Renasant Co. (NASDAQ:RNST) Stake Boosted by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company raised its stake in Renasant Co. (NASDAQ:RNST) by 61.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 652,292 shares of the financial services provider’s stock after acquiring an additional 249,331 shares during the period. The Manufacturers Life Insurance Company owned 1.03% of Renasant worth $21,199,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Victory Capital Management Inc. raised its position in shares of Renasant by 1.7% during the 3rd quarter. Victory Capital Management Inc. now owns 3,955,366 shares of the financial services provider’s stock worth $128,549,000 after buying an additional 65,777 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Renasant by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,887,606 shares of the financial services provider’s stock worth $118,725,000 after acquiring an additional 22,821 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Renasant by 21.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock valued at $56,775,000 after purchasing an additional 303,945 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Renasant by 21.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 734,744 shares of the financial services provider’s stock worth $23,879,000 after acquiring an additional 131,821 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Renasant by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 562,008 shares of the financial services provider’s stock valued at $17,164,000 after purchasing an additional 11,828 shares during the period. Institutional investors own 77.31% of the company’s stock.

Insider Activity

In other Renasant news, Director John Creekmore sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the completion of the transaction, the director now directly owns 24,057 shares in the company, valued at approximately $914,166. This represents a 11.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.82% of the company’s stock.

Renasant Stock Down 0.7 %

Shares of Renasant stock opened at $37.62 on Friday. The company has a market capitalization of $2.39 billion, a P/E ratio of 12.25 and a beta of 1.01. Renasant Co. has a 1 year low of $26.28 and a 1 year high of $39.47. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The business has a 50-day moving average of $34.53 and a two-hundred day moving average of $32.87.

Renasant (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.63 by $0.07. The firm had revenue of $318.34 million for the quarter, compared to analysts’ expectations of $184.73 million. Renasant had a net margin of 16.83% and a return on equity of 6.70%. During the same period in the previous year, the firm posted $0.75 EPS. As a group, equities analysts predict that Renasant Co. will post 2.65 EPS for the current year.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th will be given a $0.22 dividend. The ex-dividend date of this dividend is Wednesday, December 18th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.34%. Renasant’s payout ratio is 28.66%.

Analyst Upgrades and Downgrades

RNST has been the subject of a number of research reports. Truist Financial decreased their target price on shares of Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research note on Friday, September 20th. Hovde Group lowered shares of Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Finally, Piper Sandler raised Renasant from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $34.00 to $40.00 in a research report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $39.33.

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. The company operates through Community Banks, Insurance, and Wealth Management segments. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and factoring equipment leasing services, as well as safe deposit and night depository facilities.