Renasant (NYSE:RNST) Director Connie Engel Sells 1,257 Shares

Renasant Corp (NYSE:RNST) Director Connie Engel sold 1,257 shares of Renasant stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $40.90, for a total value of $51,411.30. Following the completion of the sale, the director directly owned 15,449 shares in the company, valued at $631,864.10. This represents a 7.52% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Renasant Stock Performance

RNST traded up $0.43 during trading on Tuesday, reaching $41.48. The company’s stock had a trading volume of 634,199 shares, compared to its average volume of 711,694. Renasant Corp has a 52-week low of $33.04 and a 52-week high of $42.40. The company’s fifty day moving average price is $39.65 and its 200-day moving average price is $38.03. The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of 17.21 and a beta of 0.97. 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 (NYSE:RNST) last announced its quarterly earnings data 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. The company had revenue of $278.49 million for the quarter, compared to analyst estimates of $275.71 million. Renasant had a return on equity of 8.17% and a net margin of 14.47%.During the same quarter in the previous year, the company earned $0.65 EPS. On average, equities analysts forecast that Renasant Corp will post 3.73 earnings per share for the current fiscal year.

Renasant Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a $0.24 dividend. This is a boost from Renasant’s previous quarterly dividend of $0.23. The ex-dividend date is Tuesday, June 16th. This represents a $0.96 annualized dividend and a yield of 2.3%. Renasant’s payout ratio is presently 38.17%.

Analysts Set New Price Targets

Several brokerages have weighed in on RNST. Wall Street Zen upgraded Renasant from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Renasant in a report on Friday. TD Cowen restated a “buy” rating on shares of Renasant in a report on Thursday, April 30th. Finally, Hovde Group upped their price objective on Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. Based on data from MarketBeat.com, Renasant has a consensus rating of “Buy” and a consensus price target of $45.50.

Institutional Investors Weigh In On Renasant

A number of institutional investors have recently modified their holdings of RNST. Mascagni Wealth Management Inc. raised its stake in Renasant by 10.5% during the first quarter. Mascagni Wealth Management Inc. now owns 18,769 shares of the company’s stock worth $678,000 after acquiring an additional 1,783 shares during the period. Bank of America Corp DE raised its stake in Renasant by 13.6% during the first quarter. Bank of America Corp DE now owns 847,691 shares of the company’s stock worth $30,627,000 after acquiring an additional 101,527 shares during the period. Amundi raised its stake in Renasant by 15.6% during the first quarter. Amundi now owns 16,093 shares of the company’s stock worth $581,000 after acquiring an additional 2,169 shares during the period. California State Teachers Retirement System raised its stake in Renasant by 21.1% during the first quarter. California State Teachers Retirement System now owns 109,738 shares of the company’s stock worth $3,965,000 after acquiring an additional 19,083 shares during the period. Finally, Empowered Funds LLC raised its stake in Renasant by 8.7% during the first quarter. Empowered Funds LLC now owns 328,457 shares of the company’s stock worth $11,867,000 after acquiring an additional 26,281 shares during the period. Institutional investors and hedge funds own 77.31% of the company’s stock.

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.