Legal & General Group Plc Takes Position in Renasant Corp $RNST

Legal & General Group Plc purchased a new stake in Renasant Corp (NYSE:RNST) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 216,193 shares of the company’s stock, valued at approximately $9,200,000.

A number of other hedge funds also recently made changes to their positions in RNST. Royal Bank of Canada raised its holdings in Renasant by 128.5% during the 1st quarter. Royal Bank of Canada now owns 52,238 shares of the company’s stock worth $1,772,000 after purchasing an additional 29,380 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Renasant by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,167 shares of the company’s stock valued at $1,261,000 after buying an additional 1,621 shares in the last quarter. Jones Financial Companies Lllp acquired a new position in Renasant during the 1st quarter worth approximately $67,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Renasant by 13.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 189,105 shares of the company’s stock worth $6,416,000 after buying an additional 23,072 shares during the period. Finally, Jane Street Group LLC bought a new position in Renasant in the first quarter worth approximately $390,000. 77.31% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Renasant

In other news, Director Edward Robinson Mcgraw sold 35,000 shares of the business’s stock in a transaction that occurred on 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 owned 211,458 shares in the company, valued at $9,278,777.04. The trade was a 14.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.07% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

Renasant Price Performance

RNST opened at $39.96 on Wednesday. Renasant Corp has a 1 year low of $33.04 and a 1 year high of $44.54. 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 company has a market capitalization of $3.65 billion, a price-to-earnings ratio of 11.96 and a beta of 0.97. The firm’s fifty day moving average price is $42.79 and its two-hundred day moving average price is $40.47.

Renasant (NYSE:RNST) last released its quarterly earnings results on Tuesday, July 28th. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.03. Renasant had a net margin of 19.94% and a return on equity of 8.67%. The company had revenue of $573.62 million for the quarter, compared to analyst estimates of $280.71 million. During the same period last year, the firm earned $0.01 earnings per share. As a group, analysts anticipate that Renasant Corp will post 3.79 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given 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 dividend yield of 2.4%. 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 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.