Dimensional Fund Advisors LP Raises Holdings in Renasant Corp $RNST

Dimensional Fund Advisors LP boosted its position in shares of Renasant Corp (NYSE:RNST) by 1.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,328,672 shares of the company’s stock after buying an additional 61,674 shares during the period. Dimensional Fund Advisors LP owned approximately 5.66% of Renasant worth $192,521,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. First Horizon Corp boosted its position in shares of Renasant by 56.3% during the 4th quarter. First Horizon Corp now owns 1,080 shares of the company’s stock valued at $38,000 after acquiring an additional 389 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Renasant by 42.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company’s stock valued at $42,000 after buying an additional 345 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in Renasant by 241.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the company’s stock worth $43,000 after acquiring an additional 867 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in Renasant during the fourth quarter valued at approximately $60,000. Finally, State of Wyoming lifted its stake in shares of Renasant by 31.8% in the 4th quarter. State of Wyoming now owns 1,832 shares of the company’s stock valued at $65,000 after purchasing an additional 442 shares during the last quarter. Institutional investors own 77.31% of the company’s stock.

Insider Activity

In related news, Director Albert J. Dale III sold 1,650 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $39.80, for a total value of $65,670.00. Following the completion of the transaction, the director owned 40,075 shares of the company’s stock, valued at $1,594,985. The trade was a 3.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Connie L. Engel sold 1,257 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $40.90, for a total value of $51,411.30. Following the sale, the director directly owned 15,449 shares in the company, valued at approximately $631,864.10. The trade was a 7.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 15,611 shares of company stock worth $618,889. Corporate insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Weiss Ratings restated a “buy (b-)” rating on shares of Renasant in a report on Friday, June 5th. TD Cowen restated a “buy” rating on shares of Renasant in a research report on Thursday, April 30th. Finally, Hovde Group increased their price target on Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. Three research analysts have rated the stock with a Buy rating, According to MarketBeat, Renasant has an average rating of “Buy” and an average target price of $45.50.

Renasant Stock Performance

Shares of NYSE:RNST opened at $43.44 on Friday. The firm’s 50 day simple moving average is $42.02 and its 200-day simple moving average is $39.56. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.89 and a current ratio of 0.90. Renasant Corp has a one year low of $33.04 and a one year high of $44.50. The firm has a market cap of $4.01 billion, a PE ratio of 18.02 and a beta of 0.96.

Renasant (NYSE:RNST) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.09. The firm had revenue of $278.49 million during the quarter, compared to analyst estimates 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. As a group, equities analysts predict that Renasant Corp will post 3.73 EPS for the current year.

Renasant Increases Dividend

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

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. 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.