Magnolia Capital Advisors LLC Buys New Stake in Renasant Co. (NASDAQ:RNST)

Magnolia Capital Advisors LLC purchased a new stake in Renasant Co. (NASDAQ:RNST) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 22,043 shares of the financial services provider’s stock, valued at approximately $742,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Resolute Wealth Strategies LLC boosted its position in Renasant by 0.6% in the 3rd quarter. Resolute Wealth Strategies LLC now owns 75,058 shares of the financial services provider’s stock valued at $1,966,000 after buying an additional 435 shares during the period. Covestor Ltd boosted its position in Renasant by 26.6% in the 3rd quarter. Covestor Ltd now owns 2,204 shares of the financial services provider’s stock valued at $58,000 after buying an additional 463 shares during the period. Watershed Asset Management L.L.C. lifted its position in shares of Renasant by 8.2% during the 3rd quarter. Watershed Asset Management L.L.C. now owns 8,957 shares of the financial services provider’s stock worth $235,000 after purchasing an additional 680 shares during the last quarter. GAMMA Investing LLC acquired a new position in shares of Renasant during the fourth quarter worth $25,000. Finally, New York State Common Retirement Fund grew its stake in shares of Renasant by 0.3% during the fourth quarter. New York State Common Retirement Fund now owns 314,417 shares of the financial services provider’s stock worth $10,590,000 after purchasing an additional 829 shares in the last quarter. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Renasant Stock Performance

NASDAQ RNST traded up $0.15 during trading hours on Wednesday, hitting $30.66. The company had a trading volume of 545,052 shares, compared to its average volume of 241,083. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.90 and a current ratio of 0.91. Renasant Co. has a 1-year low of $22.99 and a 1-year high of $34.85. The company has a market cap of $1.72 billion, a PE ratio of 11.15 and a beta of 1.03. The business has a 50 day moving average of $30.37 and a 200-day moving average of $29.87.

Renasant (NASDAQ:RNST) last announced its earnings results on Tuesday, April 23rd. The financial services provider reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.02. Renasant had a net margin of 15.94% and a return on equity of 7.98%. The business had revenue of $254.56 million during the quarter, compared to analysts’ expectations of $159.60 million. During the same period in the prior year, the company earned $0.82 earnings per share. As a group, equities research analysts expect that Renasant Co. will post 2.63 EPS for the current year.

Renasant Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 annualized dividend and a yield of 2.87%. Renasant’s dividend payout ratio is currently 34.11%.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Truist Financial lowered their target price on shares of Renasant from $35.00 to $33.00 and set a “hold” rating for the company in a research note on Monday, April 1st. StockNews.com downgraded shares of Renasant from a “hold” rating to a “sell” rating in a research note on Friday, April 19th. Stephens boosted their target price on shares of Renasant from $36.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 30th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Renasant from $34.00 to $35.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 30th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $33.00.

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.