Insider Selling: Renasant (NYSE:RNST) Director Sells 1,650 Shares of Stock

Renasant Corp (NYSE:RNST) Director Albert Dale III sold 1,650 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $39.80, for a total value of $65,670.00. Following the completion of the transaction, the director directly owned 40,075 shares in the company, valued at $1,594,985. This represents a 3.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Renasant Stock Performance

Shares of NYSE:RNST remained flat at $41.12 during midday trading on Thursday. The stock had a trading volume of 455,839 shares, compared to its average volume of 716,914. The firm has a market capitalization of $3.79 billion, a price-to-earnings ratio of 17.08 and a beta of 0.97. 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 stock has a fifty day moving average of $38.20 and a 200 day moving average of $37.40. Renasant Corp has a 12 month low of $33.04 and a 12 month high of $42.11.

Renasant (NYSE:RNST) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.09. The company had revenue of $278.49 million for the quarter, compared to the consensus estimate of $275.71 million. Renasant had a return on equity of 8.17% and a net margin of 14.47%.During the same period in the previous year, the business earned $0.65 EPS. As a group, research analysts anticipate that Renasant Corp will post 3.73 earnings per share for the current 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 $0.24 dividend. The ex-dividend date of this dividend 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 presently 38.17%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Hovde Group upped their price target on Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 29th. Wall Street Zen raised Renasant from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. TD Cowen reaffirmed a “buy” rating on shares of Renasant in a research note on Thursday, April 30th. Finally, Weiss Ratings raised Renasant from a “hold (c+)” rating to a “buy (b-)” rating in a research note 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $45.50.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Jain Global LLC increased its holdings in Renasant by 408.5% during the 3rd 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. Channing Capital Management LLC bought a new stake in Renasant during the 3rd quarter worth approximately $60,815,000. New York State Common Retirement Fund increased its holdings in Renasant by 113.1% during the 3rd quarter. New York State Common Retirement Fund now owns 733,356 shares of the company’s stock worth $27,054,000 after purchasing an additional 389,155 shares in the last quarter. Public Sector Pension Investment Board increased its holdings in Renasant by 17.9% during the 3rd quarter. Public Sector Pension Investment Board now owns 370,597 shares of the company’s stock worth $13,671,000 after purchasing an additional 56,371 shares in the last quarter. Finally, Algebris UK Ltd. bought a new stake in Renasant during the 3rd quarter worth approximately $5,645,000. 77.31% of the stock is owned by institutional investors and hedge funds.

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.