Vanguard Group Inc. Reduces Stock Holdings in Renasant Corp $RNST

Key Points

• Vanguard Group trimmed its Renasant stake by 0.8% in Q4, selling 90,425 shares and now holds 10,708,112 shares (11.27% of the company) valued at $377.14 million, while institutional investors own about 77.31% of the stock.
• Renasant beat quarterly estimates, reporting $0.93 EPS versus $0.84 and $278.49M revenue, raised its quarterly dividend to $0.24 (annualized $0.96, 2.4% yield), and carries a consensus "Buy" rating with an average target of $45.50.

Vanguard Group Inc. reduced its stake in shares of Renasant Corp (NYSE:RNST - Free Report) by 0.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,708,112 shares of the company's stock after selling 90,425 shares during the quarter. Vanguard Group Inc. owned 11.27% of Renasant worth $377,140,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Dimensional Fund Advisors LP increased its holdings in Renasant by 0.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 5,413,327 shares of the company's stock worth $199,697,000 after purchasing an additional 23,337 shares during the last quarter. State Street Corp increased its holdings in Renasant by 14.1% during the 2nd quarter. State Street Corp now owns 4,812,696 shares of the company's stock worth $172,920,000 after purchasing an additional 595,609 shares during the last quarter. Wellington Management Group LLP increased its holdings in Renasant by 15.3% during the 3rd quarter. Wellington Management Group LLP now owns 2,962,781 shares of the company's stock worth $109,297,000 after purchasing an additional 394,249 shares during the last quarter. Invesco Ltd. increased its holdings in Renasant by 0.6% during the 3rd quarter. Invesco Ltd. now owns 2,229,966 shares of the company's stock worth $82,263,000 after purchasing an additional 14,301 shares during the last quarter. Finally, Channing Capital Management LLC purchased a new stake in Renasant during the 3rd quarter worth approximately $60,815,000. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Renasant

In other news, CAO Kelly Hutcheson sold 1,350 shares of the business's stock in a transaction that occurred 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 sale, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.07% of the company's stock.

Wall Street Analysts Forecast Growth

RNST has been the topic of several analyst reports. TD Cowen restated a "buy" rating on shares of Renasant in a report on Thursday, April 30th. Hovde Group lifted their price objective on Renasant from $44.00 to $46.00 and gave the stock an "outperform" rating in a report on Wednesday, April 29th. Wall Street Zen upgraded Renasant from a "sell" rating to a "hold" rating in a report on Sunday, March 8th. Finally, Weiss Ratings upgraded Renasant from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, March 10th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to data from MarketBeat.com, Renasant presently has an average rating of "Buy" and an average target price of $45.50.

Renasant Trading Up 1.9%

Shares of NYSE RNST opened at $40.69 on Thursday. Renasant Corp has a twelve month low of $32.74 and a twelve month high of $42.11. 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 company has a market cap of $3.83 billion, a P/E ratio of 16.88 and a beta of 0.97. The firm has a 50 day moving average price of $37.91.

Renasant (NYSE:RNST - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $0.93 earnings per share for the quarter, beating analysts' consensus estimates of $0.84 by $0.09. Renasant had a return on equity of 8.17% and a net margin of 14.47%.The business had revenue of $278.49 million during the quarter, compared to the consensus estimate of $275.71 million. During the same period in the previous year, the business earned $0.65 EPS. As a group, equities analysts predict that Renasant Corp will post 3.74 earnings per share for the current year.

Renasant Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be issued 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 dividend on an annualized basis and a dividend yield of 2.4%. Renasant's dividend payout ratio (DPR) is presently 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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