Maltese Capital Management LLC Has $4.14 Million Holdings in Renasant Corp $RNST

Maltese Capital Management LLC cut its position in Renasant Corp (NYSE:RNST) by 22.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 117,521 shares of the company’s stock after selling 34,979 shares during the period. Maltese Capital Management LLC’s holdings in Renasant were worth $4,139,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Channing Capital Management LLC acquired a new position in shares of Renasant during the third quarter worth approximately $60,815,000. State Street Corp lifted its position in shares of Renasant by 14.1% during the second 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 in the last quarter. SG Americas Securities LLC lifted its position in shares of Renasant by 4,534.6% during the fourth quarter. SG Americas Securities LLC now owns 413,173 shares of the company’s stock worth $14,552,000 after purchasing an additional 404,258 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Renasant by 15.3% during the third 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 in the last quarter. Finally, Jain Global LLC lifted its position in shares of Renasant by 408.5% during the third quarter. Jain Global LLC now owns 486,377 shares of the company’s stock worth $17,942,000 after purchasing an additional 390,733 shares in the last quarter. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Renasant Trading Down 1.7%

Shares of NYSE RNST opened at $42.10 on Tuesday. Renasant Corp has a fifty-two week low of $33.04 and a fifty-two week high of $43.50. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.90 and a quick ratio of 0.89. The firm has a market capitalization of $3.88 billion, a P/E ratio of 17.47 and a beta of 0.97. The company’s 50 day simple moving average is $40.13 and its 200 day simple moving average is $38.24.

Renasant (NYSE:RNST) last issued its earnings results on Tuesday, April 28th. The company reported $0.93 EPS for the quarter, beating 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 the consensus estimate of $275.71 million. During the same quarter in the prior year, the firm earned $0.65 earnings per share. On average, analysts predict that Renasant Corp will post 3.73 EPS 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 paid a $0.24 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This is a boost from Renasant’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 2.3%. Renasant’s payout ratio is currently 38.17%.

Insider Buying and Selling at Renasant

In other news, Director Albert J. Dale III sold 1,650 shares of the stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $39.80, for a total transaction of $65,670.00. Following the completion of the sale, the director owned 40,075 shares of the company’s stock, valued at $1,594,985. This represents a 3.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Connie L. Engel sold 1,257 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $40.90, for a total transaction of $51,411.30. Following the sale, the director directly owned 15,449 shares of the company’s stock, valued at $631,864.10. This represents a 7.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 15,611 shares of company stock valued at $618,889. Corporate insiders own 2.07% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on RNST shares. Hovde Group upped their target price 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 reiterated a “buy (b-)” rating on shares of Renasant in a research report on Friday, June 5th. TD Cowen reiterated a “buy” rating on shares of Renasant in a research report on Thursday, April 30th. Finally, Wall Street Zen upgraded shares of Renasant from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $45.50.

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.