Heartland Advisors Inc. Acquires New Holdings in Renasant Corp $RNST

Key Points

• Heartland Advisors initiated a position of 239,965 Renasant shares worth approximately $10.2 million, while institutional investors collectively owned 77.31% of the company.
• Analysts remain bullish: four firms rate Renasant “Buy,” with a consensus price target of $47.67. The company also beat quarterly earnings expectations, reporting $0.94 in EPS versus the $0.91 consensus.
• Renasant declared a quarterly dividend of $0.24 per share, equivalent to $0.96 annually and a 2.3% yield; the stock recently traded at $41.51.

Heartland Advisors Inc. bought a new position in Renasant Corp (NYSE:RNST - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 239,965 shares of the company's stock, valued at approximately $10,208,000. Heartland Advisors Inc. owned about 0.26% of Renasant at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Renasant during the 2nd quarter valued at $566,683,000. Bank of New York Mellon Corp purchased a new stake in Renasant during the second quarter valued at $34,486,000. Principal Financial Group Inc. increased its position in Renasant by 178.5% during the first quarter. Principal Financial Group Inc. now owns 1,261,160 shares of the company's stock valued at $45,566,000 after acquiring an additional 808,316 shares during the last quarter. State Street Corp lifted its holdings in Renasant by 14.1% in the second quarter. State Street Corp now owns 4,812,696 shares of the company's stock valued at $172,920,000 after acquiring an additional 595,609 shares during the period. Finally, Channing Capital Management LLC lifted its holdings in Renasant by 35.0% in the fourth quarter. Channing Capital Management LLC now owns 2,225,536 shares of the company's stock valued at $78,383,000 after acquiring an additional 576,986 shares during the period. 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. Piper Sandler boosted their price target on Renasant from $46.00 to $48.00 and gave the company an "overweight" rating in a research note on Thursday, July 30th. Hovde Group increased 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. TD Cowen raised their price objective on shares of Renasant from $48.00 to $49.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Finally, Weiss Ratings upgraded shares of Renasant from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $47.67.

Insider Buying and Selling at Renasant

In related news, Director Edward Robinson Mcgraw sold 35,000 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $43.88, for a total transaction of $1,535,800.00. Following the completion of the sale, the director owned 211,458 shares in the company, valued at approximately $9,278,777.04. This trade represents a 14.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Connie L. Engel sold 1,257 shares of the business's stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $40.90, for a total value of $51,411.30. Following the completion of the transaction, the director directly owned 15,449 shares in the company, valued at approximately $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. Corporate insiders own 2.07% of the company's stock.

Renasant Trading Down 0.8%

Renasant stock opened at $41.51 on Friday. The firm has a 50 day moving average of $42.92 and a 200 day moving average of $40.44. The firm has a market capitalization of $3.79 billion, a price-to-earnings ratio of 12.43 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 - Get Free Report) last released its earnings results on Tuesday, July 28th. The company reported $0.94 EPS for the quarter, topping analysts' consensus estimates of $0.91 by $0.03. The company had revenue of $573.62 million for the quarter, compared to analysts' expectations of $280.71 million. Renasant had a net margin of 19.94% and a return on equity of 8.67%. During the same quarter last year, the business earned $0.01 EPS. As a group, research analysts predict that Renasant Corp will post 3.79 earnings per share for the current year.

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.96 annualized dividend and a yield of 2.3%. Renasant's dividend payout ratio is currently 28.74%.

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.

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