Mendon Capital Advisors Corp Acquires 37,500 Shares of Renasant Corp $RNST

Key Points

• Mendon Capital Advisors increased its Renasant stake by 13.9%, purchasing 37,500 additional shares to own 307,500 shares worth approximately $11.1 million. Institutional investors collectively own 77.31% of the company.
• Renasant reported quarterly EPS of $0.93, exceeding estimates of $0.84, while revenue reached $278.49 million. The company also raised its quarterly dividend to $0.24 per share, equivalent to a 2.2% annual yield.
• Analysts maintain a positive outlook, with a consensus “Buy” rating and an average price target of $45.50, compared with the stock’s recent price of $43.44.

Mendon Capital Advisors Corp grew its stake in shares of Renasant Corp (NYSE:RNST - Free Report) by 13.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 307,500 shares of the company's stock after acquiring an additional 37,500 shares during the period. Renasant comprises about 3.2% of Mendon Capital Advisors Corp's portfolio, making the stock its 7th largest holding. Mendon Capital Advisors Corp owned 0.33% of Renasant worth $11,110,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. First Horizon Corp increased its stake in Renasant by 56.3% in the 4th quarter. First Horizon Corp now owns 1,080 shares of the company's stock valued at $38,000 after buying an additional 389 shares during the period. PNC Financial Services Group Inc. lifted its position 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 buying an additional 345 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its position in Renasant by 241.5% during the fourth 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 period. Los Angeles Capital Management LLC acquired a new position in Renasant during the 4th quarter worth $60,000. Finally, State of Wyoming boosted its stake in Renasant by 31.8% during the 4th quarter. State of Wyoming now owns 1,832 shares of the company's stock valued at $65,000 after purchasing an additional 442 shares during the period. 77.31% of the stock is owned by institutional investors.

Renasant Trading Down 0.1%

NYSE RNST opened at $43.44 on Monday. Renasant Corp has a 12 month low of $33.04 and a 12 month high of $44.50. The stock has a 50 day moving average of $42.02 and a 200-day moving average of $39.58. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13. The company has a market cap of $4.01 billion, a PE ratio of 18.02 and a beta of 0.96.

Renasant (NYSE:RNST - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $0.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.84 by $0.09. Renasant had a return on equity of 8.17% and a net margin of 14.47%.The business had revenue of $278.49 million for the quarter, compared to the consensus estimate of $275.71 million. During the same quarter in the prior year, the business posted $0.65 earnings per share. On average, equities research analysts anticipate that Renasant Corp will post 3.73 EPS for the current fiscal year.

Renasant Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a dividend of $0.24 per share. The ex-dividend date was Tuesday, June 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. This is a positive change from Renasant's previous quarterly dividend of $0.23. Renasant's dividend payout ratio is currently 39.83%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Weiss Ratings restated a "buy (b-)" rating on shares of Renasant in a research note on Friday, June 5th. TD Cowen restated a "buy" rating on shares of Renasant in a research report on Thursday, April 30th. Finally, Hovde Group increased their target price on shares of Renasant from $44.00 to $46.00 and gave the company an "outperform" rating in a research note on Wednesday, April 29th. Three equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $45.50.

Insider Activity at Renasant

In other news, Director Connie L. Engel sold 1,257 shares of the company'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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Albert J. Dale III sold 1,650 shares of the stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $39.80, for a total value of $65,670.00. Following the completion of the transaction, the director owned 40,075 shares of the company's stock, valued at $1,594,985. The trade was a 3.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 15,611 shares of company stock valued at $618,889 in the last quarter. Insiders own 2.07% of the company's stock.

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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