Stieven Capital Advisors L.P. Makes New $11.98 Million Investment in Renasant Co. (NASDAQ:RNST)

Stieven Capital Advisors L.P. purchased a new position in Renasant Co. (NASDAQ:RNST) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 368,650 shares of the financial services provider’s stock, valued at approximately $11,981,000. Renasant accounts for 2.3% of Stieven Capital Advisors L.P.’s investment portfolio, making the stock its 17th biggest position. Stieven Capital Advisors L.P. owned approximately 0.57% of Renasant as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its position in shares of 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 acquiring an additional 303,945 shares during the last quarter. Millennium Management LLC raised its stake in Renasant by 189.3% during the second quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider’s stock valued at $12,820,000 after purchasing an additional 274,685 shares in the last quarter. Westwood Holdings Group Inc. raised its stake in Renasant by 13.0% during the first quarter. Westwood Holdings Group Inc. now owns 2,151,074 shares of the financial services provider’s stock valued at $67,372,000 after purchasing an additional 247,354 shares in the last quarter. Edgestream Partners L.P. purchased a new stake in Renasant during the first quarter valued at $4,124,000. Finally, Curi RMB Capital LLC raised its stake in Renasant by 233.5% during the third quarter. Curi RMB Capital LLC now owns 107,115 shares of the financial services provider’s stock valued at $3,481,000 after purchasing an additional 75,000 shares in the last quarter. 77.31% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Renasant news, Director John Creekmore sold 3,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total transaction of $114,000.00. Following the transaction, the director now directly owns 24,057 shares in the company, valued at $914,166. This represents a 11.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.82% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RNST. Piper Sandler raised shares of Renasant from a “neutral” rating to an “overweight” rating and increased their target price for the company from $34.00 to $40.00 in a research note on Monday, August 5th. Truist Financial reduced their target price on shares of Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research note on Friday, September 20th. Stephens raised shares of Renasant from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $34.00 to $41.00 in a research note on Wednesday, July 31st. Keefe, Bruyette & Woods raised shares of Renasant from a “market perform” rating to an “outperform” rating and increased their target price for the company from $36.00 to $40.00 in a research note on Friday, August 2nd. Finally, Raymond James raised shares of Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 target price on the stock in a research note on Wednesday, July 31st. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.33.

Renasant Trading Up 0.4 %

RNST stock opened at $36.91 on Friday. The company has a market capitalization of $2.35 billion, a PE ratio of 12.02 and a beta of 1.01. Renasant Co. has a 12 month low of $26.28 and a 12 month high of $38.77. The firm’s 50-day moving average is $33.62 and its 200 day moving average is $32.37. 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 posted its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.63 by $0.07. Renasant had a net margin of 16.83% and a return on equity of 6.70%. The company had revenue of $318.34 million for the quarter, compared to the consensus estimate of $184.73 million. During the same quarter last year, the firm posted $0.75 EPS. On average, research analysts anticipate that Renasant Co. will post 2.64 EPS for the current year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend is Wednesday, December 18th. Renasant’s payout ratio is 28.66%.

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.