22,113 Shares in Renasant Co. (NASDAQ:RNST) Acquired by Magnolia Capital Advisors LLC

Magnolia Capital Advisors LLC bought a new position in shares of Renasant Co. (NASDAQ:RNST) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 22,113 shares of the financial services provider’s stock, valued at approximately $675,000.

A number of other institutional investors have also made changes to their positions in the business. Norges Bank bought a new stake in Renasant in the 4th quarter valued at $13,469,000. Millennium Management LLC lifted its position in shares of Renasant by 189.3% during the 2nd quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider’s stock valued at $12,820,000 after acquiring an additional 274,685 shares during the period. Westwood Holdings Group Inc. lifted its position in shares of Renasant by 13.0% during the 1st quarter. Westwood Holdings Group Inc. now owns 2,151,074 shares of the financial services provider’s stock valued at $67,372,000 after acquiring an additional 247,354 shares during the period. Edgestream Partners L.P. bought a new stake in shares of Renasant during the 1st quarter valued at $4,124,000. Finally, Hsbc Holdings PLC bought a new stake in shares of Renasant during the 4th quarter valued at $3,883,000. 77.31% of the stock is owned by institutional investors and hedge funds.

Renasant Price Performance

Shares of RNST opened at $32.50 on Tuesday. Renasant Co. has a 12-month low of $22.99 and a 12-month high of $37.40. The business has a 50-day simple moving average of $33.50 and a two-hundred day simple moving average of $31.33. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.18. The stock has a market cap of $1.83 billion, a PE ratio of 13.21 and a beta of 1.02.

Renasant (NASDAQ:RNST) last issued its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.03. Renasant had a return on equity of 6.98% and a net margin of 15.04%. The business had revenue of $163.79 million during the quarter, compared to analysts’ expectations of $166.05 million. During the same quarter in the prior year, the firm earned $0.83 EPS. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. Analysts anticipate that Renasant Co. will post 2.57 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were issued a $0.22 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.88 dividend on an annualized basis and a yield of 2.71%. Renasant’s payout ratio is presently 35.77%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on RNST shares. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $34.00 to $41.00 in a research report on Wednesday, July 31st. Truist Financial cut their target price on Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research report on Friday, September 20th. Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 target price for the company in a research report on Wednesday, July 31st. Keefe, Bruyette & Woods upgraded Renasant from a “market perform” rating to an “outperform” rating and upped their target price for the company from $36.00 to $40.00 in a research report on Friday, August 2nd. Finally, Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $34.00 to $40.00 in a research report on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $39.33.

Renasant Company 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. 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.