The Manufacturers Life Insurance Company purchased a new stake in Renasant Corp (NYSE:RNST - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 787,537 shares of the company's stock, valued at approximately $33,502,000. The Manufacturers Life Insurance Company owned 0.86% of Renasant at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in RNST. BlackRock Inc. bought a new stake in shares of Renasant in the 2nd quarter valued at $566,683,000. Bank of New York Mellon Corp acquired a new position in Renasant in the second quarter valued at $34,486,000. Principal Financial Group Inc. boosted its position in Renasant by 178.5% during the first 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 during the last quarter. William Blair Investment Management LLC acquired a new stake in Renasant during the 2nd quarter worth about $32,882,000. Finally, State Street Corp raised its position in shares of Renasant by 14.1% in the 2nd quarter. State Street Corp now owns 4,812,696 shares of the company's stock worth $172,920,000 after acquiring an additional 595,609 shares in the last quarter. Institutional investors own 77.31% of the company's stock.
Insider Buying and Selling at Renasant
In other news, Director Edward Robinson Mcgraw sold 35,000 shares of the company's stock in a transaction 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 sale, the director owned 211,458 shares in the company, valued at $9,278,777.04. This represents a 14.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Connie L. Engel sold 1,257 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $40.90, for a total transaction of $51,411.30. Following the completion of the sale, the director owned 15,449 shares of the company's stock, valued at approximately $631,864.10. This represents a 7.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.07% of the company's stock.
Analyst Ratings Changes
Several equities research analysts recently commented on the company. Hovde Group upped their target price on Renasant from $44.00 to $46.00 and gave the company an "outperform" rating in a research report on Wednesday, April 29th. TD Cowen increased their price target on 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 note on Tuesday, August 11th. Finally, Piper Sandler boosted their target price on shares of Renasant from $46.00 to $48.00 and gave the company an "overweight" rating in a research report on Thursday, July 30th. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Renasant has an average rating of "Buy" and an average target price of $47.67.
Read Our Latest Report on RNST
Renasant Stock Performance
Shares of Renasant stock opened at $41.05 on Thursday. 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 business has a 50 day moving average price of $42.89 and a 200-day moving average price of $40.48. The company has a market cap of $3.75 billion, a PE ratio of 12.29 and a beta of 0.98.
Renasant (NYSE:RNST - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.03. The business had revenue of $573.62 million during the quarter, compared to the consensus estimate 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 prior year, the company posted $0.01 earnings per share. Equities analysts anticipate that Renasant Corp will post 3.79 earnings per share for the current fiscal year.
Renasant Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Wednesday, September 16th. Renasant's payout ratio is currently 28.74%.
About Renasant
(
Free Report)
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 estate1-4 family mortgage; real estatecommercial mortgage; real estateconstruction 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.
See Also
Want to see what other hedge funds are holding RNST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Renasant Corp (NYSE:RNST - Free Report).
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