Stieven Capital Advisors L.P. Buys Shares of 368,650 Renasant Co. (NASDAQ:RNST)

Stieven Capital Advisors L.P. acquired a new stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 368,650 shares of the financial services provider's stock, valued at approximately $11,981,000. Renasant makes up 2.3% of Stieven Capital Advisors L.P.'s investment portfolio, making the stock its 17th biggest position. Stieven Capital Advisors L.P. owned 0.57% of Renasant as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Edgestream Partners L.P. acquired a new stake in shares of Renasant during the 1st quarter worth about $4,124,000. Duncan Williams Asset Management LLC grew its stake in Renasant by 19.9% during the third quarter. Duncan Williams Asset Management LLC now owns 11,115 shares of the financial services provider's stock worth $361,000 after buying an additional 1,847 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings 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 buying an additional 303,945 shares in the last quarter. Magnolia Capital Advisors LLC bought a new position in shares of Renasant in the second quarter valued at approximately $675,000. Finally, Sei Investments Co. raised its stake in shares of Renasant by 8.3% in the second quarter. Sei Investments Co. now owns 112,249 shares of the financial services provider's stock valued at $3,428,000 after acquiring an additional 8,611 shares during the last quarter. 77.31% of the stock is currently owned by institutional investors.

Renasant Trading Up 0.4 %

Renasant stock traded up $0.16 during trading hours on Friday, reaching $36.91. 411,454 shares of the company's stock traded hands, compared to its average volume of 459,795. The firm has a market capitalization of $2.35 billion, a price-to-earnings ratio of 12.02 and a beta of 1.01. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. Renasant Co. has a fifty-two week low of $26.28 and a fifty-two week high of $38.77. The firm's 50 day moving average is $33.62 and its 200-day moving average is $32.37.

Renasant (NASDAQ:RNST - Get Free Report) last announced its quarterly earnings data 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. Renasant had a net margin of 16.83% and a return on equity of 6.70%. The business had revenue of $318.34 million for the quarter, compared to analyst estimates of $184.73 million. During the same period in the prior year, the business posted $0.75 earnings per share. On average, analysts predict that Renasant Co. will post 2.64 earnings per share for the current year.

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be paid a dividend of $0.22 per share. The ex-dividend date is Wednesday, December 18th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.38%. Renasant's dividend payout ratio (DPR) is presently 28.66%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on RNST shares. Keefe, Bruyette & Woods upgraded Renasant from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $36.00 to $40.00 in a research report on Friday, August 2nd. Stephens upgraded Renasant from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $34.00 to $41.00 in a research note on Wednesday, July 31st. Piper Sandler upgraded shares of Renasant from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $34.00 to $40.00 in a research report on Monday, August 5th. Hovde Group downgraded shares of Renasant from an "outperform" rating to a "market perform" rating in a research note on Wednesday. Finally, Raymond James raised shares of Renasant from a "market perform" rating to an "outperform" rating and set a $39.00 price target on the stock in a research note on Wednesday, July 31st. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $39.33.

Insider Activity at Renasant

In related news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction that occurred on 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 owns 24,057 shares of the company's stock, valued at $914,166. This trade represents a 11.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.82% of the stock is currently owned by corporate insiders.

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.