Cibc World Market Inc. Acquires Shares of 118,120 Renasant Corp $RNST

Cibc World Market Inc. acquired a new stake in shares of Renasant Corp (NYSE:RNST) in the second quarter, HoldingsChannel.com reports. The fund acquired 118,120 shares of the company’s stock, valued at approximately $5,025,000.

Several other hedge funds also recently made changes to their positions in the company. UBS Group AG raised its holdings in Renasant by 27.0% during the 4th quarter. UBS Group AG now owns 367,464 shares of the company’s stock valued at $12,942,000 after buying an additional 78,037 shares during the last quarter. Hsbc Holdings PLC bought a new stake in Renasant in the 1st quarter worth $1,822,000. William Blair Investment Management LLC grew its holdings in Renasant by 10.0% in the 4th quarter. William Blair Investment Management LLC now owns 948,159 shares of the company’s stock worth $33,394,000 after acquiring an additional 85,961 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Renasant by 178.5% in the first quarter. Principal Financial Group Inc. now owns 1,261,160 shares of the company’s stock valued at $45,566,000 after acquiring an additional 808,316 shares during the period. Finally, BlackRock Inc. purchased a new position in shares of Renasant in the second quarter valued at about $566,683,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

Renasant Stock Down 1.0%

Shares of NYSE RNST opened at $40.99 on Wednesday. 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 firm has a market capitalization of $3.75 billion, a PE ratio of 12.27 and a beta of 0.98. The firm has a fifty day simple moving average of $42.89 and a two-hundred day simple moving average of $40.48.

Renasant (NYSE:RNST) last posted its earnings results on Tuesday, July 28th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.91 by $0.03. The firm had revenue of $573.62 million during the quarter, compared to analysts’ expectations of $280.71 million. Renasant had a net margin of 19.94% and a return on equity of 8.67%. During the same period last year, the company posted $0.01 EPS. Equities analysts expect that Renasant Corp will post 3.79 earnings per share for the current year.

Renasant Announces Dividend

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

Analyst Upgrades and Downgrades

RNST has been the subject of several recent analyst reports. Weiss Ratings raised shares of Renasant from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. TD Cowen boosted their price target on Renasant from $48.00 to $49.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Piper Sandler upped 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. Finally, Hovde Group increased their price objective on Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $47.67.

Insider Activity

In other Renasant news, Director Connie L. Engel sold 1,257 shares of Renasant stock in a transaction that occurred 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 sale, the director directly 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 legal filing with the SEC, which can be accessed through this link. Also, Director Edward Robinson Mcgraw sold 35,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director owned 211,458 shares in the company, valued at $9,278,777.04. This trade represents a 14.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.07% of the company’s stock.

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.