William Blair Investment Management LLC Has $33.39 Million Holdings in Renasant Corp $RNST

William Blair Investment Management LLC increased its position in shares of Renasant Corp (NYSE:RNST) by 10.0% during the fourth quarter, Holdings Channel reports. The fund owned 948,159 shares of the company’s stock after acquiring an additional 85,961 shares during the quarter. William Blair Investment Management LLC’s holdings in Renasant were worth $33,394,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC raised its holdings in shares of Renasant by 68.7% during the third quarter. EverSource Wealth Advisors LLC now owns 857 shares of the company’s stock valued at $32,000 after acquiring an additional 349 shares during the period. First Horizon Corp increased its stake in Renasant by 56.3% in the 4th quarter. First Horizon Corp now owns 1,080 shares of the company’s stock valued at $38,000 after buying an additional 389 shares during the period. PNC Financial Services Group Inc. increased its stake in Renasant by 42.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company’s stock valued at $42,000 after buying an additional 345 shares during the period. Jones Financial Companies Lllp acquired a new position in Renasant in the 1st quarter valued at approximately $67,000. Finally, Danske Bank A S acquired a new position in Renasant in the 3rd quarter valued at approximately $85,000. Institutional investors and hedge funds own 77.31% of the company’s stock.

Renasant Stock Performance

Shares of RNST opened at $41.04 on Monday. The company’s fifty day moving average is $38.39 and its 200-day moving average is $37.48. Renasant Corp has a 12 month low of $33.04 and a 12 month high of $42.11. The firm has a market cap of $3.79 billion, a price-to-earnings ratio of 17.03 and a beta of 0.97. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.13.

Renasant (NYSE:RNST) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $0.93 EPS for the quarter, topping the consensus estimate of $0.84 by $0.09. Renasant had a net margin of 14.47% and a return on equity of 8.17%. The company had revenue of $278.49 million for the quarter, compared to analyst estimates of $275.71 million. During the same quarter in the prior year, the business posted $0.65 EPS. Equities analysts expect that Renasant Corp will post 3.73 EPS for the current fiscal year.

Renasant Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.96 annualized dividend and a dividend yield of 2.3%. This is an increase from Renasant’s previous quarterly dividend of $0.23. Renasant’s payout ratio is currently 38.17%.

Analysts Set New Price Targets

Several research firms have weighed in on RNST. Wall Street Zen upgraded shares of Renasant from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. Hovde Group upped their price objective on shares of Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, April 29th. TD Cowen reiterated a “buy” rating on shares of Renasant in a research note on Thursday, April 30th. Finally, Weiss Ratings upgraded shares of Renasant from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, March 10th. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $45.50.

Insider Buying and Selling

In related news, CAO Kelly Hutcheson sold 1,350 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $38.65, for a total transaction of $52,177.50. Following the completion of the sale, the chief accounting officer directly owned 16,728 shares of the company’s stock, valued at approximately $646,537.20. This represents a 7.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $39.50, for a total transaction of $501,808.00. Following the sale, the insider directly owned 183,235 shares of the company’s stock, valued at approximately $7,237,782.50. This represents a 6.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 15,704 shares of company stock valued at $619,656. Company insiders own 2.07% of the company’s stock.

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.