Renasant Corp $RNST Stock Holdings Raised by Algebris UK Ltd.

Key Points

• Algebris UK Ltd. increased its Renasant Corp stake by 40.6% in Q4, adding 62,183 shares to bring its total to 215,315 shares, worth about $7.6 million.
• Renasant reported strong quarterly results, posting EPS of $0.93 versus the $0.84 estimate and revenue of $278.49 million, both ahead of expectations.
• The company also raised its quarterly dividend to $0.24 per share from $0.23, and analysts currently rate the stock a consensus Buy with a $45.50 target price.

Algebris UK Ltd. grew its position in Renasant Corp (NYSE:RNST - Free Report) by 40.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 215,315 shares of the company's stock after acquiring an additional 62,183 shares during the quarter. Algebris UK Ltd. owned approximately 0.23% of Renasant worth $7,587,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the company. PNC Financial Services Group Inc. increased its holdings in shares of Renasant by 27.1% in the 4th 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. ProShare Advisors LLC increased its holdings in shares of Renasant by 3.2% in the 4th quarter. ProShare Advisors LLC now owns 18,352 shares of the company's stock valued at $646,000 after acquiring an additional 568 shares during the last quarter. HighTower Advisors LLC increased its holdings in shares of Renasant by 7.5% in the 4th quarter. HighTower Advisors LLC now owns 12,652 shares of the company's stock valued at $446,000 after acquiring an additional 881 shares during the last quarter. Requisite Capital Management LLC bought a new stake in shares of Renasant in the 4th quarter valued at approximately $284,000. Finally, Oregon Public Employees Retirement Fund increased its holdings in shares of Renasant by 1.4% in the 4th 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. 77.31% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CAO Kelly Hutcheson sold 1,350 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $38.65, for a total value of $52,177.50. Following the completion of the transaction, the chief accounting officer owned 16,728 shares of the company's stock, valued at approximately $646,537.20. This represents a 7.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $39.50, for a total value of $501,808.00. Following the completion of the transaction, the insider directly owned 183,235 shares of the company's stock, valued at approximately $7,237,782.50. The trade was a 6.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.07% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on RNST shares. Wall Street Zen raised shares of Renasant from a "sell" rating to a "hold" rating in a research report on Sunday, March 8th. Hovde Group boosted their price objective on shares of Renasant from $44.00 to $46.00 and gave the company an "outperform" rating in a research report on Wednesday, April 29th. Weiss Ratings raised shares of Renasant from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, March 10th. Finally, TD Cowen reaffirmed a "buy" rating on shares of Renasant in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $45.50.

Renasant Price Performance

Shares of RNST opened at $41.10 on Thursday. The company has a market cap of $3.79 billion, a P/E ratio of 17.05 and a beta of 0.97. The stock has a fifty day moving average price of $38.20 and a 200 day moving average price of $37.40. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.90 and a quick ratio of 0.89. Renasant Corp has a 12 month low of $33.04 and a 12 month high of $42.11.

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

Renasant Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be given a $0.24 dividend. This is a positive change from Renasant's previous quarterly dividend of $0.23. The ex-dividend date is Tuesday, June 16th. This represents a $0.96 annualized dividend and a yield of 2.3%. Renasant's payout ratio is currently 38.17%.

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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