Basswood Capital Management L.L.C. Takes $7.01 Million Position in Renasant Co. (NASDAQ:RNST)

Basswood Capital Management L.L.C. acquired a new position in shares of Renasant Co. (NASDAQ:RNST) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 215,620 shares of the financial services provider’s stock, valued at approximately $7,008,000. Basswood Capital Management L.L.C. owned 0.34% of Renasant at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Victory Capital Management Inc. boosted its position in Renasant by 1.7% during the 3rd quarter. Victory Capital Management Inc. now owns 3,955,366 shares of the financial services provider’s stock worth $128,549,000 after acquiring an additional 65,777 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Renasant by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,887,606 shares of the financial services provider’s stock worth $118,725,000 after purchasing an additional 22,821 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Renasant by 21.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock worth $56,775,000 after purchasing an additional 303,945 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Renasant by 21.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 734,744 shares of the financial services provider’s stock valued at $23,879,000 after purchasing an additional 131,821 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in Renasant by 61.9% in the third quarter. The Manufacturers Life Insurance Company now owns 652,292 shares of the financial services provider’s stock valued at $21,199,000 after purchasing an additional 249,331 shares in the last quarter. 77.31% of the stock is currently owned by institutional investors.

Renasant Stock Down 0.7 %

Renasant stock opened at $37.62 on Monday. Renasant Co. has a fifty-two week low of $26.28 and a fifty-two week high of $39.47. The firm has a market capitalization of $2.39 billion, a PE ratio of 12.25 and a beta of 1.01. The company’s 50-day moving average is $34.53 and its 200-day moving average is $32.88. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94.

Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Renasant had a return on equity of 6.70% and a net margin of 16.83%. The firm had revenue of $318.34 million for the quarter, compared to the consensus estimate of $184.73 million. During the same quarter in the previous year, the business earned $0.75 earnings per share. Sell-side analysts anticipate that Renasant Co. will post 2.65 earnings per share for the current year.

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend is Wednesday, December 18th. Renasant’s payout ratio is presently 28.66%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on RNST shares. Piper Sandler raised shares of Renasant from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $34.00 to $40.00 in a research report on Monday, August 5th. Hovde Group lowered Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Finally, Truist Financial decreased their price target on Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research note on Friday, September 20th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $39.33.

Insider Buying and Selling at Renasant

In related news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total transaction of $114,000.00. Following the completion of the sale, the director now directly owns 24,057 shares of the company’s stock, valued at approximately $914,166. This trade represents a 11.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.82% of the company’s stock.

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. The company operates through Community Banks, Insurance, and Wealth Management segments. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and factoring equipment leasing services, as well as safe deposit and night depository facilities.