810,683 Shares in Renasant Corp $RNST Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon bought 810,683 Renasant shares worth approximately $34.5 million, giving it a 0.88% stake. Institutional investors collectively own 77.31% of RNST.
• Analysts maintain a positive outlook, with a consensus “Buy” rating and an average price target of $47.67. Piper Sandler and TD Cowen recently raised their targets to $48 and $49, respectively.
• Renasant exceeded quarterly earnings expectations, reporting $0.94 in EPS versus $0.91 forecast, and declared a quarterly dividend of $0.24 per share, equivalent to a 2.3% annual yield.

Bank of New York Mellon Corp purchased a new stake in Renasant Corp (NYSE:RNST - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 810,683 shares of the company's stock, valued at approximately $34,486,000. Bank of New York Mellon Corp owned about 0.88% of Renasant as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of RNST. State of Wyoming bought a new stake in Renasant in the second quarter valued at about $340,000. Hardy Reed LLC bought a new position in Renasant during the 2nd quarter worth approximately $827,000. Shulman DeMeo Asset Management LLC acquired a new position in shares of Renasant in the 2nd quarter worth approximately $215,000. FNY Investment Advisers LLC grew its position in shares of Renasant by 151.9% in the 2nd quarter. FNY Investment Advisers LLC now owns 1,063 shares of the company's stock worth $45,000 after acquiring an additional 641 shares in the last quarter. Finally, Versant Capital Management Inc increased its holdings in shares of Renasant by 33.6% in the 2nd quarter. Versant Capital Management Inc now owns 1,276 shares of the company's stock valued at $54,000 after acquiring an additional 321 shares during the last quarter. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Renasant

In other news, Director Edward Robinson Mcgraw sold 35,000 shares of Renasant stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $43.88, for a total value of $1,535,800.00. Following the transaction, the director directly owned 211,458 shares in the company, valued at approximately $9,278,777.04. The trade was a 14.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.07% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

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

Renasant Price Performance

NYSE RNST opened at $41.22 on Friday. Renasant Corp has a fifty-two week low of $33.04 and a fifty-two week high of $44.54. The stock's 50-day moving average is $42.87 and its two-hundred day moving average is $40.48. The firm has a market cap of $3.77 billion, a P/E ratio of 12.34 and a beta of 0.98. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.91 and a quick ratio of 0.90.

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

Renasant Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued 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 is 28.74%.

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. 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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