Bank of America Corp DE Acquires New Stake in Renasant Corp $RNST

Key Points

• Bank of America acquired 697,619 shares of Renasant in the second quarter, worth approximately $29.7 million and representing about 0.76% of the company. Institutional investors collectively own 77.31% of RNST.
• Renasant reported quarterly EPS of $0.94, beating analyst expectations of $0.91, while revenue reached $573.62 million. Analysts maintain a consensus “Buy” rating 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 2.4% yield. Shares recently opened at $39.80, below the 50-day moving average of $42.18.

Bank of America Corp DE bought a new position in Renasant Corp (NYSE:RNST - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 697,619 shares of the company's stock, valued at approximately $29,677,000. Bank of America Corp DE owned about 0.76% of Renasant as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Caitong International Asset Management Co. Ltd boosted its stake in shares of Renasant by 241.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the company's stock worth $43,000 after acquiring an additional 867 shares during the last quarter. FNY Investment Advisers LLC increased its stake 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 purchasing an additional 641 shares in the last quarter. Versant Capital Management Inc increased its stake 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 worth $54,000 after purchasing an additional 321 shares in the last quarter. Assetmark Inc. purchased a new stake in shares of Renasant in the 1st quarter worth $89,000. Finally, State of Wyoming raised its holdings in Renasant by 96.9% in the 1st quarter. State of Wyoming now owns 3,608 shares of the company's stock worth $130,000 after purchasing an additional 1,776 shares during the period. 77.31% of the stock is owned by hedge funds and other institutional investors.

Renasant Price Performance

Shares of Renasant stock opened at $39.80 on Wednesday. The stock's 50-day simple moving average is $42.18 and its 200-day simple moving average is $40.59. Renasant Corp has a 52 week low of $33.04 and a 52 week high of $44.54. The company has a market capitalization of $3.64 billion, a price-to-earnings ratio of 11.91 and a beta of 0.97. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.21.

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

Renasant Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Wednesday, September 16th. Renasant's dividend payout ratio (DPR) is presently 28.74%.

Analyst Upgrades and Downgrades

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

Insider Transactions at Renasant

In other Renasant news, Director Edward Mcgraw sold 35,000 shares of Renasant stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $43.88, for a total value of $1,535,800.00. Following the sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.07% of the company's stock.

About Renasant

Renasant Corporation NYSE: RNST is a financial services company and the parent organization of Renasant Bank. Headquartered in Tupelo, Mississippi, the company traces its roots to 1904 and operates as a regional banking institution serving individuals, businesses and communities.

Renasant Bank provides a broad range of financial products and services, including checking and savings accounts, consumer and commercial lending, real estate financing, treasury management and other business banking solutions.

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