Stieven Capital Advisors L.P. Sells 151,000 Shares of Renasant Corp $RNST

Key Points

• Stieven Capital Advisors cut its Renasant stake by 36.6% in the fourth quarter, selling 151,000 shares and leaving it with 261,632 shares worth about $9.2 million.
• Renasant has been getting favorable analyst coverage, with a consensus rating of “Buy” and a consensus target price of $45.50. Recent updates included higher price targets and rating upgrades from several firms.
• The bank reported strong quarterly results, with EPS of $0.93 beating estimates, and it raised its quarterly dividend to $0.24 per share from $0.23, implying a 2.3% annualized yield.

Stieven Capital Advisors L.P. lessened its stake in Renasant Corp (NYSE:RNST - Free Report) by 36.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 261,632 shares of the company's stock after selling 151,000 shares during the quarter. Renasant accounts for about 1.7% of Stieven Capital Advisors L.P.'s investment portfolio, making the stock its 25th biggest holding. Stieven Capital Advisors L.P. owned about 0.28% of Renasant worth $9,215,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently made changes to their positions in RNST. EverSource Wealth Advisors LLC increased its position in shares of Renasant by 68.7% during the third quarter. EverSource Wealth Advisors LLC now owns 857 shares of the company's stock worth $32,000 after acquiring an additional 349 shares in the last quarter. First Horizon Corp increased its position in shares of Renasant by 56.3% during the fourth quarter. First Horizon Corp now owns 1,080 shares of the company's stock worth $38,000 after acquiring an additional 389 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Renasant by 42.8% during the third quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company's stock worth $42,000 after acquiring an additional 345 shares in the last quarter. Jones Financial Companies Lllp bought a new stake in shares of Renasant during the first quarter worth $67,000. Finally, Danske Bank A S bought a new stake in shares of Renasant during the third quarter worth $85,000. Institutional investors own 77.31% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. 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 stock 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 reissued a "buy" rating on shares of Renasant in a research report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to data from MarketBeat.com, Renasant currently has a consensus rating of "Buy" and a consensus target price of $45.50.

Insider Buying and Selling

In related news, CAO Kelly Hutcheson sold 1,350 shares of the business's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $38.65, for a total transaction of $52,177.50. Following the transaction, the chief accounting officer directly owned 16,728 shares in the company, valued at approximately $646,537.20. The trade was a 7.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the business's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $39.50, for a total transaction of $501,808.00. Following the transaction, the insider owned 183,235 shares in the company, valued at approximately $7,237,782.50. The trade was a 6.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 15,704 shares of company stock worth $619,656. Insiders own 2.07% of the company's stock.

Renasant Stock Performance

Shares of RNST stock opened at $41.04 on Friday. The company's fifty day simple moving average is $38.39 and its 200-day simple moving average is $37.46. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.13. The firm has a market cap of $3.79 billion, a PE ratio of 17.03 and a beta of 0.97. 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 announced its quarterly earnings data on Tuesday, April 28th. The company reported $0.93 EPS for the quarter, topping analysts' consensus estimates of $0.84 by $0.09. The business had revenue of $278.49 million for the quarter, compared to analyst estimates of $275.71 million. Renasant had a net margin of 14.47% and a return on equity of 8.17%. During the same quarter in the previous year, the firm posted $0.65 earnings per share. Equities research analysts expect that Renasant Corp will post 3.73 EPS for the current fiscal year.

Renasant Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be issued a dividend of $0.24 per share. The ex-dividend date is Tuesday, June 16th. This is a positive change from Renasant's previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 2.3%. Renasant's dividend payout ratio is presently 39.83%.

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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