Kelly Hutcheson Sells 1,350 Shares of Renasant (NASDAQ:RNST) Stock

Renasant Co. (NASDAQ:RNST) 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 transaction, the chief accounting officer directly owned 16,728 shares of the company’s stock, valued at $646,537.20. This represents a 7.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Renasant Stock Down 2.0%

Shares of Renasant stock opened at $37.04 on Friday. The firm has a market cap of $3.49 billion, a PE ratio of 11.33 and a beta of 0.97. The business’s 50 day simple moving average is $38.14 and its 200 day simple moving average is $37.00. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. Renasant Co. has a 52-week low of $26.97 and a 52-week high of $42.11.

Renasant (NASDAQ:RNST) last released its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.11. Renasant had a return on equity of 6.58% and a net margin of 17.91%.The firm had revenue of $216.11 million during the quarter, compared to the consensus estimate of $275.40 million. During the same quarter in the prior year, the firm posted $0.73 EPS. On average, analysts predict that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a dividend of $0.23 per share. The ex-dividend date is Tuesday, March 17th. This represents a $0.92 annualized dividend and a yield of 2.5%. Renasant’s dividend payout ratio is presently 43.40%.

Analyst Ratings Changes

Several brokerages have issued reports on RNST. Hovde Group lifted their price target on shares of Renasant from $41.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, January 30th. TD Cowen restated a “buy” rating on shares of Renasant in a report on Thursday, January 29th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat, Renasant presently has an average rating of “Buy” and an average target price of $43.00.

Hedge Funds Weigh In On Renasant

Hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its holdings in Renasant by 0.4% during the third quarter. Dimensional Fund Advisors LP now owns 5,413,327 shares of the financial services provider’s stock worth $199,697,000 after buying an additional 23,337 shares during the last quarter. State Street Corp lifted its stake in Renasant by 14.1% in the second quarter. State Street Corp now owns 4,812,696 shares of the financial services provider’s stock valued at $172,920,000 after acquiring an additional 595,609 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Renasant by 4.3% in the 4th quarter. Wellington Management Group LLP now owns 3,089,186 shares of the financial services provider’s stock valued at $108,801,000 after acquiring an additional 126,405 shares during the period. Invesco Ltd. grew its position in shares of Renasant by 0.6% in the 3rd quarter. Invesco Ltd. now owns 2,229,966 shares of the financial services provider’s stock valued at $82,263,000 after acquiring an additional 14,301 shares during the period. Finally, Channing Capital Management LLC increased its stake in shares of Renasant by 35.0% during the 4th quarter. Channing Capital Management LLC now owns 2,225,536 shares of the financial services provider’s stock worth $78,383,000 after purchasing an additional 576,986 shares during the last quarter. 77.31% of the stock is owned by institutional investors.

About Renasant

Renasant Corporation is a financial holding company providing banking and related services through its primary subsidiary, Renasant Bank. With origins dating back to 1904 in Tupelo, Mississippi, the company offers a comprehensive suite of commercial and consumer banking products, including deposit accounts, lending and treasury management services. Renasant serves individuals, small businesses and corporate clients across the southeastern United States.

The company operates more than 110 banking offices across Mississippi, Alabama, Tennessee, Florida and Georgia, supplemented by a network of ATMs and digital platforms.