Renasant Corp $RNST Shares Sold by Deprince Race & Zollo Inc.

Key Points

• Deprince Race & Zollo Inc. cut its stake in Renasant by 46.9% in Q4, selling 488,175 shares and now holds 552,280 shares (about 0.58% of RNST, valued at ~$19.45M).
• Insiders have been selling: 19,850 shares sold in the last 90 days including CFO James C. Iv Mabry (12,500) and EVP Mark Jeanfreau (6,000), leaving insiders with 2.07% ownership.
• Analysts remain generally positive with a consensus "Buy" rating and $43 target (Hovde $44); Renasant beat Q4 EPS and revenue estimates and pays a $0.23 quarterly dividend (≈2.3% yield) while trading near $39.72.

Deprince Race & Zollo Inc. lessened its holdings in Renasant Corp (NYSE:RNST - Free Report) by 46.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 552,280 shares of the company's stock after selling 488,175 shares during the period. Deprince Race & Zollo Inc. owned approximately 0.58% of Renasant worth $19,451,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Channing Capital Management LLC acquired a new position in shares of Renasant in the 3rd quarter valued at $60,815,000. Jain Global LLC lifted its stake in Renasant by 408.5% during the 3rd quarter. Jain Global LLC now owns 486,377 shares of the company's stock worth $17,942,000 after acquiring an additional 390,733 shares in the last quarter. New York State Common Retirement Fund lifted its stake in Renasant by 113.1% during the 3rd quarter. New York State Common Retirement Fund now owns 733,356 shares of the company's stock worth $27,054,000 after acquiring an additional 389,155 shares in the last quarter. Public Sector Pension Investment Board lifted its stake in Renasant by 17.9% during the 3rd quarter. Public Sector Pension Investment Board now owns 370,597 shares of the company's stock worth $13,671,000 after acquiring an additional 56,371 shares in the last quarter. Finally, Algebris UK Ltd. acquired a new position in Renasant during the 3rd quarter worth about $5,645,000. Institutional investors and hedge funds own 77.31% of the company's stock.

Insider Activity

In other news, CFO James C. Iv Mabry sold 12,500 shares of the stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $37.83, for a total value of $472,875.00. Following the transaction, the chief financial officer owned 105,337 shares in the company, valued at approximately $3,984,898.71. This represents a 10.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Mark Jeanfreau sold 6,000 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $37.88, for a total value of $227,280.00. Following the completion of the transaction, the executive vice president owned 65,172 shares in the company, valued at approximately $2,468,715.36. The trade was a 8.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 19,850 shares of company stock worth $752,333. 2.07% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on RNST. Weiss Ratings raised Renasant from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, March 10th. Wall Street Zen raised Renasant from a "sell" rating to a "hold" rating in a research note on Sunday, March 8th. Hovde Group increased their target price on Renasant from $41.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, January 30th. Finally, TD Cowen reissued a "buy" rating on shares of Renasant in a research note on Thursday, January 29th. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $43.00.

Renasant Price Performance

Shares of NYSE RNST opened at $39.72 on Tuesday. The business's 50-day moving average is $38.10. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.13. Renasant Corp has a 1-year low of $27.26 and a 1-year high of $42.11. The stock has a market cap of $3.74 billion, a P/E ratio of 18.74 and a beta of 0.95.

Renasant (NYSE:RNST - Get Free Report) last issued its quarterly earnings results on Tuesday, January 27th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.11. Renasant had a return on equity of 7.53% and a net margin of 12.55%.The company had revenue of $278.52 million for the quarter, compared to the consensus estimate of $269.00 million.

Renasant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were issued a $0.23 dividend. The ex-dividend date was Tuesday, March 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.3%. Renasant's dividend payout ratio is presently 43.40%.

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. 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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