Graham Capital Management L.P. Buys New Shares in Renasant Co. (NASDAQ:RNST)

Graham Capital Management L.P. bought a new stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The fund bought 17,481 shares of the financial services provider's stock, valued at approximately $625,000.

Other institutional investors have also made changes to their positions in the company. Covestor Ltd increased its position in shares of Renasant by 73.7% during the 4th quarter. Covestor Ltd now owns 1,838 shares of the financial services provider's stock worth $66,000 after purchasing an additional 780 shares in the last quarter. KBC Group NV boosted its holdings in shares of Renasant by 36.7% in the 4th quarter. KBC Group NV now owns 3,358 shares of the financial services provider's stock worth $120,000 after acquiring an additional 901 shares in the last quarter. ZWJ Investment Counsel Inc. bought a new stake in Renasant during the 4th quarter worth approximately $208,000. Cibc World Markets Corp acquired a new stake in Renasant during the 4th quarter valued at $209,000. Finally, CIBC Asset Management Inc bought a new position in Renasant in the 4th quarter valued at $220,000. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Renasant news, CAO Kelly Hutcheson sold 1,310 shares of Renasant stock in a transaction on Friday, February 21st. The shares were sold at an average price of $36.72, for a total value of $48,103.20. Following the sale, the chief accounting officer now directly owns 17,586 shares in the company, valued at approximately $645,757.92. The trade was a 6.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.81% of the stock is owned by corporate insiders.

Renasant Stock Down 0.2%

Shares of NASDAQ:RNST traded down $0.07 during midday trading on Tuesday, reaching $35.82. 74,104 shares of the company were exchanged, compared to its average volume of 645,729. The firm has a market cap of $2.28 billion, a PE ratio of 10.95 and a beta of 0.86. Renasant Co. has a fifty-two week low of $26.97 and a fifty-two week high of $39.63. The stock has a fifty day simple moving average of $32.33 and a two-hundred day simple moving average of $35.11. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

Renasant (NASDAQ:RNST - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 EPS for the quarter, beating analysts' consensus estimates of $0.60 by $0.06. The company had revenue of $170.59 million for the quarter, compared to analyst estimates of $170.38 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%. During the same period in the previous year, the company posted $0.65 earnings per share. As a group, sell-side analysts forecast that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a dividend of $0.22 per share. The ex-dividend date is Monday, June 16th. This represents a $0.88 annualized dividend and a dividend yield of 2.46%. Renasant's dividend payout ratio is currently 27.33%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on RNST shares. Hovde Group increased their target price on Renasant from $34.50 to $35.00 and gave the stock a "market perform" rating in a report on Monday, April 28th. Piper Sandler increased their price objective on shares of Renasant from $41.00 to $44.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Stephens boosted their target price on shares of Renasant from $44.00 to $47.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. Keefe, Bruyette & Woods decreased their price objective on Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. Finally, StockNews.com lowered shares of Renasant from a "hold" rating to a "sell" rating in a report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $41.00.

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. The company operates through Community Banks, Insurance, and Wealth Management segments. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and factoring equipment leasing services, as well as safe deposit and night depository facilities.