Quantinno Capital Management LP Grows Stock Holdings in Renasant Corp $RNST

Quantinno Capital Management LP increased its stake in Renasant Corp (NYSE:RNST) by 187.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 49,639 shares of the company’s stock after purchasing an additional 32,349 shares during the quarter. Quantinno Capital Management LP owned 0.05% of Renasant worth $1,793,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RNST. Principal Financial Group Inc. raised its stake in Renasant by 178.5% during the 1st quarter. Principal Financial Group Inc. now owns 1,261,160 shares of the company’s stock valued at $45,566,000 after buying an additional 808,316 shares during the last quarter. State Street Corp boosted its stake in shares of Renasant by 14.1% in the 2nd quarter. State Street Corp now owns 4,812,696 shares of the company’s stock worth $172,920,000 after buying an additional 595,609 shares during the last quarter. Channing Capital Management LLC boosted its stake in shares of Renasant by 35.0% in the 4th quarter. Channing Capital Management LLC now owns 2,225,536 shares of the company’s stock worth $78,383,000 after buying an additional 576,986 shares during the last quarter. Deprince Race & Zollo Inc. grew its holdings in shares of Renasant by 76.8% in the first quarter. Deprince Race & Zollo Inc. now owns 976,243 shares of the company’s stock worth $35,272,000 after acquiring an additional 423,963 shares during the period. Finally, Wellington Management Group LLP grew its holdings in shares of Renasant by 15.3% in the third quarter. Wellington Management Group LLP now owns 2,962,781 shares of the company’s stock worth $109,297,000 after acquiring an additional 394,249 shares during the period. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Analysts Set New Price Targets

RNST has been the topic of a number of recent research reports. TD Cowen increased their target price on Renasant from $48.00 to $49.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Hovde Group boosted their price target on Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, April 29th. Piper Sandler upped their price target on shares of Renasant from $46.00 to $48.00 and gave the company an “overweight” rating in a research report on Thursday, July 30th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Renasant in a research report on Friday, June 5th. Four research analysts have rated the stock with a Buy rating, According to MarketBeat, Renasant has a consensus rating of “Buy” and an average target price of $47.67.

Insider Buying and Selling

In other Renasant news, Director Connie L. Engel sold 1,257 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $40.90, for a total value of $51,411.30. Following the completion of the sale, the director owned 15,449 shares in the company, valued at $631,864.10. This represents a 7.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the firm’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $39.50, for a total value of $501,808.00. Following the completion of the transaction, the insider directly owned 183,235 shares in the company, valued at $7,237,782.50. This trade represents a 6.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 50,611 shares of company stock valued at $2,154,689 over the last three months. 2.07% of the stock is currently owned by company insiders.

Renasant Stock Up 0.6%

RNST opened at $42.95 on Wednesday. The firm’s 50 day simple moving average is $42.70 and its two-hundred day simple moving average is $40.18. The company has a market capitalization of $3.93 billion, a PE ratio of 12.86 and a beta of 0.98. Renasant Corp has a 1-year low of $33.04 and a 1-year 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.

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. The firm had revenue of $573.62 million during the quarter, compared to the consensus estimate of $280.71 million. Renasant had a net margin of 19.94% and a return on equity of 8.67%. During the same quarter in the previous year, the firm posted $0.01 EPS. As a group, equities analysts forecast that Renasant Corp will post 3.79 EPS for the current year.

About Renasant

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.