Stieven Capital Advisors L.P. Decreases Stock Position in Renasant Co. (NASDAQ:RNST)

Stieven Capital Advisors L.P. lessened its position in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 33.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 239,107 shares of the financial services provider's stock after selling 120,343 shares during the quarter. Stieven Capital Advisors L.P. owned approximately 0.38% of Renasant worth $8,113,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in RNST. Mascagni Wealth Management Inc. acquired a new position in Renasant in the 4th quarter valued at about $44,000. Covestor Ltd raised its stake in Renasant by 73.7% in the 4th quarter. Covestor Ltd now owns 1,838 shares of the financial services provider's stock valued at $66,000 after purchasing an additional 780 shares during the last quarter. Smith Shellnut Wilson LLC ADV acquired a new position in Renasant in the 4th quarter valued at about $201,000. Cibc World Markets Corp acquired a new position in Renasant in the 4th quarter valued at about $209,000. Finally, Dark Forest Capital Management LP acquired a new position in Renasant in the 4th quarter valued at about $221,000. Institutional investors and hedge funds own 77.31% of the company's stock.

Renasant Trading Down 0.7%

Shares of NASDAQ:RNST traded down $0.29 during trading on Friday, reaching $38.45. 576,605 shares of the stock were exchanged, compared to its average volume of 693,348. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. Renasant Co. has a 12-month low of $26.97 and a 12-month high of $39.63. The firm has a market cap of $3.65 billion, a price-to-earnings ratio of 11.76 and a beta of 0.90. The firm's 50-day moving average price is $35.65 and its 200 day moving average price is $34.89.

Renasant (NASDAQ:RNST - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.60 by $0.06. Renasant had a return on equity of 6.58% and a net margin of 17.91%. The business had revenue of $170.59 million during the quarter, compared to analysts' expectations of $170.38 million. During the same quarter in the previous year, the business earned $0.65 EPS. On average, sell-side analysts anticipate that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend was Monday, June 16th. Renasant's payout ratio is currently 27.33%.

Analyst Upgrades and Downgrades

RNST has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods dropped their price objective on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating for the company in a research note on Tuesday, May 6th. Hovde Group upped their price objective on shares of Renasant from $34.50 to $35.00 and gave the company a "market perform" rating in a research note on Monday, April 28th. Finally, Raymond James Financial raised shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price objective for the company in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $41.00.

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. The company operates through Community Banks, Insurance, and Wealth Management segments. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and factoring equipment leasing services, as well as safe deposit and night depository facilities.