Paradigm Capital Management Inc. NY Purchases Shares of 18,500 Renasant Corp $RNST

Paradigm Capital Management Inc. NY acquired a new position in shares of Renasant Corp (NYSE:RNST) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 18,500 shares of the company’s stock, valued at approximately $787,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of Renasant during the second quarter valued at approximately $566,683,000. Dimensional Fund Advisors LP raised its position in Renasant by 1.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,328,672 shares of the company’s stock valued at $192,521,000 after buying an additional 61,674 shares during the last quarter. State Street Corp raised its position in Renasant by 14.1% in the 2nd quarter. State Street Corp now owns 4,812,696 shares of the company’s stock valued at $172,920,000 after buying an additional 595,609 shares during the last quarter. Wellington Management Group LLP lifted its stake in Renasant by 4.3% during the 4th quarter. Wellington Management Group LLP now owns 3,089,186 shares of the company’s stock valued at $108,801,000 after acquiring an additional 126,405 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in 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 acquiring an additional 14,301 shares in the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.

Renasant Stock Performance

Shares of RNST opened at $41.44 on Tuesday. The stock has a 50 day moving average of $42.91 and a 200 day moving average of $40.48. The company has a market capitalization of $3.79 billion, a price-to-earnings ratio of 12.41 and a beta of 0.98. Renasant Corp has a 12 month low of $33.04 and a 12 month high of $44.54. 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 (NYSE:RNST) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.03. The business had revenue of $573.62 million for the quarter, compared to analysts’ expectations 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 firm earned $0.01 earnings per share. As a group, sell-side analysts forecast that Renasant Corp will post 3.79 earnings per share for the current year.

Renasant Dividend Announcement

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

Insider Transactions at Renasant

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

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Hovde Group lifted their price objective on shares of Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. Piper Sandler raised their price target on shares of Renasant from $46.00 to $48.00 and gave the company an “overweight” rating in a research report on Thursday, July 30th. TD Cowen raised their price target 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, Weiss Ratings upgraded shares of Renasant from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Renasant has a consensus rating of “Buy” and an average price target of $47.67.

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.