Renasant Corp $RNST

Heartland Advisors Inc. purchased a new stake in shares of Renasant Corp (NYSE:RNST) in the second quarter, HoldingsChannel.com reports. The institutional investor purchased 239,965 shares of the company’s stock, valued at approximately $10,208,000.

Other hedge funds have also modified their holdings of the company. Maryland State Retirement & Pension System boosted its position in shares of Renasant by 2.0% during the 4th quarter. Maryland State Retirement & Pension System now owns 13,939 shares of the company’s stock valued at $491,000 after acquiring an additional 279 shares during the last quarter. Oregon Public Employees Retirement Fund increased its position in Renasant by 1.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 21,701 shares of the company’s stock worth $764,000 after purchasing an additional 300 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Renasant by 27.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,464 shares of the company’s stock worth $52,000 after purchasing an additional 312 shares during the last quarter. Versant Capital Management Inc raised its stake in Renasant by 33.6% during the second quarter. Versant Capital Management Inc now owns 1,276 shares of the company’s stock valued at $54,000 after purchasing an additional 321 shares in the last quarter. Finally, CIBC Asset Management Inc raised its stake in Renasant by 4.0% during the fourth quarter. CIBC Asset Management Inc now owns 9,296 shares of the company’s stock valued at $327,000 after purchasing an additional 359 shares in the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.

Renasant Stock Performance

Shares of NYSE:RNST opened at $41.51 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.21. Renasant Corp has a 12 month low of $33.04 and a 12 month high of $44.54. The company has a market capitalization of $3.79 billion, a price-to-earnings ratio of 12.43 and a beta of 0.98. The firm’s 50-day moving average is $42.92 and its 200 day moving average is $40.44.

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

Renasant Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Hovde Group increased their price objective 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. Weiss Ratings upgraded shares of Renasant from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. TD Cowen upped their target price on shares of Renasant from $48.00 to $49.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Finally, Piper Sandler increased their price target on shares of Renasant from $46.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, July 30th. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $47.67.

Insiders Place Their Bets

In other Renasant news, Director Edward Robinson Mcgraw sold 35,000 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $43.88, for a total value of $1,535,800.00. Following the completion of the sale, the director directly owned 211,458 shares of the company’s stock, valued at $9,278,777.04. The trade was a 14.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Connie L. Engel sold 1,257 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $40.90, for a total transaction of $51,411.30. Following the completion of the transaction, the director owned 15,449 shares in the company, valued at $631,864.10. This represents a 7.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 2.07% 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. 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.