William Blair Investment Management LLC Purchases New Shares in Renasant Corp $RNST

William Blair Investment Management LLC purchased a new position in shares of Renasant Corp (NYSE:RNST) during the second quarter, HoldingsChannel reports. The fund purchased 772,965 shares of the company’s stock, valued at approximately $32,882,000.

Several other hedge funds and other institutional investors have also bought and sold shares of RNST. Heartland Advisors Inc. acquired a new position in shares of Renasant during the 2nd quarter worth approximately $10,208,000. BlackRock Inc. acquired a new stake in shares of Renasant in the second quarter valued at approximately $566,683,000. Deutsche Bank AG acquired a new stake in shares of Renasant in the second quarter valued at approximately $4,177,000. Requisite Capital Management LLC bought a new stake in shares of Renasant in the second quarter valued at approximately $343,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Renasant in the second quarter valued at approximately $34,486,000. Institutional investors and hedge funds own 77.31% of the company’s stock.

Insiders Place Their Bets

In other news, Director Connie L. Engel sold 1,257 shares of the business’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $40.90, for a total transaction of $51,411.30. Following the completion of the transaction, the director owned 15,449 shares of the company’s stock, valued at approximately $631,864.10. The trade was a 7.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Edward Robinson Mcgraw sold 35,000 shares of the company’s stock in a transaction 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 sale, the director owned 211,458 shares of the company’s stock, valued at approximately $9,278,777.04. This represents a 14.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.07% of the stock is currently owned by insiders.

Renasant Price Performance

Shares of NYSE:RNST opened at $41.51 on Friday. The firm has a 50 day moving average of $42.92 and a 200-day moving average of $40.44. Renasant Corp has a 12 month low of $33.04 and a 12 month 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 stock has a market capitalization of $3.79 billion, a PE ratio of 12.43 and a beta of 0.98.

Renasant (NYSE:RNST) last posted its quarterly earnings results on Tuesday, July 28th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.03. Renasant had a net margin of 19.94% and a return on equity of 8.67%. The business had revenue of $573.62 million for the quarter, compared to analyst estimates of $280.71 million. During the same quarter last year, the business posted $0.01 EPS. On average, equities research analysts predict that Renasant Corp will post 3.79 EPS for the current fiscal year.

Renasant Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts have commented on the company. Weiss Ratings upgraded Renasant from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Hovde Group upped their target price on Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. TD Cowen upped their target price on Renasant from $48.00 to $49.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Finally, Piper Sandler increased their target price on Renasant from $46.00 to $48.00 and gave the stock an “overweight” rating in a report on Thursday, July 30th. Four research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $47.67.

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.