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

Stieven Capital Advisors L.P. bought a new stake in shares of Renasant Co. (NASDAQ:RNST) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 368,650 shares of the financial services provider’s stock, valued at approximately $11,981,000. Renasant makes up about 2.3% of Stieven Capital Advisors L.P.’s investment portfolio, making the stock its 17th biggest position.

Several other institutional investors have also recently made changes to their positions in the company. Thrivent Financial for Lutherans increased its holdings in shares of Renasant by 6.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 49,910 shares of the financial services provider’s stock valued at $1,622,000 after purchasing an additional 3,142 shares in the last quarter. Mutual of America Capital Management LLC grew its stake in Renasant by 3.2% in the 3rd quarter. Mutual of America Capital Management LLC now owns 9,560 shares of the financial services provider’s stock valued at $311,000 after acquiring an additional 300 shares during the period. Empowered Funds LLC grew its stake in Renasant by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 191,077 shares of the financial services provider’s stock valued at $6,210,000 after acquiring an additional 9,648 shares during the period. Curi RMB Capital LLC grew its stake in Renasant by 233.5% in the 3rd quarter. Curi RMB Capital LLC now owns 107,115 shares of the financial services provider’s stock valued at $3,481,000 after acquiring an additional 75,000 shares during the period. Finally, KBC Group NV grew its stake in Renasant by 32.0% in the 3rd quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock valued at $80,000 after acquiring an additional 596 shares during the period. 77.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Hovde Group cut shares of Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Piper Sandler raised shares of Renasant from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $34.00 to $40.00 in a research note on Monday, August 5th. Stephens raised shares of Renasant from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $34.00 to $41.00 in a research note on Wednesday, July 31st. Truist Financial lowered 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. 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 stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $39.33.

Insider Activity

In related news, Director John Creekmore sold 3,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the sale, the director now directly owns 24,057 shares in the company, valued at approximately $914,166. The trade was a 11.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.82% of the company’s stock.

Renasant Trading Up 0.4 %

Shares of RNST opened at $36.91 on Friday. The firm’s fifty day moving average is $33.62 and its two-hundred day moving average is $32.37. 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 stock has a market cap of $2.35 billion, a PE ratio of 12.02 and a beta of 1.01. Renasant Co. has a 52-week low of $26.28 and a 52-week high of $38.77.

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, beating the consensus estimate of $0.63 by $0.07. The firm had revenue of $318.34 million for the quarter, compared to analysts’ expectations of $184.73 million. Renasant had a net margin of 16.83% and a return on equity of 6.70%. During the same quarter in the previous year, the company posted $0.75 EPS. Research analysts forecast that Renasant Co. will post 2.64 earnings per share for the current fiscal year.

Renasant Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Wednesday, December 18th. This represents a $0.88 annualized dividend and a dividend yield of 2.38%. 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.