William Blair Investment Management LLC Purchases New Position in Renasant Corp $RNST

Key Points

• William Blair Investment Management acquired 772,965 Renasant shares valued at approximately $32.9 million, giving it a 0.85% stake. Institutional investors collectively own 77.31% of RNST.
• Analysts remain bullish: four firms rate Renasant a Buy, with price targets raised to between $46 and $49 and a consensus target of $47.67.
• Renasant reported quarterly EPS of $0.94, beating estimates by $0.03, and declared a quarterly dividend of $0.24, equivalent to a 2.3% annual yield.

William Blair Investment Management LLC acquired a new position in shares of Renasant Corp (NYSE:RNST - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 772,965 shares of the company's stock, valued at approximately $32,882,000. William Blair Investment Management LLC owned about 0.85% of Renasant at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. PNC Financial Services Group Inc. grew its holdings in shares of Renasant by 42.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company's stock valued at $42,000 after buying an additional 345 shares during the period. Caitong International Asset Management Co. Ltd raised its stake 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 worth $43,000 after buying an additional 867 shares during the period. FNY Investment Advisers LLC raised its stake in Renasant by 151.9% during the 2nd quarter. FNY Investment Advisers LLC now owns 1,063 shares of the company's stock worth $45,000 after buying an additional 641 shares during the period. Versant Capital Management Inc lifted its holdings in Renasant by 33.6% during the second quarter. Versant Capital Management Inc now owns 1,276 shares of the company's stock worth $54,000 after acquiring an additional 321 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in Renasant during the fourth quarter worth about $60,000. Institutional investors and hedge funds own 77.31% of the company's stock.

Analysts Set New Price Targets

RNST has been the subject of several recent analyst reports. Hovde Group increased their price target on Renasant from $44.00 to $46.00 and gave the stock an "outperform" rating in a report on Wednesday, April 29th. TD Cowen boosted their price objective on Renasant from $48.00 to $49.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Piper Sandler boosted their price objective on Renasant from $46.00 to $48.00 and gave the company an "overweight" rating in a research report on Thursday, July 30th. Finally, Weiss Ratings raised Renasant from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $47.67.

Insider Transactions at Renasant

In other Renasant news, Director Edward Robinson Mcgraw sold 35,000 shares of the stock in a transaction dated 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 transaction, the director directly owned 211,458 shares of the company's stock, 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 Securities & Exchange Commission, which is available through this hyperlink. Also, Director Connie L. Engel sold 1,257 shares of the firm's stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $40.90, for a total transaction of $51,411.30. Following the sale, the director owned 15,449 shares of the company's stock, valued at $631,864.10. This trade represents a 7.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.07% of the stock is currently owned by corporate insiders.

Renasant Stock Performance

Shares of NYSE RNST opened at $41.51 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.90 and a current ratio of 0.91. The stock has a 50 day moving average price of $42.92 and a 200 day moving average price of $40.44. The stock has a market capitalization of $3.79 billion, a PE ratio of 12.43 and a beta of 0.98. Renasant Corp has a 52 week low of $33.04 and a 52 week high of $44.54.

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 the consensus estimate of $0.91 by $0.03. The firm had revenue of $573.62 million for 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 in the prior year, the firm posted $0.01 earnings per share. Analysts predict that Renasant Corp will post 3.79 earnings per share for the current fiscal year.

Renasant Dividend Announcement

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