Stieven Capital Advisors L.P. Has $9.22 Million Position in Renasant Corp $RNST

Stieven Capital Advisors L.P. reduced its stake in Renasant Corp (NYSE:RNST) by 36.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 261,632 shares of the company’s stock after selling 151,000 shares during the period. Renasant accounts for approximately 1.7% of Stieven Capital Advisors L.P.’s investment portfolio, making the stock its 25th biggest position. Stieven Capital Advisors L.P.’s holdings in Renasant were worth $9,215,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of RNST. Channing Capital Management LLC acquired a new position in shares of Renasant in the third quarter valued at about $60,815,000. State Street Corp grew its stake in shares of Renasant by 14.1% in the second quarter. State Street Corp now owns 4,812,696 shares of the company’s stock valued at $172,920,000 after acquiring an additional 595,609 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Renasant by 4,534.6% in the fourth quarter. SG Americas Securities LLC now owns 413,173 shares of the company’s stock valued at $14,552,000 after acquiring an additional 404,258 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of 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 in the last quarter. Finally, Jain Global LLC lifted its position in Renasant by 408.5% during the third quarter. Jain Global LLC now owns 486,377 shares of the company’s stock worth $17,942,000 after purchasing an additional 390,733 shares during the period. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have commented on RNST shares. TD Cowen reissued a “buy” rating on shares of Renasant in a report on Thursday, April 30th. Weiss Ratings upgraded shares of Renasant from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, March 10th. Wall Street Zen upgraded shares of Renasant from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Finally, Hovde Group boosted their target price 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. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $45.50.

Renasant Price Performance

Shares of NYSE:RNST opened at $41.04 on Friday. The firm has a 50 day moving average of $38.39 and a 200-day moving average of $37.46. The stock has a market capitalization of $3.79 billion, a PE ratio of 17.03 and a beta of 0.97. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13. Renasant Corp has a 12 month low of $33.04 and a 12 month high of $42.11.

Renasant (NYSE:RNST) last posted its earnings results on Tuesday, April 28th. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.09. The firm had revenue of $278.49 million during the quarter, compared to analysts’ expectations of $275.71 million. Renasant had a net margin of 14.47% and a return on equity of 8.17%. During the same quarter in the prior year, the business earned $0.65 earnings per share. On average, equities research analysts predict that Renasant Corp will post 3.73 EPS for the current fiscal year.

Renasant Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.3%. This is an increase from Renasant’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Tuesday, June 16th. Renasant’s dividend payout ratio (DPR) is currently 39.83%.

Insider Transactions at Renasant

In other news, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $39.50, for a total value of $501,808.00. Following the completion of the transaction, the insider owned 183,235 shares of the company’s stock, valued at approximately $7,237,782.50. This represents a 6.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Albert J. Dale III sold 1,650 shares of the stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $39.80, for a total transaction of $65,670.00. Following the completion of the transaction, the director directly owned 40,075 shares of the company’s stock, valued at $1,594,985. This trade represents a 3.95% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 15,704 shares of company stock valued at $619,656. 2.07% of the stock is currently owned by insiders.

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.