353,798 Shares in Renasant Corp $RNST Purchased by Empowered Funds LLC

Key Points

• Empowered Funds LLC purchased 353,798 Renasant shares worth approximately $15.1 million, giving it a 0.39% stake. Institutional investors collectively own 77.31% of the company.
• Renasant reported quarterly EPS of $0.94, exceeding analysts’ $0.91 estimate, while revenue reached $573.62 million. Analysts maintain a “Buy” consensus with an average price target of $47.67.
• The company declared a quarterly dividend of $0.24 per share, equivalent to $0.96 annually and a 2.3% yield; a director separately sold 35,000 shares for about $1.54 million.

Empowered Funds LLC bought a new position in shares of Renasant Corp (NYSE:RNST - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 353,798 shares of the company's stock, valued at approximately $15,051,000. Empowered Funds LLC owned about 0.39% of Renasant at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Royal Bank of Canada raised its position in shares of Renasant by 128.5% during the 1st quarter. Royal Bank of Canada now owns 52,238 shares of the company's stock valued at $1,772,000 after buying an additional 29,380 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Renasant by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,167 shares of the company's stock worth $1,261,000 after acquiring an additional 1,621 shares during the period. Jones Financial Companies Lllp acquired a new stake in Renasant during the first quarter worth $67,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Renasant by 13.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 189,105 shares of the company's stock worth $6,416,000 after acquiring an additional 23,072 shares during the last quarter. Finally, Jane Street Group LLC purchased a new stake in Renasant in the first quarter valued at $390,000. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Renasant Trading Down 0.1%

Shares of Renasant stock opened at $41.22 on Friday. The stock has a market cap of $3.77 billion, a price-to-earnings ratio of 12.34 and a beta of 0.98. Renasant Corp has a 12-month low of $33.04 and a 12-month high of $44.54. The company has a fifty day simple moving average of $42.87 and a 200-day simple moving average of $40.48. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.21.

Renasant (NYSE:RNST - Get Free Report) last released its earnings results on Tuesday, July 28th. The company reported $0.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $0.03. Renasant had a return on equity of 8.67% and a net margin of 19.94%.The business had revenue of $573.62 million for the quarter, compared to analyst estimates of $280.71 million. During the same quarter in the previous year, the company posted $0.01 earnings per share. On average, equities analysts forecast that Renasant Corp will post 3.79 EPS for the current fiscal year.

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Wednesday, September 16th. Renasant's dividend payout ratio (DPR) is currently 28.74%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on RNST shares. TD Cowen raised their price objective on Renasant from $48.00 to $49.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Piper Sandler lifted their price target on shares of Renasant from $46.00 to $48.00 and gave the company an "overweight" rating in a research report on Thursday, July 30th. Finally, Weiss Ratings raised shares of Renasant from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $47.67.

Insider Activity at Renasant

In related news, Director Edward Robinson Mcgraw sold 35,000 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $43.88, for a total transaction of $1,535,800.00. Following the sale, the director owned 211,458 shares in the company, valued at approximately $9,278,777.04. This trade represents a 14.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.07% of the stock is currently owned by company insiders.

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. 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.

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