UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Lowers Holdings in Renasant Corp $RNST

Key Points

• UBS Asset Management reduced its Renasant stake by 27.2% in the second quarter, selling 61,821 shares and retaining 165,537 shares worth approximately $7.04 million. Institutional investors collectively own 77.31% of the company.
• Analysts remain bullish on Renasant, with four Buy ratings, a consensus “Buy” rating, and an average price target of $47.67; Piper Sandler and TD Cowen recently raised their targets to $48 and $49, respectively.
• Renasant reported quarterly EPS of $0.94, topping estimates of $0.91, and declared a quarterly dividend of $0.24 per share—equivalent to an annualized $0.96 payout and a 2.3% yield.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC decreased its position in shares of Renasant Corp (NYSE:RNST - Free Report) by 27.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 165,537 shares of the company's stock after selling 61,821 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.18% of Renasant worth $7,042,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. FNY Investment Advisers LLC lifted its stake in Renasant by 151.9% in the second quarter. FNY Investment Advisers LLC now owns 1,063 shares of the company's stock worth $45,000 after acquiring an additional 641 shares during the period. PNC Financial Services Group Inc. increased its position in Renasant by 42.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company's stock valued at $42,000 after purchasing an additional 345 shares during the period. Caitong International Asset Management Co. Ltd increased its position 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 valued at $43,000 after purchasing an additional 867 shares during the period. Versant Capital Management Inc raised its holdings in shares of Renasant by 33.6% in the 2nd quarter. Versant Capital Management Inc now owns 1,276 shares of the company's stock valued at $54,000 after purchasing an additional 321 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Renasant in the 4th quarter worth approximately $60,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Analysts Set New Price Targets

RNST has been the subject of a number of analyst reports. Weiss Ratings upgraded Renasant from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, August 11th. Piper Sandler increased their price target 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. Finally, TD Cowen raised their price target on shares of Renasant from $48.00 to $49.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Four research analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $47.67.

Insider Buying and Selling at Renasant

In other news, Director Edward Mcgraw sold 35,000 shares of the business's stock in a transaction dated 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 sale, the director owned 211,458 shares in the company, valued at approximately $9,278,777.04. The trade was 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 this hyperlink. Insiders own 2.07% of the company's stock.

Renasant Stock Performance

Shares of RNST opened at $41.38 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.21. The firm has a market cap of $3.78 billion, a PE ratio of 12.39 and a beta of 0.97. Renasant Corp has a 12 month low of $33.04 and a 12 month high of $44.54. The stock has a fifty day moving average price of $42.63 and a 200-day moving average price of $40.48.

Renasant (NYSE:RNST - Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.03. Renasant had a return on equity of 8.67% and a net margin of 19.94%.The firm had revenue of $573.62 million for the quarter, compared to the consensus estimate of $280.71 million. During the same period in the previous year, the business earned $0.01 EPS. Equities research analysts predict that Renasant Corp will post 3.79 earnings per share for the current fiscal year.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a dividend of $0.24 per share. The ex-dividend date is Wednesday, September 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.3%. Renasant's payout ratio is presently 28.74%.

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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