Pinnacle Holdings LLC Buys New Shares in Renasant Corp $RNST

Key Points

• Pinnacle Holdings LLC purchased 42,911 Renasant shares worth approximately $1.825 million, while institutional investors collectively owned 77.31% of the company.
• Renasant reported quarterly EPS of $0.94, exceeding the $0.91 consensus estimate, and generated $573.62 million in revenue. Analysts maintained a generally bullish outlook, with the stock carrying an average “Buy” rating and a $47.67 price target.
• The company declared a quarterly dividend of $0.24 per share, equivalent to an annualized $0.96 payout and a 2.3% yield. Two directors recently sold shares, including a 35,000-share sale by Edward Robinson McGraw.

Pinnacle Holdings LLC purchased a new position in shares of Renasant Corp (NYSE:RNST - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 42,911 shares of the company's stock, valued at approximately $1,825,000.

A number of other large investors also recently bought and sold shares of RNST. Maryland State Retirement & Pension System increased its holdings in shares of Renasant by 2.0% during the 4th quarter. Maryland State Retirement & Pension System now owns 13,939 shares of the company's stock worth $491,000 after buying an additional 279 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in Renasant by 1.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 21,701 shares of the company's stock valued at $764,000 after acquiring an additional 300 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Renasant by 27.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,464 shares of the company's stock valued at $52,000 after acquiring an additional 312 shares during the last quarter. Versant Capital Management Inc grew its position in Renasant by 33.6% during the second 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, CIBC Asset Management Inc grew its position in Renasant by 4.0% during the fourth quarter. CIBC Asset Management Inc now owns 9,296 shares of the company's stock valued at $327,000 after acquiring an additional 359 shares during the period. Hedge funds and other institutional investors own 77.31% of the company's stock.

Renasant Trading Up 0.0%

NYSE RNST opened at $41.51 on Monday. Renasant Corp has a 12 month low of $33.04 and a 12 month high of $44.54. 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 market capitalization of $3.79 billion, a price-to-earnings ratio of 12.43 and a beta of 0.98. The company's fifty day moving average price is $42.92 and its two-hundred day moving average price is $40.46.

Renasant (NYSE:RNST - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.03. The company had revenue of $573.62 million during the quarter, compared to analyst estimates of $280.71 million. Renasant had a net margin of 19.94% and a return on equity of 8.67%. During the same period 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 fiscal year.

Renasant Announces Dividend

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

Insider Activity

In other Renasant news, Director Edward Robinson Mcgraw sold 35,000 shares of the stock in a transaction that occurred on 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 transaction, the director owned 211,458 shares of the company's stock, valued at $9,278,777.04. This trade represents a 14.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Connie L. Engel sold 1,257 shares of Renasant 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 owned 15,449 shares of the company's stock, valued at approximately $631,864.10. The trade was a 7.52% decrease in their position. The SEC filing for this sale provides additional information. 2.07% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on RNST shares. Piper Sandler raised their price objective on Renasant from $46.00 to $48.00 and gave the stock an "overweight" rating in a report on Thursday, July 30th. Hovde Group raised 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. Weiss Ratings raised shares of Renasant from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Finally, TD Cowen boosted their price objective on shares of Renasant from $48.00 to $49.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $47.67.

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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