Maverick Capital Ltd. Acquires Shares of 27,863 Renasant Corp $RNST

Maverick Capital Ltd. bought a new stake in Renasant Corp (NYSE:RNST - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 27,863 shares of the company's stock, valued at approximately $1,007,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. First Horizon Corp lifted its stake in shares of Renasant by 56.3% during the fourth quarter. First Horizon Corp now owns 1,080 shares of the company's stock valued at $38,000 after acquiring an additional 389 shares during the period. PNC Financial Services Group Inc. raised its holdings in Renasant by 42.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company's stock worth $42,000 after purchasing an additional 345 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its holdings 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 worth $43,000 after purchasing an additional 867 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Renasant during the 4th quarter valued at about $60,000. Finally, State of Wyoming boosted its stake in shares of Renasant by 31.8% in the 4th quarter. State of Wyoming now owns 1,832 shares of the company's stock valued at $65,000 after purchasing an additional 442 shares during the last quarter. Institutional investors own 77.31% of the company's stock.

Analyst Upgrades and Downgrades

RNST has been the subject of several analyst reports. Weiss Ratings reiterated a "buy (b-)" rating on shares of Renasant in a research report on Friday, June 5th. TD Cowen restated a "buy" rating on shares of Renasant in a report on Thursday, April 30th. Finally, Hovde Group raised their price objective on shares of Renasant from $44.00 to $46.00 and gave the company an "outperform" rating in a research note on Wednesday, April 29th. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Renasant has a consensus rating of "Buy" and a consensus price target of $45.50.

Insider Buying and Selling at Renasant

In other news, Director Albert J. Dale III sold 1,650 shares of Renasant stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $39.80, for a total transaction of $65,670.00. Following the transaction, the director directly owned 40,075 shares of the company's stock, valued at $1,594,985. This trade represents a 3.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Connie L. Engel sold 1,257 shares of Renasant 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 transaction, the director directly owned 15,449 shares in the company, valued at approximately $631,864.10. This represents a 7.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 15,611 shares of company stock valued at $618,889. Corporate insiders own 2.07% of the company's stock.

Renasant Trading Up 1.5%

NYSE:RNST opened at $43.97 on Wednesday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13. Renasant Corp has a 1-year low of $33.04 and a 1-year high of $44.50. The firm has a market capitalization of $4.06 billion, a price-to-earnings ratio of 18.25 and a beta of 0.96. The business's 50-day moving average price is $42.17 and its two-hundred day moving average price is $39.69.

Renasant (NYSE:RNST - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $0.94 EPS for the quarter, beating analysts' consensus estimates of $0.91 by $0.03. Renasant had a return on equity of 8.17% and a net margin of 14.47%.The company had revenue of $273.94 million during the quarter, compared to analysts' expectations of $280.71 million. During the same period in the prior year, the business posted $0.01 EPS. On average, equities analysts expect that Renasant Corp will post 3.73 earnings per share for the current year.

About Renasant

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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