Deutsche Bank AG Buys Shares of 98,199 Renasant Corp $RNST

Key Points

• Deutsche Bank acquired 98,199 shares of Renasant in the second quarter, worth approximately $4.18 million, while institutional investors collectively own 77.31% of the company.
• Renasant reported quarterly EPS of $0.94, beating estimates by $0.03, and announced a quarterly dividend of $0.24, or $0.96 annually, yielding about 2.3%.
• Analysts remain bullish, with all four covering analysts rating the stock a Buy and a consensus price target of $47.67, above its reported trading price of $40.99.

Deutsche Bank AG bought a new position in shares of Renasant Corp (NYSE:RNST - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 98,199 shares of the company's stock, valued at approximately $4,177,000. Deutsche Bank AG owned about 0.11% of Renasant at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of RNST. Royal Bank of Canada raised its position in shares of Renasant by 128.5% during the 1st quarter. Royal Bank of Canada now owns 52,238 shares of the company's stock worth $1,772,000 after purchasing an additional 29,380 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Renasant by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,167 shares of the company's stock worth $1,261,000 after acquiring an additional 1,621 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in shares of Renasant in the first quarter valued at $67,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Renasant by 13.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 189,105 shares of the company's stock valued at $6,416,000 after acquiring an additional 23,072 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of Renasant during the first quarter valued at $390,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Insiders Place Their Bets

In related news, Director Edward Robinson Mcgraw sold 35,000 shares of Renasant stock in a transaction 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 transaction, the director owned 211,458 shares in the company, valued at approximately $9,278,777.04. This trade represents a 14.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Connie L. Engel sold 1,257 shares of the business's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $40.90, for a total value of $51,411.30. Following the sale, the director directly owned 15,449 shares of the company's stock, valued at approximately $631,864.10. This trade represents a 7.52% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.07% of the stock is currently owned by company insiders.

Renasant Trading Down 1.0%

NYSE RNST opened at $40.99 on Wednesday. The company has a market cap of $3.75 billion, a P/E ratio of 12.27 and a beta of 0.98. Renasant Corp has a 12 month low of $33.04 and a 12 month high of $44.54. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.91 and a quick ratio of 0.90. The company has a 50-day moving average of $42.89 and a 200-day moving average of $40.48.

Renasant (NYSE:RNST - Get Free Report) last released its earnings results on Tuesday, July 28th. The company reported $0.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 net margin of 19.94% and a return on equity of 8.67%. During the same period in the previous year, the firm earned $0.01 earnings per share. As a group, equities analysts predict that Renasant Corp will post 3.79 earnings per share for the current year.

Renasant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Wednesday, September 16th. Renasant's dividend payout ratio (DPR) is 28.74%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Weiss Ratings raised shares of Renasant from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Piper Sandler upped their price objective on shares of Renasant from $46.00 to $48.00 and gave the company an "overweight" rating in a research note on Thursday, July 30th. TD Cowen lifted their target price on shares of Renasant from $48.00 to $49.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Finally, Hovde Group boosted their price target on Renasant from $44.00 to $46.00 and gave the company an "outperform" rating in a report on Wednesday, April 29th. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $47.67.

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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