Wellington Management Group LLP Has $245.88 Million Stake in Renasant Corp $RNST

Key Points

• Wellington Management increased its Renasant holdings by 33.6% in the second quarter, owning 5.78 million shares worth approximately $245.9 million, or 6.32% of the company. Institutional investors collectively own 77.31% of Renasant.
• Renasant reported quarterly EPS of $0.94, exceeding analysts’ $0.91 estimate, while revenue reached $573.62 million. Analysts maintain a consensus “Buy” rating with an average price target of $47.67.
• The company declared a quarterly dividend of $0.24 per share, equivalent to an annualized $0.96 dividend and a 2.3% yield. Separately, director Edward Robinson McGraw sold 35,000 shares for approximately $1.54 million.

Wellington Management Group LLP increased its holdings in shares of Renasant Corp (NYSE:RNST - Free Report) by 33.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,779,920 shares of the company's stock after buying an additional 1,453,908 shares during the period. Wellington Management Group LLP owned 6.32% of Renasant worth $245,878,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. PNC Financial Services Group Inc. lifted 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 worth $42,000 after buying an additional 345 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its position in shares of Renasant by 241.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the company's stock valued at $43,000 after buying an additional 867 shares in the last quarter. FNY Investment Advisers LLC raised 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 valued at $45,000 after purchasing an additional 641 shares in the last quarter. Versant Capital Management Inc raised its position in Renasant by 33.6% during the second 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 acquired a new position in shares of Renasant during the 4th quarter worth $60,000. Institutional investors and hedge funds own 77.31% of the company's stock.

Insider Buying and Selling at Renasant

In other Renasant news, Director Edward Robinson Mcgraw sold 35,000 shares of the company's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $43.88, for a total value of $1,535,800.00. Following the transaction, the director directly owned 211,458 shares in the company, valued at $9,278,777.04. This represents a 14.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.07% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Weiss Ratings upgraded shares of Renasant from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Piper Sandler lifted their price objective on Renasant from $46.00 to $48.00 and gave the stock an "overweight" rating in a research note on Thursday, July 30th. Finally, TD Cowen upped their price target on shares of Renasant from $48.00 to $49.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Renasant currently has a consensus rating of "Buy" and an average price target of $47.67.

Renasant Stock Performance

NYSE RNST opened at $41.22 on Monday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.91 and a quick ratio of 0.90. The firm has a market cap of $3.77 billion, a price-to-earnings ratio of 12.34 and a beta of 0.98. Renasant Corp has a 1 year low of $33.04 and a 1 year high of $44.54. The company has a fifty day moving average price of $42.87 and a 200-day moving average price of $40.48.

Renasant (NYSE:RNST - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $0.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $280.71 million. During the same quarter in the prior year, the company earned $0.01 EPS. As a group, equities research analysts predict that Renasant Corp will post 3.79 EPS for the current fiscal year.

Renasant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.96 annualized dividend and a yield of 2.3%. Renasant's payout ratio is currently 28.74%.

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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