Tidal Investments LLC Makes New $1.99 Million Investment in Renasant Corp $RNST

Key Points

• Tidal Investments initiated a $1.99 million position in Renasant, buying 46,805 shares during the second quarter. Institutional investors collectively own 77.31% of RNST.
• Analysts remain bullish: four analysts rate Renasant a Buy, with an average price target of $47.67. Recent upgrades lifted targets to $48–$49.
• Renasant exceeded quarterly earnings expectations, reporting $0.94 EPS versus the $0.91 estimate, and declared a quarterly dividend of $0.24 per share, equivalent to a 2.4% yield.

Tidal Investments LLC bought a new stake in shares of Renasant Corp (NYSE:RNST - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 46,805 shares of the company's stock, valued at approximately $1,991,000. Tidal Investments LLC owned approximately 0.05% of Renasant at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in RNST. BlackRock Inc. purchased a new stake in shares of Renasant during the 2nd quarter worth $566,683,000. Wellington Management Group LLP boosted its position in Renasant by 33.6% during the second quarter. Wellington Management Group LLP now owns 5,779,920 shares of the company's stock valued at $245,878,000 after purchasing an additional 1,453,908 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Renasant by 1.2% in the first quarter. Dimensional Fund Advisors LP now owns 5,328,672 shares of the company's stock valued at $192,521,000 after purchasing an additional 61,674 shares during the last quarter. Jennison Associates LLC grew its stake in Renasant by 9.6% in the first quarter. Jennison Associates LLC now owns 1,399,604 shares of the company's stock valued at $50,568,000 after purchasing an additional 123,146 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Renasant by 178.5% in the first quarter. Principal Financial Group Inc. now owns 1,261,160 shares of the company's stock worth $45,566,000 after purchasing an additional 808,316 shares in the last quarter. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on RNST shares. Weiss Ratings raised shares of Renasant from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. TD Cowen lifted their price target on shares of Renasant from $48.00 to $49.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Finally, Piper Sandler upped their price target on Renasant from $46.00 to $48.00 and gave the stock an "overweight" rating in a research report on Thursday, July 30th. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $47.67.

Insider Buying and Selling at Renasant

In other news, Director Edward Mcgraw sold 35,000 shares of Renasant stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $43.88, for a total transaction of $1,535,800.00. Following the completion of the transaction, the director directly owned 211,458 shares of the company's stock, valued at $9,278,777.04. The trade was a 14.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.07% of the stock is currently owned by company insiders.

Renasant Price Performance

Shares of NYSE RNST opened at $40.48 on Thursday. Renasant Corp has a 52 week low of $33.04 and a 52 week high of $44.54. The business's 50 day moving average price is $42.34 and its 200 day moving average price is $40.53. 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 cap of $3.70 billion, a P/E ratio of 12.12 and a beta of 0.97.

Renasant (NYSE:RNST - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The company reported $0.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.03. The company had revenue of $573.62 million during the quarter, compared to analyst estimates of $280.71 million. Renasant had a net margin of 19.94% and a return on equity of 8.67%. During the same period last year, the firm posted $0.01 EPS. On average, 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. Investors of record on Wednesday, September 16th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Wednesday, September 16th. Renasant's dividend payout ratio (DPR) is 28.74%.

Renasant Profile

Renasant Corporation NYSE: RNST is a financial services company and the parent organization of Renasant Bank. Headquartered in Tupelo, Mississippi, the company traces its roots to 1904 and operates as a regional banking institution serving individuals, businesses and communities.

Renasant Bank provides a broad range of financial products and services, including checking and savings accounts, consumer and commercial lending, real estate financing, treasury management and other business banking solutions.

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