Heartland Advisors Inc. Invests $6.61 Million in Renasant Corp $RNST

Heartland Advisors Inc. acquired a new stake in Renasant Corp (NYSE:RNST) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 187,584 shares of the company’s stock, valued at approximately $6,607,000. Heartland Advisors Inc. owned 0.20% of Renasant as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada increased its holdings in Renasant by 128.5% in the first quarter. Royal Bank of Canada now owns 52,238 shares of the company’s stock valued at $1,772,000 after buying an additional 29,380 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Renasant by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,167 shares of the company’s stock worth $1,261,000 after acquiring an additional 1,621 shares in the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of Renasant in the 1st quarter worth approximately $67,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Renasant by 13.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 189,105 shares of the company’s stock worth $6,416,000 after acquiring an additional 23,072 shares during the period. Finally, Jane Street Group LLC purchased a new position in Renasant in the 1st quarter valued at approximately $390,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Insider Activity at Renasant

In related news, Director Albert J. Dale III sold 1,650 shares of the firm’s stock in a transaction that occurred 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 sale, the director owned 40,075 shares in the company, valued at approximately $1,594,985. This trade represents a 3.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Connie L. Engel sold 1,257 shares of Renasant stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $40.90, for a total transaction of $51,411.30. Following the completion of the sale, the director directly owned 15,449 shares of the company’s stock, valued at $631,864.10. The trade was a 7.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 15,611 shares of company stock valued at $618,889. Company insiders own 2.07% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on RNST. TD Cowen reaffirmed a “buy” rating on shares of Renasant in a report on Thursday, April 30th. Wall Street Zen upgraded Renasant from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Renasant in a research note on Friday, June 5th. Finally, Hovde Group boosted their price objective on shares of Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a research 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $45.50.

Renasant Stock Up 1.0%

RNST opened at $41.94 on Thursday. The firm has a market cap of $3.87 billion, a P/E ratio of 17.40 and a beta of 0.97. The business’s fifty day simple moving average is $39.78 and its 200 day simple moving average is $38.09. Renasant Corp has a 52 week low of $33.04 and a 52 week high of $42.40. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.13.

Renasant (NYSE:RNST) last released its earnings results 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. Renasant had a net margin of 14.47% and a return on equity of 8.17%. The company had revenue of $278.49 million for the quarter, compared to analyst estimates of $275.71 million. During the same period in the prior year, the firm earned $0.65 EPS. As a group, equities research analysts anticipate that Renasant Corp will post 3.73 EPS for the current fiscal year.

Renasant Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This is a positive change from Renasant’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 2.3%. Renasant’s payout ratio is currently 38.17%.

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.