Basswood Capital Management L.L.C. Invests $7.01 Million in Renasant Co. (NASDAQ:RNST)

Basswood Capital Management L.L.C. purchased a new stake in Renasant Co. (NASDAQ:RNST) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 215,620 shares of the financial services provider’s stock, valued at approximately $7,008,000.

Several other institutional investors have also made changes to their positions in RNST. Quantbot Technologies LP bought a new stake in shares of Renasant during the 3rd quarter valued at $2,534,000. Duncan Williams Asset Management LLC raised its stake in Renasant by 19.9% in the third quarter. Duncan Williams Asset Management LLC now owns 11,115 shares of the financial services provider’s stock valued at $361,000 after purchasing an additional 1,847 shares in the last quarter. Amalgamated Bank lifted its position in Renasant by 7.2% during the third quarter. Amalgamated Bank now owns 18,414 shares of the financial services provider’s stock worth $598,000 after purchasing an additional 1,240 shares during the period. Victory Capital Management Inc. grew its stake in Renasant by 1.7% during the third quarter. Victory Capital Management Inc. now owns 3,955,366 shares of the financial services provider’s stock worth $128,549,000 after buying an additional 65,777 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in Renasant by 21.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock valued at $56,775,000 after buying an additional 303,945 shares during the period. 77.31% of the stock is currently owned by institutional investors.

Renasant Stock Performance

NASDAQ RNST opened at $37.62 on Monday. Renasant Co. has a fifty-two week low of $26.28 and a fifty-two week high of $39.47. The stock has a market cap of $2.39 billion, a PE ratio of 12.25 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. The firm’s fifty day moving average price is $34.53 and its two-hundred day moving average price is $32.88.

Renasant (NASDAQ:RNST) last issued its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. The business had revenue of $318.34 million for the quarter, compared to analyst estimates of $184.73 million. Renasant had a return on equity of 6.70% and a net margin of 16.83%. During the same quarter in the previous year, the company posted $0.75 EPS. On average, equities analysts expect that Renasant Co. will post 2.65 EPS for the current fiscal year.

Renasant Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be issued a $0.22 dividend. The ex-dividend date is Wednesday, December 18th. This represents a $0.88 dividend on an annualized basis and a yield of 2.34%. Renasant’s dividend payout ratio (DPR) is presently 28.66%.

Insider Buying and Selling

In other Renasant news, Director John Creekmore sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the completion of the transaction, the director now directly owns 24,057 shares in the company, valued at approximately $914,166. This represents a 11.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.82% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on RNST shares. Truist Financial reduced their price target on shares of Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research report on Friday, September 20th. Hovde Group downgraded Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Finally, Piper Sandler raised Renasant from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $34.00 to $40.00 in a report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Renasant has an average rating of “Moderate Buy” and an average target price of $39.33.

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.