Corient Private Wealth LP Makes New $1.06 Million Investment in Renasant Corp $RNST

Key Points

• Corient Private Wealth LP initiated a $1.06 million position in Renasant, purchasing 24,818 shares during the second quarter. Institutional investors collectively own 77.31% of RNST.
• Renasant reported quarterly EPS of $0.94, exceeding analyst expectations of $0.91, on revenue of $573.62 million. Analysts project full-year EPS of $3.78.
• The company declared a quarterly dividend of $0.24, or $0.96 annualized, representing a 2.4% yield; analysts maintain a consensus “Buy” rating with a $47.67 target price.

Corient Private Wealth LP bought a new position in Renasant Corp (NYSE:RNST - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 24,818 shares of the company's stock, valued at approximately $1,056,000.

Several other institutional investors also recently modified their holdings of RNST. FNY Investment Advisers LLC lifted its holdings in shares of Renasant by 151.9% during the second 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 during the last quarter. Nykredit A S purchased a new stake in shares of Renasant in the 2nd quarter worth approximately $47,000. Caitong International Asset Management Co. Ltd increased its position in Renasant by 241.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the company's stock valued at $43,000 after buying an additional 867 shares in the last quarter. Versant Capital Management Inc increased its position in Renasant by 33.6% during the 2nd quarter. Versant Capital Management Inc now owns 1,276 shares of the company's stock valued at $54,000 after buying an additional 321 shares in the last quarter. Finally, Assetmark Inc. purchased a new position in Renasant during the first quarter valued at $89,000. 77.31% of the stock is currently owned by institutional investors.

Renasant Stock Up 0.8%

RNST stock opened at $40.37 on Friday. The stock has a market capitalization of $3.69 billion, a P/E ratio of 12.09 and a beta of 0.97. 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 Corp has a 1-year low of $33.04 and a 1-year high of $44.54. The business has a fifty day moving average price of $41.96 and a 200-day moving average price of $40.62.

Renasant (NYSE:RNST - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported $0.94 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $280.71 million. During the same period last year, the company earned $0.01 EPS. Equities analysts forecast that Renasant Corp will post 3.78 earnings per share for the current fiscal year.

Renasant Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a $0.24 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.4%. Renasant's payout ratio is currently 28.74%.

Insider Buying and Selling at Renasant

In other news, Director Edward Mcgraw sold 35,000 shares of the business'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 completion of the transaction, the director directly owned 211,458 shares of the company's stock, valued at $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 Securities & Exchange Commission, which is available at the SEC website. 2.07% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on RNST. Piper Sandler boosted their target price on Renasant from $46.00 to $48.00 and gave the stock 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 lifted their price target 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, Renasant presently has an average rating of "Buy" and a consensus target price of $47.67.

Renasant Profile

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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