Empowered Funds LLC bought a new stake in Renasant Corp (NYSE:RNST – Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 353,798 shares of the company’s stock, valued at approximately $15,051,000.
A number of other hedge funds also recently made changes to their positions in the business. Maryland State Retirement & Pension System increased its position in shares of Renasant by 2.0% during the 4th quarter. Maryland State Retirement & Pension System now owns 13,939 shares of the company’s stock valued at $491,000 after purchasing an additional 279 shares during the period. Oregon Public Employees Retirement Fund raised its holdings in shares of Renasant by 1.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 21,701 shares of the company’s stock valued at $764,000 after acquiring an additional 300 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Renasant by 27.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,464 shares of the company’s stock worth $52,000 after buying an additional 312 shares during the period. Versant Capital Management Inc boosted its position in 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 acquiring an additional 321 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in shares of Renasant by 4.0% during the fourth quarter. CIBC Asset Management Inc now owns 9,296 shares of the company’s stock worth $327,000 after purchasing an additional 359 shares during the period. Institutional investors own 77.31% of the company’s stock.
Analyst Ratings Changes
A number of equities analysts recently commented on RNST shares. 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 target price on Renasant from $46.00 to $48.00 and gave the company an “overweight” rating in a research note on Thursday, July 30th. Finally, TD Cowen raised their price target on shares of Renasant from $48.00 to $49.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat, Renasant presently has an average rating of “Buy” and an average price target of $47.67.
Insider Buying and Selling at Renasant
In related news, Director Edward Robinson Mcgraw sold 35,000 shares of the company’s stock in a transaction dated 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 sale, the director owned 211,458 shares of the company’s stock, valued at $9,278,777.04. This represents a 14.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 2.07% of the company’s stock.
Renasant Price Performance
Renasant stock opened at $41.22 on Friday. Renasant Corp has a 1 year low of $33.04 and a 1 year high of $44.54. 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 capitalization of $3.77 billion, a P/E ratio of 12.34 and a beta of 0.98. The business has a 50-day moving average of $42.87 and a 200-day moving average of $40.48.
Renasant (NYSE:RNST – Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.91 by $0.03. The business had revenue of $573.62 million for the quarter, compared to analysts’ expectations 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 previous year, the firm posted $0.01 EPS. On average, equities analysts anticipate that Renasant Corp will post 3.79 EPS for the current year.
Renasant Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Wednesday, September 16th. Renasant’s dividend payout ratio (DPR) is currently 28.74%.
Renasant Company 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 estate1-4 family mortgage; real estatecommercial mortgage; real estateconstruction 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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