Legal & General Group Plc Purchases New Holdings in Renasant Corp $RNST

Legal & General Group Plc purchased a new position in shares of Renasant Corp (NYSE:RNST) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 216,193 shares of the company’s stock, valued at approximately $9,200,000. Legal & General Group Plc owned approximately 0.24% of Renasant at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in RNST. BlackRock Inc. acquired a new position in Renasant in the 2nd quarter valued at $566,683,000. Bank of New York Mellon Corp acquired a new stake in shares of Renasant during the 2nd quarter worth $34,486,000. 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 worth $45,566,000 after purchasing an additional 808,316 shares during the period. The Manufacturers Life Insurance Company acquired a new position in Renasant in the second quarter valued at about $33,502,000. Finally, William Blair Investment Management LLC bought a new stake in Renasant during the second quarter worth about $32,882,000. Institutional investors own 77.31% of the company’s stock.

Insider Buying and Selling at Renasant

In other news, Director Edward Robinson Mcgraw sold 35,000 shares of the company’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $43.88, for a total transaction of $1,535,800.00. Following the completion of the transaction, the director directly owned 211,458 shares in the company, valued at approximately $9,278,777.04. This represents a 14.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.07% of the company’s stock.

Renasant Stock Performance

NYSE:RNST opened at $39.96 on Wednesday. Renasant Corp has a twelve month low of $33.04 and a twelve month high of $44.54. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.21. The stock’s 50-day simple moving average is $42.79 and its 200 day simple moving average is $40.47. The firm has a market capitalization of $3.65 billion, a PE ratio of 11.96 and a beta of 0.97.

Renasant (NYSE:RNST) last issued 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. Renasant had a return on equity of 8.67% and a net margin of 19.94%.The firm had revenue of $573.62 million during the quarter, compared to the consensus estimate of $280.71 million. During the same quarter in the previous year, the firm earned $0.01 earnings per share. On average, analysts anticipate that Renasant Corp will post 3.79 EPS for the current fiscal year.

Renasant Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a $0.24 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.4%. Renasant’s dividend payout ratio (DPR) is currently 28.74%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Weiss Ratings raised shares of Renasant from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Piper Sandler increased their price target on shares of Renasant from $46.00 to $48.00 and gave the stock an “overweight” rating in a research report on Thursday, July 30th. Finally, TD Cowen lifted their price objective on shares of Renasant from $48.00 to $49.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Four analysts have rated the stock with a Buy rating, According to MarketBeat.com, Renasant presently has an average rating of “Buy” and an average price target of $47.67.

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.