Stieven Capital Advisors L.P. Lowers Holdings in Renasant Corp $RNST

Stieven Capital Advisors L.P. lowered its stake in shares of Renasant Corp (NYSE:RNST) by 4.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 412,632 shares of the company’s stock after selling 19,400 shares during the quarter. Renasant comprises about 2.9% of Stieven Capital Advisors L.P.’s holdings, making the stock its 14th largest position. Stieven Capital Advisors L.P. owned 0.43% of Renasant worth $15,222,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the stock. Invesco Ltd. grew its holdings in Renasant by 0.6% in the third quarter. Invesco Ltd. now owns 2,229,966 shares of the company’s stock valued at $82,263,000 after purchasing an additional 14,301 shares during the period. Magnolia Capital Advisors LLC raised its stake in Renasant by 44.4% during the third quarter. Magnolia Capital Advisors LLC now owns 26,669 shares of the company’s stock worth $984,000 after purchasing an additional 8,204 shares during the period. UBS Group AG boosted its holdings in shares of Renasant by 22.0% in the 3rd quarter. UBS Group AG now owns 289,427 shares of the company’s stock valued at $10,677,000 after purchasing an additional 52,245 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Renasant by 97.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 23,307 shares of the company’s stock valued at $860,000 after purchasing an additional 11,499 shares during the last quarter. Finally, Magnetar Financial LLC purchased a new stake in shares of Renasant during the 3rd quarter valued at $628,000. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RNST has been the subject of a number of research analyst reports. Wall Street Zen upgraded Renasant from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. TD Cowen reiterated a “buy” rating on shares of Renasant in a report on Thursday, January 29th. Weiss Ratings raised Renasant from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday. Finally, Hovde Group upped their price target on Renasant from $41.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $43.00.

Renasant Stock Down 1.0%

RNST opened at $35.70 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.13. Renasant Corp has a 52-week low of $26.97 and a 52-week high of $42.11. The stock’s 50 day simple moving average is $38.22. The stock has a market capitalization of $3.36 billion, a P/E ratio of 16.84 and a beta of 0.97.

Renasant (NYSE:RNST) last issued its earnings results on Tuesday, January 27th. The company reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.11. The business had revenue of $278.52 million for the quarter, compared to the consensus estimate of $269.00 million. Renasant had a net margin of 12.55% and a return on equity of 7.53%.

Renasant Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.6%. The ex-dividend date is Tuesday, March 17th. Renasant’s dividend payout ratio is currently 43.40%.

Insider Buying and Selling at Renasant

In other Renasant news, CAO Kelly Hutcheson sold 1,350 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $38.65, for a total transaction of $52,177.50. Following the transaction, the chief accounting officer owned 16,728 shares in the company, valued at $646,537.20. The trade was a 7.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Mark Jeanfreau sold 6,000 shares of the business’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $37.88, for a total value of $227,280.00. Following the transaction, the executive vice president owned 65,172 shares in the company, valued at approximately $2,468,715.36. This represents a 8.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 19,850 shares of company stock valued at $752,333 over the last three months. 2.81% of the stock is owned by company insiders.

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.