Pinnacle Holdings LLC Acquires New Position in Renasant Corp $RNST

Pinnacle Holdings LLC acquired a new position in shares of Renasant Corp (NYSE:RNST) during the 2nd quarter, HoldingsChannel reports. The firm acquired 42,911 shares of the company’s stock, valued at approximately $1,825,000.

A number of other large investors have also recently bought and sold shares of RNST. BlackRock Inc. acquired a new position in Renasant in the second quarter valued at approximately $566,683,000. Dimensional Fund Advisors LP boosted its position in Renasant by 1.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,328,672 shares of the company’s stock valued at $192,521,000 after purchasing an additional 61,674 shares during the period. State Street Corp boosted its position in 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 grew 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 worth $108,801,000 after buying an additional 126,405 shares during the last quarter. Finally, Invesco Ltd. grew its stake in Renasant by 0.6% during the 3rd quarter. Invesco Ltd. now owns 2,229,966 shares of the company’s stock worth $82,263,000 after buying an additional 14,301 shares during the last quarter. Institutional investors own 77.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on RNST. Hovde Group raised their target price on Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, April 29th. Weiss Ratings raised shares of Renasant from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Piper Sandler lifted their price objective 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. Finally, TD Cowen boosted their target price on shares of Renasant from $48.00 to $49.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, Renasant currently has an average rating of “Buy” and a consensus price target of $47.67.

Renasant Trading Up 0.0%

Shares of NYSE:RNST opened at $41.51 on Monday. The company has a 50 day moving average of $42.92 and a 200-day moving average of $40.46. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.21. The firm has a market cap of $3.79 billion, a P/E ratio of 12.43 and a beta of 0.98. Renasant Corp has a twelve month low of $33.04 and a twelve month high of $44.54.

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

Renasant Announces Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 2.3%. Renasant’s dividend payout ratio (DPR) is 28.74%.

Insider Buying and Selling at Renasant

In related news, Director Connie L. Engel sold 1,257 shares of the firm’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 of the company’s stock, valued at $631,864.10. This trade represents a 7.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Edward Robinson Mcgraw sold 35,000 shares of Renasant stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $43.88, for a total value of $1,535,800.00. Following the transaction, the director directly owned 211,458 shares in the company, valued at approximately $9,278,777.04. The trade was a 14.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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.