Corient Private Wealth LP Takes $1.06 Million Position in Renasant Corp $RNST

Corient Private Wealth LP bought a new stake in Renasant Corp (NYSE:RNST) during the second quarter, Holdings Channel.com reports. The fund bought 24,831 shares of the company’s stock, valued at approximately $1,056,000.

A number of other hedge funds also recently made changes to their positions in RNST. 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 grew its position in Renasant by 241.5% during the fourth 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 in the last quarter. FNY Investment Advisers LLC lifted its position in Renasant by 151.9% during the second quarter. FNY Investment Advisers LLC now owns 1,063 shares of the company’s stock worth $45,000 after purchasing an additional 641 shares during the period. 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 bought a new position in Renasant in the fourth quarter valued at about $60,000. Institutional investors and hedge funds own 77.31% of the company’s stock.

Renasant Trading Up 0.4%

Shares of RNST stock opened at $41.38 on Friday. 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 12-month low of $33.04 and a 12-month high of $44.54. The stock has a market capitalization of $3.78 billion, a P/E ratio of 12.39 and a beta of 0.97. The firm’s 50 day moving average is $42.65 and its 200 day moving average is $40.48.

Renasant (NYSE:RNST) last issued 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 net margin of 19.94% and a return on equity of 8.67%. 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 previous year, the firm posted $0.01 EPS. Research analysts expect that Renasant Corp will post 3.79 earnings per share for the current year.

Renasant Announces Dividend

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

Insider Activity

In related news, Director Edward 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 value of $1,535,800.00. Following the completion of the transaction, the director directly owned 211,458 shares of the company’s stock, valued at approximately $9,278,777.04. This trade represents a 14.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

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

Renasant 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.