Corient Private Wealth LP Takes Position in Renasant Corp $RNST

Key Points

• Corient Private Wealth acquired 24,831 shares of Renasant, worth approximately $1.06 million, while institutional investors collectively own 77.31% of the stock.
• Analysts remain positive on RNST: Piper Sandler and TD Cowen raised their price targets, and the stock carries a consensus “Buy” rating with a $47.67 average target.
• Renasant exceeded quarterly earnings expectations with $0.94 in EPS versus $0.91 forecast and declared a $0.24 quarterly dividend, representing a 2.3% annualized yield.

Corient Private Wealth LP acquired a new position in Renasant Corp (NYSE:RNST - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm acquired 24,831 shares of the company's stock, valued at approximately $1,056,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. BlackRock Inc. bought a new stake in Renasant in the second quarter worth $566,683,000. Dimensional Fund Advisors LP raised its holdings in Renasant by 1.2% during the first quarter. Dimensional Fund Advisors LP now owns 5,328,672 shares of the company's stock valued at $192,521,000 after acquiring an additional 61,674 shares during the period. State Street Corp lifted its holdings in shares of Renasant by 14.1% in the second quarter. State Street Corp now owns 4,812,696 shares of the company's stock worth $172,920,000 after buying an additional 595,609 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Renasant by 4.3% in the fourth quarter. Wellington Management Group LLP now owns 3,089,186 shares of the company's stock valued at $108,801,000 after purchasing an additional 126,405 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Renasant by 0.6% in the 3rd quarter. Invesco Ltd. now owns 2,229,966 shares of the company's stock valued at $82,263,000 after purchasing an additional 14,301 shares during the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Renasant Stock Performance

NYSE RNST opened at $41.38 on Friday. The stock has a fifty day simple moving average of $42.65 and a 200-day simple moving average of $40.48. Renasant Corp has a twelve month low of $33.04 and a twelve month high of $44.54. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.21. The stock has a market cap of $3.78 billion, a PE ratio of 12.39 and a beta of 0.97.

Renasant (NYSE:RNST - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $0.94 earnings per share for the quarter, topping 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 prior year, the company earned $0.01 earnings per share. Equities analysts anticipate that Renasant Corp will post 3.79 earnings per share for the current year.

Renasant Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given 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 2.3%. Renasant's dividend payout ratio (DPR) is currently 28.74%.

Insider Buying and Selling

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 value of $1,535,800.00. Following the completion of the transaction, the director 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 filing with the SEC, which is available at the SEC website. Company insiders own 2.07% of the company's stock.

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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