BlackRock Inc. bought a new stake in Renasant Corp (NYSE:RNST - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 13,321,187 shares of the company's stock, valued at approximately $566,683,000. BlackRock Inc. owned about 14.44% of Renasant as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. FNY Investment Advisers LLC raised its holdings in shares of Renasant by 151.9% during the 2nd quarter. FNY Investment Advisers LLC now owns 1,063 shares of the company's stock valued at $45,000 after purchasing an additional 641 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Renasant by 42.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company's stock valued at $42,000 after purchasing an additional 345 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in Renasant by 241.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the company's stock worth $43,000 after purchasing an additional 867 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Renasant by 33.6% in the second 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. Finally, Los Angeles Capital Management LLC acquired a new position in Renasant during the fourth quarter worth $60,000. 77.31% of the stock is owned by institutional investors.
Renasant Trading Down 0.1%
Renasant stock opened at $41.44 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.90 and a current ratio of 0.91. The business's 50-day simple moving average is $42.91 and its 200-day simple moving average is $40.48. The firm has a market capitalization of $3.79 billion, a PE ratio of 12.41 and a beta of 0.98. Renasant Corp has a 52 week low of $33.04 and a 52 week high of $44.54.
Renasant (NYSE:RNST - Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.03. The firm had revenue of $573.62 million during the quarter, compared to the consensus estimate of $280.71 million. Renasant had a return on equity of 8.67% and a net margin of 19.94%.During the same quarter in the prior year, the company earned $0.01 EPS. Equities research analysts forecast that Renasant Corp will post 3.79 earnings per share for the current year.
Renasant Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a dividend of $0.24 per share. The ex-dividend date is Wednesday, September 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.3%. Renasant's payout ratio is 28.74%.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on RNST. Hovde Group boosted their price target on Renasant from $44.00 to $46.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 29th. Piper Sandler increased their price objective on Renasant from $46.00 to $48.00 and gave the company an "overweight" rating in a report on Thursday, July 30th. Weiss Ratings upgraded Renasant from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, August 11th. Finally, TD Cowen upped their target price on Renasant from $48.00 to $49.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $47.67.
Check Out Our Latest Stock Report on RNST
Insider Buying and Selling
In other news, Director Edward Robinson Mcgraw sold 35,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the director directly owned 211,458 shares of the company's stock, valued at approximately $9,278,777.04. This represents a 14.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Connie L. Engel sold 1,257 shares of the firm's stock in a transaction on Friday, May 29th. The stock was sold at an average price of $40.90, for a total transaction of $51,411.30. Following the completion of the sale, the director owned 15,449 shares in the company, valued at approximately $631,864.10. The trade was a 7.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.07% of the stock is owned by insiders.
Renasant Company Profile
(
Free Report)
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 estate1-4 family mortgage; real estatecommercial mortgage; real estateconstruction 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.
Further Reading
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