Hardy Reed LLC Purchases New Stake in Renasant Corp $RNST

Hardy Reed LLC acquired a new position in shares of Renasant Corp (NYSE:RNST) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 19,452 shares of the company’s stock, valued at approximately $827,000.

A number of other large investors have also recently bought and sold shares of RNST. Principal Financial Group Inc. raised its position in shares of Renasant by 178.5% in the 1st quarter. Principal Financial Group Inc. now owns 1,261,160 shares of the company’s stock valued at $45,566,000 after buying an additional 808,316 shares in the last quarter. State Street Corp lifted its holdings in shares of Renasant by 14.1% during the 2nd quarter. State Street Corp now owns 4,812,696 shares of the company’s stock worth $172,920,000 after acquiring an additional 595,609 shares during the period. Channing Capital Management LLC boosted its position in shares of Renasant by 35.0% during the 4th quarter. Channing Capital Management LLC now owns 2,225,536 shares of the company’s stock worth $78,383,000 after acquiring an additional 576,986 shares in the last quarter. Deprince Race & Zollo Inc. boosted its position in shares of Renasant by 76.8% during the 1st quarter. Deprince Race & Zollo Inc. now owns 976,243 shares of the company’s stock worth $35,272,000 after acquiring an additional 423,963 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in Renasant by 15.3% in the third quarter. Wellington Management Group LLP now owns 2,962,781 shares of the company’s stock valued at $109,297,000 after acquiring an additional 394,249 shares during the last quarter. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have commented on RNST shares. Hovde Group boosted their price objective on shares of Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. TD Cowen lifted their price target on Renasant from $48.00 to $49.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Weiss Ratings upgraded Renasant from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday. Finally, Piper Sandler raised their price objective on Renasant from $46.00 to $48.00 and gave the company an “overweight” rating in a research note on Thursday, July 30th. Four research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $47.67.

Renasant Stock Performance

Shares of Renasant stock opened at $43.54 on Friday. Renasant Corp has a fifty-two week low of $33.04 and a fifty-two week high of $44.54. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.91 and a quick ratio of 0.90. The firm has a market capitalization of $3.98 billion, a P/E ratio of 13.04 and a beta of 0.98. The company’s 50 day moving average price is $42.90 and its two-hundred day moving average price is $40.29.

Renasant (NYSE:RNST) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.03. Renasant had a net margin of 19.94% and a return on equity of 8.67%. The company had revenue of $573.62 million during the quarter, compared to the consensus estimate of $280.71 million. During the same period in the prior year, the business earned $0.01 earnings per share. On average, equities analysts forecast that Renasant Corp will post 3.79 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 16th. Renasant’s dividend payout ratio (DPR) is presently 28.74%.

Insider Transactions 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 value of $65,670.00. Following the completion of the transaction, the director owned 40,075 shares in the company, valued at $1,594,985. This trade represents a 3.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 sale, the director owned 15,449 shares in the company, valued at approximately $631,864.10. This represents 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 three months, insiders have sold 37,907 shares of company stock worth $1,652,881. Insiders own 2.07% 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.