Renasant (NYSE:RNST) Director Sells 35,000 Shares

Key Points

• Renasant Director Edward Robinson McGraw sold 35,000 shares at an average price of $43.88, generating $1.54 million. The sale reduced his ownership by 14.2% to 211,458 shares.
• Renasant shares rose to $43.91 and are near their 12-month high of $44.50. The bank reported quarterly EPS of $0.94, beating estimates by $0.03, though revenue fell short of expectations.
• Analysts remain bullish, with four Buy ratings and a consensus price target of $47.67. Institutional investors own 77.31% of the company’s stock.

Renasant Corp (NYSE:RNST - Get Free Report) Director Edward Robinson Mcgraw sold 35,000 shares of the firm's stock in a transaction 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 owned 211,458 shares in the company, valued at $9,278,777.04. The trade was a 14.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Renasant Stock Performance

Renasant stock traded up $0.34 on Monday, reaching $43.91. 518,056 shares of the stock were exchanged, compared to its average volume of 720,195. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.21. Renasant Corp has a twelve month low of $33.04 and a twelve month high of $44.50. The firm has a fifty day moving average price of $42.32 and a two-hundred day moving average price of $39.84. The stock has a market cap of $4.05 billion, a PE ratio of 13.15 and a beta of 0.98.

Renasant (NYSE:RNST - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $0.94 earnings per share (EPS) for the quarter, beating 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 company had revenue of $273.94 million for the quarter, compared to the consensus estimate of $280.71 million. During the same period last year, the business posted $0.01 earnings per share. Sell-side analysts anticipate that Renasant Corp will post 3.77 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RNST. Hovde Group lifted their price target on Renasant from $44.00 to $46.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 29th. Weiss Ratings reissued a "buy (b-)" rating on shares of Renasant in a research report on Friday, June 5th. Piper Sandler raised their price objective on shares of Renasant from $46.00 to $48.00 and gave the stock an "overweight" rating in a research note on Thursday. Finally, TD Cowen boosted their target price on shares of Renasant from $48.00 to $49.00 and gave the stock a "buy" rating in a research report on Thursday. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $47.67.

Institutional Investors Weigh In On Renasant

Institutional investors have recently added to or reduced their stakes in the company. First Horizon Corp increased its stake in Renasant by 56.3% during the fourth quarter. First Horizon Corp now owns 1,080 shares of the company's stock valued at $38,000 after acquiring an additional 389 shares during the period. PNC Financial Services Group Inc. lifted its position 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 worth $42,000 after acquiring an additional 345 shares during the period. Caitong International Asset Management Co. Ltd lifted its position in shares of Renasant by 241.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the company's stock worth $43,000 after acquiring an additional 867 shares during the period. FNY Investment Advisers LLC grew its holdings in shares of 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 purchasing an additional 641 shares in the last quarter. Finally, Versant Capital Management Inc grew its holdings in shares of Renasant by 33.6% during the 2nd quarter. Versant Capital Management Inc now owns 1,276 shares of the company's stock worth $54,000 after purchasing an additional 321 shares in the last quarter. 77.31% of the stock is owned by institutional investors and hedge funds.

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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