339,896 Shares in Renasant Corp $RNST Bought by Palisade Capital Management LP

Palisade Capital Management LP bought a new stake in Renasant Corp (NYSE:RNST) during the second quarter, according to its most recent filing with the SEC. The firm bought 339,896 shares of the company’s stock, valued at approximately $14,459,000. Palisade Capital Management LP owned about 0.37% of Renasant at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of RNST. FNY Investment Advisers LLC grew its position in shares of Renasant by 151.9% in the second quarter. FNY Investment Advisers LLC now owns 1,063 shares of the company’s stock valued at $45,000 after purchasing an additional 641 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Renasant by 42.8% in 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 lifted its position in shares of Renasant by 241.5% during the 4th 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 last quarter. Versant Capital Management Inc lifted its position in shares of Renasant by 33.6% during the 2nd quarter. Versant Capital Management Inc now owns 1,276 shares of the company’s stock worth $54,000 after purchasing an additional 321 shares during the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in Renasant during the 4th quarter valued at approximately $60,000. Institutional investors own 77.31% of the company’s stock.

Renasant Stock Down 1.0%

NYSE RNST opened at $40.99 on Wednesday. Renasant Corp has a twelve month low of $33.04 and a twelve month high of $44.54. The stock has a market cap of $3.75 billion, a PE ratio of 12.27 and a beta of 0.98. The firm has a 50-day simple moving average of $42.89 and a 200 day simple moving average of $40.48. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.90 and a current ratio of 0.91.

Renasant (NYSE:RNST) last issued its quarterly 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 firm had revenue of $573.62 million for 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 period in the previous year, the company posted $0.01 earnings per share. On average, research analysts forecast that Renasant Corp will post 3.79 EPS for the current year.

Renasant Dividend Announcement

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

Insider Buying and Selling

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

Analysts Set New Price Targets

Several brokerages have commented on RNST. TD Cowen lifted their price target on Renasant from $48.00 to $49.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Weiss Ratings upgraded Renasant from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Piper Sandler increased their price objective on Renasant from $46.00 to $48.00 and gave the company an “overweight” rating in a research report on Thursday, July 30th. Finally, Hovde Group raised their price objective on shares of Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 29th. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $47.67.

Renasant Company 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.