Renasant Corp $RNST Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company cut its Renasant stake by 14.3% in the first quarter, selling 132,067 shares and retaining 789,454 shares worth approximately $28.5 million. Institutional investors still own 77.31% of RNST.
• Renasant insiders sold 15,611 shares worth $618,889 over the past 90 days, including sales by Vice Chairman C. Mitchell Waycaster and Director Connie L. Engel.
• Analysts maintain a bullish outlook, with an average “Buy” rating and a consensus price target of $47.67. Renasant also exceeded quarterly EPS expectations, reporting $0.94 versus the $0.91 consensus estimate.

The Manufacturers Life Insurance Company decreased its position in Renasant Corp (NYSE:RNST - Free Report) by 14.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 789,454 shares of the company's stock after selling 132,067 shares during the period. The Manufacturers Life Insurance Company owned 0.86% of Renasant worth $28,523,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. 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 valued at $1,772,000 after buying an additional 29,380 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Renasant by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,167 shares of the company's stock valued at $1,261,000 after acquiring an additional 1,621 shares during the last quarter. Jones Financial Companies Lllp purchased a new position in Renasant in the first quarter worth approximately $67,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in 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 worth $6,416,000 after acquiring an additional 23,072 shares during the period. Finally, Jane Street Group LLC acquired a new stake in Renasant during the first quarter worth $390,000. Institutional investors and hedge funds own 77.31% of the company's stock.

Insider Transactions at Renasant

In other news, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the firm's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $39.50, for a total transaction of $501,808.00. Following the completion of the transaction, the insider directly owned 183,235 shares in the company, valued at $7,237,782.50. This trade represents a 6.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Connie L. Engel sold 1,257 shares of Renasant stock in a transaction on Friday, May 29th. The shares were sold at an average price of $40.90, for a total value of $51,411.30. Following the completion of the sale, the director directly owned 15,449 shares of the company's stock, valued at $631,864.10. The trade was a 7.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 15,611 shares of company stock worth $618,889 over the last ninety days. Company insiders own 2.07% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on RNST. Weiss Ratings restated a "buy (b-)" rating on shares of Renasant in a research report on Friday, June 5th. Hovde Group increased their price target on Renasant from $44.00 to $46.00 and gave the stock an "outperform" rating in a report on Wednesday, April 29th. Piper Sandler raised their price objective on Renasant from $46.00 to $48.00 and gave the stock an "overweight" rating in a research report on Thursday. Finally, TD Cowen raised their price objective on Renasant from $48.00 to $49.00 and gave the stock a "buy" rating in a research report on Thursday. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Renasant presently has an average rating of "Buy" and a consensus target price of $47.67.

Renasant Stock Performance

NYSE:RNST opened at $43.51 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.89 and a current ratio of 0.91. The stock has a market capitalization of $4.01 billion, a P/E ratio of 13.03 and a beta of 0.96. The company has a 50 day moving average price of $42.32 and a 200 day moving average price of $39.82. Renasant Corp has a fifty-two week low of $33.04 and a fifty-two week high of $44.50.

Renasant (NYSE:RNST - Get Free Report) last posted its earnings results on Tuesday, July 28th. The company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.03. The firm had revenue of $273.94 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 quarter last year, the firm earned $0.01 EPS. Equities research analysts forecast that Renasant Corp will post 3.75 EPS for the current year.

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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