SouthState Bank Corp Sells 12,500 Shares of Renasant Corp $RNST

SouthState Bank Corp trimmed its holdings in Renasant Corp (NYSE:RNST) by 52.1% in the first quarter, Holdings Channel reports. The institutional investor owned 11,500 shares of the company’s stock after selling 12,500 shares during the period. SouthState Bank Corp’s holdings in Renasant were worth $415,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of RNST. UBS Group AG increased its position in Renasant by 27.0% during the 4th quarter. UBS Group AG now owns 367,464 shares of the company’s stock worth $12,942,000 after purchasing an additional 78,037 shares in the last quarter. William Blair Investment Management LLC grew its stake in shares of Renasant by 10.0% during the fourth quarter. William Blair Investment Management LLC now owns 948,159 shares of the company’s stock worth $33,394,000 after buying an additional 85,961 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Renasant by 4,534.6% during the fourth quarter. SG Americas Securities LLC now owns 413,173 shares of the company’s stock worth $14,552,000 after buying an additional 404,258 shares in the last quarter. Algebris UK Ltd. increased its holdings in shares of Renasant by 40.6% during the fourth quarter. Algebris UK Ltd. now owns 215,315 shares of the company’s stock worth $7,587,000 after buying an additional 62,183 shares in the last quarter. Finally, Heartland Advisors Inc. bought a new position in shares of Renasant in the 4th quarter valued at $6,607,000. 77.31% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on RNST shares. Weiss Ratings restated a “buy (b-)” rating on shares of Renasant in a report on Friday, June 5th. TD Cowen reissued a “buy” rating on shares of Renasant in a research note on Thursday, April 30th. Finally, Hovde Group boosted their price objective on Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. According to MarketBeat, Renasant currently has an average rating of “Buy” and an average target price of $45.50.

Insider Buying and Selling at Renasant

In other news, Director Albert J. Dale III sold 1,650 shares of Renasant stock in a transaction 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 completion of the sale, the director directly owned 40,075 shares of the company’s stock, valued at approximately $1,594,985. The trade was a 3.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Connie L. Engel sold 1,257 shares of the company’s stock in a transaction 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 transaction, the director owned 15,449 shares of the company’s stock, valued at $631,864.10. This trade represents a 7.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 15,611 shares of company stock worth $618,889 over the last three months. 2.07% of the stock is owned by insiders.

Renasant Stock Performance

Shares of RNST opened at $42.93 on Thursday. The stock has a 50 day moving average of $41.48 and a 200 day moving average of $39.19. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $3.96 billion, a price-to-earnings ratio of 17.81 and a beta of 0.96. Renasant Corp has a 12 month low of $33.04 and a 12 month high of $44.00.

Renasant (NYSE:RNST) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.09. The firm had revenue of $278.49 million for the quarter, compared to analysts’ expectations 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 prior year, the firm earned $0.65 EPS. As a group, sell-side analysts forecast that Renasant Corp will post 3.73 earnings per share for the current year.

Renasant Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. This is a positive change from Renasant’s previous quarterly dividend of $0.23. The ex-dividend date was Tuesday, June 16th. Renasant’s dividend payout ratio (DPR) is currently 39.83%.

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.