Renasant Corp $RNST Shares Acquired by Bank of America Corp DE

Key Points

• Bank of America increased its Renasant stake by 13.6% in the first quarter, acquiring 101,527 shares to own 847,691 shares valued at approximately $30.6 million. Institutional investors collectively own 77.31% of RNST.
• Renasant reported quarterly earnings of $0.94 per share, exceeding the $0.91 consensus estimate, while revenue reached $573.62 million. Analysts maintain a consensus “Buy” rating with a $47.67 price target.
• Renasant declared a quarterly dividend of $0.24 per share, equivalent to $0.96 annually and a 2.2% yield. The stock recently traded at $43.54, near its 52-week high of $44.54.

Bank of America Corp DE increased its stake in Renasant Corp (NYSE:RNST - Free Report) by 13.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 847,691 shares of the company's stock after buying an additional 101,527 shares during the period. Bank of America Corp DE owned about 0.92% of Renasant worth $30,627,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. UBS Group AG lifted its holdings in Renasant by 27.0% during the 4th quarter. UBS Group AG now owns 367,464 shares of the company's stock worth $12,942,000 after buying an additional 78,037 shares during the last quarter. Hsbc Holdings PLC bought a new stake in shares of Renasant in the 1st quarter valued at approximately $1,822,000. William Blair Investment Management LLC increased its holdings in shares of Renasant by 10.0% in the 4th quarter. William Blair Investment Management LLC now owns 948,159 shares of the company's stock valued at $33,394,000 after acquiring an additional 85,961 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Renasant by 178.5% during the 1st quarter. Principal Financial Group Inc. now owns 1,261,160 shares of the company's stock valued at $45,566,000 after acquiring an additional 808,316 shares in the last quarter. Finally, Algebris UK Ltd. raised its position in shares of Renasant by 40.6% during the 4th quarter. Algebris UK Ltd. now owns 215,315 shares of the company's stock valued at $7,587,000 after acquiring an additional 62,183 shares in the last quarter. 77.31% of the stock is owned by institutional investors and hedge funds.

Renasant Trading Down 0.6%

Renasant stock opened at $43.54 on Friday. Renasant Corp has a 52-week low of $33.04 and a 52-week high of $44.54. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $3.98 billion, a price-to-earnings ratio of 13.04 and a beta of 0.98. The firm has a 50-day moving average price of $42.90 and a two-hundred day moving average price of $40.29.

Renasant (NYSE:RNST - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The company reported $0.94 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.03. The company had revenue of $573.62 million for the quarter, compared to analysts' expectations 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 previous year, the company posted $0.01 earnings per share. Sell-side analysts expect that Renasant Corp will post 3.79 earnings per share for the current year.

Renasant Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. Renasant's payout ratio is 28.74%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Piper Sandler lifted their price objective on shares of Renasant from $46.00 to $48.00 and gave the stock an "overweight" rating in a report on Thursday, July 30th. TD Cowen increased their target price on shares of Renasant from $48.00 to $49.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Weiss Ratings upgraded shares of Renasant from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday. Finally, Hovde Group lifted their price target on shares of 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, According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $47.67.

Insider Buying and Selling at Renasant

In related news, Director Edward Robinson Mcgraw sold 35,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $43.88, for a total transaction of $1,535,800.00. Following the completion of the sale, the director directly 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 is accessible through the SEC website. Also, Director Connie L. Engel sold 1,257 shares of the firm's stock in a transaction that occurred on Friday, May 29th. The shares were 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. The trade was a 7.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 37,907 shares of company stock valued at $1,652,881. 2.07% of the stock is currently owned by corporate insiders.

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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