Renasant Corp $RNST Shares Purchased by Mendon Capital Advisors Corp

Mendon Capital Advisors Corp boosted its stake in Renasant Corp (NYSE:RNST) by 13.9% in the first quarter, HoldingsChannel.com reports. The firm owned 307,500 shares of the company’s stock after buying an additional 37,500 shares during the period. Renasant accounts for about 3.2% of Mendon Capital Advisors Corp’s investment portfolio, making the stock its 7th largest holding. Mendon Capital Advisors Corp’s holdings in Renasant were worth $11,110,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Maryland State Retirement & Pension System increased its position in shares of Renasant by 2.0% during the fourth quarter. Maryland State Retirement & Pension System now owns 13,939 shares of the company’s stock worth $491,000 after buying an additional 279 shares during the period. Oregon Public Employees Retirement Fund increased its holdings in Renasant by 1.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 21,701 shares of the company’s stock worth $764,000 after purchasing an additional 300 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Renasant by 27.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,464 shares of the company’s stock worth $52,000 after acquiring an additional 312 shares in the last quarter. CIBC Asset Management Inc increased its stake in Renasant by 4.0% in the 4th quarter. CIBC Asset Management Inc now owns 9,296 shares of the company’s stock valued at $327,000 after buying an additional 359 shares during the last quarter. Finally, Lido Advisors LLC lifted its holdings in Renasant by 4.0% during the fourth quarter. Lido Advisors LLC now owns 9,615 shares of the company’s stock worth $352,000 after acquiring an additional 368 shares during the period. 77.31% of the stock is currently owned by institutional investors.

Renasant Stock Performance

Shares of RNST opened at $43.44 on Monday. The stock’s 50-day simple moving average is $42.02 and its 200 day simple moving average is $39.58. The stock has a market capitalization of $4.01 billion, a price-to-earnings ratio of 18.02 and a beta of 0.96. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.89 and a current ratio of 0.90. Renasant Corp has a 52-week low of $33.04 and a 52-week high of $44.50.

Renasant (NYSE:RNST) last posted its 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 analyst estimates of $275.71 million. During the same quarter in the previous year, the firm earned $0.65 EPS. Research analysts forecast 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 was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a dividend of $0.24 per share. The ex-dividend date was Tuesday, June 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. This is an increase from Renasant’s previous quarterly dividend of $0.23. Renasant’s dividend payout ratio is currently 39.83%.

Insider Activity

In related news, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the company’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $39.50, for a total transaction of $501,808.00. Following the sale, the insider owned 183,235 shares of the company’s stock, valued at $7,237,782.50. This represents a 6.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction, the director owned 40,075 shares of the company’s stock, valued at $1,594,985. This trade represents a 3.95% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 15,611 shares of company stock worth $618,889. 2.07% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

RNST has been the subject of a number of research reports. Hovde Group increased 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. Weiss Ratings reissued a “buy (b-)” rating on shares of Renasant in a research report on Friday, June 5th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Renasant in a research report on Thursday, April 30th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Renasant currently has a consensus rating of “Buy” and an average target price of $45.50.

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.