UBS Group AG Has $12.94 Million Stock Position in Renasant Corp $RNST

Key Points

• UBS Group AG increased its Renasant stake by 27% in the fourth quarter, ending with 367,464 shares valued at about $12.94 million. Institutional investors still own a large majority of the stock, at 77.31%.
• Renasant’s latest quarterly results topped expectations, with EPS of $0.93 versus the $0.84 consensus and revenue of $278.49 million versus estimates of $275.71 million. Analysts currently have a Buy consensus rating and an average price target of $45.50.
• The company raised its quarterly dividend to $0.24 per share from $0.23, payable June 30, reflecting an annualized yield of about 2.4%. One insider sale was also disclosed, with CAO Kelly Hutcheson selling 1,350 shares in March.

UBS Group AG increased its holdings in shares of Renasant Corp (NYSE:RNST - Free Report) by 27.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 367,464 shares of the company's stock after buying an additional 78,037 shares during the quarter. UBS Group AG owned 0.39% of Renasant worth $12,942,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp grew its stake in Renasant by 12.1% in the third quarter. Jones Financial Companies Lllp now owns 2,825 shares of the company's stock valued at $106,000 after acquiring an additional 306 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Renasant by 42.8% during the third quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company's stock worth $42,000 after purchasing an additional 345 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Renasant by 68.7% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 857 shares of the company's stock valued at $32,000 after purchasing an additional 349 shares in the last quarter. Kestra Private Wealth Services LLC lifted its holdings in shares of Renasant by 1.1% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 35,729 shares of the company's stock valued at $1,318,000 after purchasing an additional 375 shares in the last quarter. Finally, First Horizon Corp grew its position in shares of Renasant by 56.3% in the 4th quarter. First Horizon Corp now owns 1,080 shares of the company's stock valued at $38,000 after purchasing an additional 389 shares during the period. 77.31% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

RNST has been the subject of a number of research reports. Weiss Ratings raised Renasant from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, March 10th. TD Cowen reiterated a "buy" rating on shares of Renasant in a report on Thursday, April 30th. Hovde Group increased their price objective on shares of Renasant from $44.00 to $46.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 29th. Finally, Wall Street Zen upgraded shares of Renasant from a "sell" rating to a "hold" rating in a report on Sunday, March 8th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $45.50.

Renasant Trading Up 1.3%

Renasant stock opened at $39.59 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13. Renasant Corp has a 1-year low of $33.04 and a 1-year high of $42.11. The company has a fifty day simple moving average of $38.01. The company has a market capitalization of $3.65 billion, a P/E ratio of 16.43 and a beta of 0.97.

Renasant (NYSE:RNST - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $0.93 EPS for the quarter, topping the consensus estimate of $0.84 by $0.09. Renasant had a net margin of 14.47% and a return on equity of 8.17%. The firm had revenue of $278.49 million for the quarter, compared to analysts' expectations of $275.71 million. During the same period in the previous year, the firm posted $0.65 EPS. On average, equities research analysts forecast that Renasant Corp will post 3.73 EPS for the current year.

Renasant Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be issued a dividend of $0.24 per share. The ex-dividend date is Tuesday, June 16th. This is a boost from Renasant's previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 2.4%. Renasant's dividend payout ratio is currently 38.17%.

Insider Buying and Selling

In related news, CAO Kelly Hutcheson sold 1,350 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $38.65, for a total transaction of $52,177.50. Following the completion of the transaction, the chief accounting officer directly owned 16,728 shares of the company's stock, valued at approximately $646,537.20. This represents a 7.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.07% of the company's stock.

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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