Peregrine Capital Management LLC Sells 14,124 Shares of Renasant Corp $RNST

Peregrine Capital Management LLC decreased its holdings in Renasant Corp (NYSE:RNST) by 8.8% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 146,771 shares of the company’s stock after selling 14,124 shares during the period. Peregrine Capital Management LLC owned approximately 0.16% of Renasant worth $5,303,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in RNST. EverSource Wealth Advisors LLC lifted its stake in 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 purchasing an additional 349 shares during the last quarter. First Horizon Corp grew its stake in shares of Renasant by 56.3% during the fourth quarter. First Horizon Corp now owns 1,080 shares of the company’s stock valued at $38,000 after buying an additional 389 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Renasant by 42.8% during the third quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company’s stock valued at $42,000 after buying an additional 345 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in shares of Renasant by 241.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the company’s stock worth $43,000 after buying an additional 867 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Renasant in the fourth quarter worth about $60,000. Institutional investors own 77.31% of the company’s stock.

Insider Transactions at Renasant

In related news, Director Albert J. Dale III sold 1,650 shares of Renasant stock in a transaction dated 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 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the business’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $39.50, for a total transaction of $501,808.00. Following the sale, the insider directly owned 183,235 shares in the company, valued at $7,237,782.50. The trade was a 6.48% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 15,611 shares of company stock valued at $618,889 in the last three months. 2.07% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on RNST shares. Wall Street Zen upgraded Renasant from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. TD Cowen restated a “buy” rating on shares of Renasant in a research report on Thursday, April 30th. Hovde Group lifted their price target on Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 29th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Renasant in a research report on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $45.50.

Renasant Stock Up 2.6%

Shares of NYSE:RNST opened at $43.66 on Thursday. The firm has a market capitalization of $4.03 billion, a P/E ratio of 18.12 and a beta of 0.97. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.89 and a current ratio of 0.90. The stock has a 50 day moving average price of $40.94 and a 200-day moving average price of $38.79. Renasant Corp has a 52-week low of $33.04 and a 52-week high of $43.96.

Renasant (NYSE:RNST) last released its quarterly earnings results on Tuesday, April 28th. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.09. The company had revenue of $278.49 million for the quarter, compared to analyst estimates of $275.71 million. Renasant had a return on equity of 8.17% and a net margin of 14.47%.During the same period in the previous year, the company posted $0.65 earnings per share. As a group, equities research analysts anticipate that Renasant Corp will post 3.73 EPS for the current fiscal year.

Renasant Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were issued a dividend of $0.24 per share. This is a boost from Renasant’s previous quarterly dividend of $0.23. The ex-dividend date was Tuesday, June 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. Renasant’s dividend payout ratio (DPR) is presently 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.