Magnolia Capital Advisors LLC Takes Position in Renasant Corp $RNST

Key Points

• Magnolia Capital Advisors acquired 28,013 shares of Renasant, valued at approximately $1.19 million, while institutional investors collectively own 77.31% of the company.
• Renasant reported quarterly EPS of $0.94, exceeding the $0.91 analyst consensus, and generated $573.62 million in revenue. Analysts maintain a “Buy” consensus with an average price target of $47.67.
• The company declared a quarterly dividend of $0.24 per share, equivalent to $0.96 annually and a 2.3% yield; two directors also recently sold shares.

Magnolia Capital Advisors LLC acquired a new position in Renasant Corp (NYSE:RNST - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 28,013 shares of the company's stock, valued at approximately $1,192,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. PNC Financial Services Group Inc. boosted its position in Renasant by 42.8% in the third quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company's stock valued at $42,000 after buying an additional 345 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its position in 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 buying an additional 867 shares during the last quarter. FNY Investment Advisers LLC lifted its stake in Renasant by 151.9% during the 2nd quarter. FNY Investment Advisers LLC now owns 1,063 shares of the company's stock valued at $45,000 after acquiring an additional 641 shares during the period. Versant Capital Management Inc lifted its stake in Renasant by 33.6% during the 2nd quarter. Versant Capital Management Inc now owns 1,276 shares of the company's stock valued at $54,000 after acquiring an additional 321 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Renasant in the 4th quarter valued at $60,000. Institutional investors and hedge funds own 77.31% of the company's stock.

Renasant Price Performance

NYSE:RNST opened at $41.05 on Thursday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.91 and a quick ratio of 0.90. The company has a 50 day moving average price of $42.89 and a 200-day moving average price of $40.48. Renasant Corp has a 1-year low of $33.04 and a 1-year high of $44.54. The firm has a market cap of $3.75 billion, a price-to-earnings ratio of 12.29 and a beta of 0.98.

Renasant (NYSE:RNST - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $0.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.03. The firm had revenue of $573.62 million for the quarter, compared to the consensus estimate of $280.71 million. Renasant had a net margin of 19.94% and a return on equity of 8.67%. During the same period in the prior year, the firm posted $0.01 earnings per share. Equities research analysts forecast that Renasant Corp will post 3.79 EPS for the current year.

Renasant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a $0.24 dividend. 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 dividend payout ratio is 28.74%.

Insider Activity

In other news, Director Connie L. Engel sold 1,257 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $40.90, for a total transaction of $51,411.30. Following the sale, the director directly owned 15,449 shares of the company's stock, valued at $631,864.10. This represents a 7.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Edward Robinson Mcgraw sold 35,000 shares of the firm's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $43.88, for a total value of $1,535,800.00. Following the sale, the director owned 211,458 shares in the company, valued at $9,278,777.04. This trade represents a 14.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.07% of the company's stock.

Analysts Set New Price Targets

RNST has been the topic of a number of research reports. Weiss Ratings upgraded shares of Renasant from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Piper Sandler boosted their target price 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. Hovde Group upped their price target on shares of Renasant from $44.00 to $46.00 and gave the company an "outperform" rating in a report on Wednesday, April 29th. Finally, TD Cowen increased 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. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price 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.

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