Insider Selling: Renasant (NASDAQ:RNST) CAO Sells 1,350 Shares of Stock

Renasant Co. (NASDAQ:RNST) CAO Kelly Hutcheson sold 1,350 shares of the business’s stock in a transaction 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 sale, the chief accounting officer directly owned 16,728 shares of the company’s stock, valued at $646,537.20. This represents a 7.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Renasant Trading Down 2.8%

RNST traded down $1.09 on Thursday, reaching $37.58. 336,555 shares of the company traded hands, compared to its average volume of 743,777. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The company has a market cap of $3.57 billion, a P/E ratio of 11.49 and a beta of 0.97. The firm has a fifty day simple moving average of $38.09 and a two-hundred day simple moving average of $36.99. Renasant Co. has a one year low of $26.97 and a one year high of $42.11.

Renasant (NASDAQ:RNST) last released its quarterly earnings data on Tuesday, January 27th. The financial services provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.11. Renasant had a return on equity of 6.58% and a net margin of 17.91%.The firm had revenue of $216.11 million during the quarter, compared to the consensus estimate of $275.40 million. During the same period in the previous year, the company posted $0.73 earnings per share. As a group, equities research analysts expect that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a $0.23 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $0.92 dividend on an annualized basis and a yield of 2.4%. Renasant’s dividend payout ratio (DPR) is 43.40%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. First Horizon Corp acquired a new position in shares of Renasant in the third quarter worth $25,000. EverSource Wealth Advisors LLC raised its stake in Renasant by 68.7% during the third quarter. EverSource Wealth Advisors LLC now owns 857 shares of the financial services provider’s stock valued at $32,000 after buying an additional 349 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in Renasant in the second quarter worth about $37,000. PNC Financial Services Group Inc. grew its position in Renasant by 42.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 345 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its holdings in shares of Renasant by 241.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 867 shares during the period. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Wall Street Analysts Forecast Growth

RNST has been the subject of several recent research reports. Hovde Group raised their target price on shares of Renasant from $41.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. TD Cowen reissued a “buy” rating on shares of Renasant in a research note on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to MarketBeat.com, Renasant presently has an average rating of “Buy” and an average price target of $43.00.

Renasant Company Profile

Renasant Corporation is a financial holding company providing banking and related services through its primary subsidiary, Renasant Bank. With origins dating back to 1904 in Tupelo, Mississippi, the company offers a comprehensive suite of commercial and consumer banking products, including deposit accounts, lending and treasury management services. Renasant serves individuals, small businesses and corporate clients across the southeastern United States.

The company operates more than 110 banking offices across Mississippi, Alabama, Tennessee, Florida and Georgia, supplemented by a network of ATMs and digital platforms.