Maltese Capital Management LLC Lowers Stake in Renasant Corp $RNST

Maltese Capital Management LLC lessened its stake in shares of Renasant Corp (NYSE:RNST) by 41.3% during the 3rd quarter, Holdings Channel reports. The fund owned 152,500 shares of the company’s stock after selling 107,500 shares during the period. Maltese Capital Management LLC’s holdings in Renasant were worth $5,626,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Channing Capital Management LLC purchased a new position in Renasant in the third quarter valued at about $60,815,000. New York State Common Retirement Fund lifted its position in shares of Renasant by 113.1% during the third quarter. New York State Common Retirement Fund now owns 733,356 shares of the company’s stock valued at $27,054,000 after buying an additional 389,155 shares during the last quarter. Public Sector Pension Investment Board boosted its holdings in shares of Renasant by 17.9% in the 3rd quarter. Public Sector Pension Investment Board now owns 370,597 shares of the company’s stock valued at $13,671,000 after buying an additional 56,371 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Renasant by 100.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 553,572 shares of the company’s stock valued at $19,890,000 after buying an additional 277,211 shares in the last quarter. Finally, Jain Global LLC grew its position in shares of Renasant by 408.5% in the 3rd quarter. Jain Global LLC now owns 486,377 shares of the company’s stock worth $17,942,000 after buying an additional 390,733 shares during the last quarter. 77.31% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. TD Cowen reissued a “buy” rating on shares of Renasant in a research report on Thursday, January 29th. Wall Street Zen raised shares of Renasant from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. Hovde Group increased their price objective on Renasant from $41.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, January 30th. Finally, Weiss Ratings raised Renasant from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, March 10th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. According to MarketBeat.com, Renasant has an average rating of “Buy” and a consensus target price of $43.00.

Renasant Trading Down 0.0%

NYSE:RNST opened at $35.66 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.90 and a current ratio of 0.91. Renasant Corp has a twelve month low of $26.97 and a twelve month high of $42.11. The stock has a market cap of $3.36 billion, a P/E ratio of 16.82 and a beta of 0.97. The stock’s 50 day moving average is $38.21.

Renasant (NYSE:RNST) last announced its quarterly earnings data on Tuesday, January 27th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.11. Renasant had a return on equity of 7.53% and a net margin of 12.55%.The firm had revenue of $278.52 million during the quarter, compared to analysts’ expectations of $269.00 million.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a dividend of $0.23 per share. The ex-dividend date is Tuesday, March 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.6%. Renasant’s dividend payout ratio (DPR) is presently 43.40%.

Insider Activity

In other news, CAO Kelly Hutcheson sold 1,350 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $38.65, for a total value of $52,177.50. Following the sale, the chief accounting officer owned 16,728 shares in the company, valued at $646,537.20. This represents a 7.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark Jeanfreau sold 6,000 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $37.88, for a total value of $227,280.00. Following the sale, the executive vice president directly owned 65,172 shares in the company, valued at approximately $2,468,715.36. This trade represents a 8.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 19,850 shares of company stock valued at $752,333 in the last quarter. 2.81% of the stock is currently owned by company insiders.

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.