Hardy Reed LLC Makes New Investment in Renasant Corp $RNST

by · The Cerbat Gem

Hardy Reed LLC purchased a new stake in Renasant Corp (NYSE:RNST – Free Report) during the second quarter, Holdings Channel.com reports. The institutional investor purchased 19,452 shares of the company’s stock, valued at approximately $827,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. First Horizon Corp raised its position in shares of Renasant by 56.3% during the fourth quarter. First Horizon Corp now owns 1,080 shares of the company’s stock worth $38,000 after acquiring an additional 389 shares during the last quarter. PNC Financial Services Group Inc. lifted 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 period. Caitong International Asset Management Co. Ltd boosted its holdings in Renasant by 241.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the company’s stock valued at $43,000 after acquiring an additional 867 shares during the last quarter. FNY Investment Advisers LLC boosted its holdings in Renasant by 151.9% in the second quarter. FNY Investment Advisers LLC now owns 1,063 shares of the company’s stock valued at $45,000 after acquiring an additional 641 shares during the last quarter. Finally, Versant Capital Management Inc increased its position in Renasant by 33.6% during the 2nd quarter. Versant Capital Management Inc now owns 1,276 shares of the company’s stock valued at $54,000 after purchasing an additional 321 shares during the period. Institutional investors and hedge funds own 77.31% of the company’s stock.

Insiders Place Their Bets

In other Renasant news, Director Connie L. Engel sold 1,257 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $40.90, for a total value of $51,411.30. Following the completion of the sale, the director directly owned 15,449 shares in the company, valued at approximately $631,864.10. This trade represents a 7.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Albert J. Dale III sold 1,650 shares of Renasant stock in a transaction on 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 sale, the director directly owned 40,075 shares of the company’s stock, valued at approximately $1,594,985. This trade represents a 3.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 37,907 shares of company stock worth $1,652,881. 2.07% of the stock is currently owned by company insiders.

Renasant Price Performance

Shares of RNST opened at $43.54 on Friday. The firm has a market cap of $3.98 billion, a PE ratio of 13.04 and a beta of 0.98. Renasant Corp has a 52-week low of $33.04 and a 52-week high of $44.54. The business’s 50 day moving average price is $42.90 and its two-hundred day moving average price is $40.29. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.90 and a current ratio of 0.91.

Renasant (NYSE:RNST – Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.91 by $0.03. The company had revenue of $573.62 million during the quarter, compared to the consensus estimate of $280.71 million. Renasant had a net margin of 19.94% and a return on equity of 8.67%. During the same quarter last year, the firm posted $0.01 EPS. On average, equities analysts anticipate that Renasant Corp will post 3.79 EPS for the current year.

Renasant Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.96 annualized dividend and a yield of 2.2%. Renasant’s dividend payout ratio is currently 28.74%.

Wall Street Analyst Weigh In

Several research firms have issued reports on RNST. Piper Sandler raised their price target on shares of Renasant from $46.00 to $48.00 and gave the stock an “overweight” rating in a report on Thursday, July 30th. Hovde Group upped their price objective on shares of Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, April 29th. Weiss Ratings upgraded shares of Renasant from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday. Finally, TD Cowen lifted their target price on shares of Renasant from $48.00 to $49.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Renasant currently has a consensus rating of “Buy” and a consensus target price of $47.67.

Check Out Our Latest Stock Report on Renasant

About Renasant

(Free Report)

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.

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