Fifth Third Bancorp Boosts Stock Position in Renasant Corp $RNST

Fifth Third Bancorp grew its holdings in shares of Renasant Corp (NYSE:RNST) by 37,622.4% in the 1st quarter, HoldingsChannel.com reports. The firm owned 75,822 shares of the company’s stock after purchasing an additional 75,621 shares during the quarter. Fifth Third Bancorp’s holdings in Renasant were worth $2,739,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Hsbc Holdings PLC purchased a new stake in Renasant during the 1st quarter valued at about $1,822,000. Keybank National Association OH raised its position in Renasant by 7.8% during the 1st quarter. Keybank National Association OH now owns 27,987 shares of the company’s stock worth $1,011,000 after buying an additional 2,035 shares during the last quarter. Deprince Race & Zollo Inc. raised its holdings in shares of Renasant by 76.8% during the first quarter. Deprince Race & Zollo Inc. now owns 976,243 shares of the company’s stock worth $35,272,000 after purchasing an additional 423,963 shares during the last quarter. Pictet Asset Management Holding SA raised its holdings in shares of Renasant by 10.5% during the first quarter. Pictet Asset Management Holding SA now owns 14,837 shares of the company’s stock worth $536,000 after purchasing an additional 1,414 shares during the last quarter. Finally, Louisiana State Employees Retirement System acquired a new position in Renasant during the first quarter valued at $1,517,000. 77.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Hovde Group boosted their price target on Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. TD Cowen reiterated a “buy” rating on shares of Renasant in a research note on Thursday, April 30th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Renasant in a research report on Friday, June 5th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $45.50.

Renasant Stock Performance

NYSE:RNST opened at $43.25 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.90 and a quick ratio of 0.89. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of 17.95 and a beta of 0.96. The company’s 50-day moving average is $41.70 and its two-hundred day moving average is $39.36. Renasant Corp has a 1-year low of $33.04 and a 1-year high of $44.50.

Renasant (NYSE:RNST) last posted its earnings results on Tuesday, April 28th. The company reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.09. The company had revenue of $278.49 million for the quarter, compared to the consensus estimate of $275.71 million. Renasant had a return on equity of 8.17% and a net margin of 14.47%.During the same quarter in the previous year, the business earned $0.65 earnings per share. Analysts forecast that Renasant Corp will post 3.73 EPS for the current year.

Renasant Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a dividend of $0.24 per share. This is an increase from Renasant’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, June 16th. Renasant’s dividend payout ratio is currently 39.83%.

Insider Activity

In other Renasant news, Director Albert J. Dale III sold 1,650 shares of the company’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $39.80, for a total transaction of $65,670.00. Following the sale, the director owned 40,075 shares in the company, valued at $1,594,985. This represents a 3.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Connie L. Engel sold 1,257 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $40.90, for a total transaction 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 position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 15,611 shares of company stock worth $618,889. Corporate insiders own 2.07% 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. 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.