Magnolia Capital Advisors LLC Makes New $742,000 Investment in Renasant Co. (NASDAQ:RNST)

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

A number of other institutional investors and hedge funds have also modified their holdings of RNST. GAMMA Investing LLC purchased a new position in shares of Renasant in the 4th quarter worth $25,000. Covestor Ltd boosted its stake in shares of Renasant by 26.6% in the 3rd quarter. Covestor Ltd now owns 2,204 shares of the financial services provider’s stock worth $58,000 after buying an additional 463 shares during the last quarter. Criterion Capital Advisors LLC purchased a new position in shares of Renasant in the 4th quarter worth $113,000. Brookstone Capital Management purchased a new position in shares of Renasant in the 4th quarter worth $211,000. Finally, Watershed Asset Management L.L.C. lifted its position in Renasant by 8.2% during the third quarter. Watershed Asset Management L.L.C. now owns 8,957 shares of the financial services provider’s stock valued at $235,000 after purchasing an additional 680 shares in the last quarter. Institutional investors own 77.31% of the company’s stock.

Renasant Price Performance

NASDAQ:RNST traded up $0.15 on Wednesday, reaching $30.66. 545,052 shares of the company’s stock traded hands, compared to its average volume of 241,083. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.19. The stock has a 50-day simple moving average of $30.37 and a 200-day simple moving average of $29.87. The firm has a market cap of $1.72 billion, a PE ratio of 11.15 and a beta of 1.03. Renasant Co. has a 12 month low of $22.99 and a 12 month high of $34.85.

Renasant (NASDAQ:RNST) last posted its quarterly 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 return on equity of 7.98% and a net margin of 15.94%. The business had revenue of $254.56 million for the quarter, compared to analysts’ expectations of $159.60 million. During the same period last year, the firm earned $0.82 earnings per share. Equities research analysts forecast that Renasant Co. will post 2.63 earnings per share for the current year.

Renasant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.22 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 2.87%. Renasant’s dividend payout ratio (DPR) is 34.11%.

Analyst Ratings Changes

Several equities analysts recently weighed in on RNST shares. Keefe, Bruyette & Woods lifted their target price on Renasant from $34.00 to $35.00 and gave the company a “market perform” rating in a research report on Tuesday, January 30th. Truist Financial lowered their target price on Renasant from $35.00 to $33.00 and set a “hold” rating on the stock in a research report on Monday, April 1st. StockNews.com downgraded Renasant from a “hold” rating to a “sell” rating in a research report on Friday, April 19th. Finally, Stephens lifted their target price on Renasant from $36.00 to $37.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 30th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company. According to MarketBeat.com, Renasant presently has an average rating of “Hold” and a consensus price target of $33.00.

Renasant 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.