Verition Fund Management LLC Sells 54,037 Shares of Renasant Corp $RNST

Key Points

• Verition Fund Management cut its Renasant stake by 10.8% in the fourth quarter, selling 54,037 shares and ending with 448,492 shares valued at about $15.8 million.
• Renasant reported better-than-expected quarterly results, with EPS of $0.93 versus estimates of $0.84 and revenue of $278.49 million versus expectations of $275.71 million.
• The company raised its quarterly dividend to $0.24 per share, and analysts currently rate the stock a consensus Buy with an average price target of $45.50.

Verition Fund Management LLC decreased its holdings in shares of Renasant Corp (NYSE:RNST - Free Report) by 10.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 448,492 shares of the company's stock after selling 54,037 shares during the period. Verition Fund Management LLC owned approximately 0.47% of Renasant worth $15,796,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Oregon Public Employees Retirement Fund raised its position in shares of Renasant by 1.4% during 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. Jones Financial Companies Lllp raised its position in shares of Renasant by 12.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 2,825 shares of the company's stock valued at $106,000 after acquiring an additional 306 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Renasant by 27.1% during 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. EverSource Wealth Advisors LLC raised its position in shares of Renasant by 68.7% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 857 shares of the company's stock valued at $32,000 after acquiring an additional 349 shares during the last quarter. Finally, CIBC Asset Management Inc raised its position in shares of Renasant by 4.0% during the 4th quarter. CIBC Asset Management Inc now owns 9,296 shares of the company's stock valued at $327,000 after acquiring an additional 359 shares during the last quarter. Institutional investors own 77.31% of the company's stock.

Insider Transactions at Renasant

In other news, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $39.50, for a total transaction of $501,808.00. Following the completion of the transaction, the insider directly owned 183,235 shares in the company, valued at $7,237,782.50. This represents a 6.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Connie L. Engel sold 1,257 shares of the stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $40.90, for a total transaction of $51,411.30. Following the transaction, the director owned 15,449 shares of the company's stock, valued at approximately $631,864.10. This represents a 7.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 15,611 shares of company stock worth $618,889 in the last three months. Insiders own 2.07% of the company's stock.

Renasant Price Performance

Shares of NYSE RNST opened at $42.10 on Tuesday. The firm has a market cap of $3.88 billion, a PE ratio of 17.47 and a beta of 0.97. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13. Renasant Corp has a 1-year low of $33.04 and a 1-year high of $43.50. The company has a fifty day moving average price of $40.13 and a 200 day moving average price of $38.24.

Renasant (NYSE:RNST - Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported $0.93 earnings per share for the quarter, topping analysts' consensus estimates of $0.84 by $0.09. The firm had revenue of $278.49 million during 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 period in the prior year, the business earned $0.65 EPS. Research analysts predict that Renasant Corp will post 3.73 earnings per share for the current fiscal year.

Renasant Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be paid a dividend of $0.24 per share. The ex-dividend date is Tuesday, June 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.3%. This is a positive change from Renasant's previous quarterly dividend of $0.23. Renasant's dividend payout ratio (DPR) is currently 38.17%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Wall Street Zen upgraded shares of Renasant from a "sell" rating to a "hold" rating in a research report on Sunday, March 8th. TD Cowen reiterated a "buy" rating on shares of Renasant in a research report on Thursday, April 30th. Hovde Group upped their target price 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. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Renasant in a research report on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $45.50.

Renasant Company 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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