Renasant Corp $RNST Shares Purchased by Jain Global LLC

Jain Global LLC boosted its stake in Renasant Corp (NYSE:RNST) by 408.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 486,377 shares of the company’s stock after buying an additional 390,733 shares during the quarter. Jain Global LLC owned approximately 0.51% of Renasant worth $17,942,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Jones Financial Companies Lllp raised its holdings in shares of Renasant by 12.1% during the third quarter. Jones Financial Companies Lllp now owns 2,825 shares of the company’s stock valued at $106,000 after acquiring an additional 306 shares during the last quarter. Resolute Wealth Strategies LLC lifted its position in shares of Renasant by 0.4% in the second quarter. Resolute Wealth Strategies LLC now owns 77,499 shares of the company’s stock valued at $2,785,000 after acquiring an additional 318 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Renasant by 42.8% in the third quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company’s stock worth $42,000 after acquiring an additional 345 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Renasant by 68.7% in the third quarter. EverSource Wealth Advisors LLC now owns 857 shares of the company’s stock worth $32,000 after acquiring an additional 349 shares during the last quarter. Finally, Arizona State Retirement System increased its position in shares of Renasant by 1.4% during the third quarter. Arizona State Retirement System now owns 28,114 shares of the company’s stock worth $1,037,000 after purchasing an additional 394 shares in the last quarter. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Renasant Stock Performance

NYSE:RNST opened at $35.70 on Monday. Renasant Corp has a one year low of $26.97 and a one year high of $42.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.90 and a current ratio of 0.91. The firm has a market capitalization of $3.36 billion, a PE ratio of 16.84 and a beta of 0.97. The firm has a 50 day moving average of $38.22.

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

Renasant Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.92 annualized dividend and a dividend yield of 2.6%. Renasant’s payout ratio is presently 43.40%.

Wall Street Analyst Weigh In

Several research firms recently commented on RNST. Wall Street Zen raised Renasant from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. Hovde Group lifted their target price on shares of Renasant from $41.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Weiss Ratings raised shares of Renasant from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, March 10th. Finally, TD Cowen reiterated a “buy” rating on shares of Renasant in a research report on Thursday, January 29th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $43.00.

Insider Activity at Renasant

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

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.