The Manufacturers Life Insurance Company Makes New Investment in Renasant Corp $RNST

The Manufacturers Life Insurance Company acquired a new position in Renasant Corp (NYSE:RNST) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 787,537 shares of the company’s stock, valued at approximately $33,502,000.

A number of other institutional investors have also recently bought and sold shares of the business. Royal Bank of Canada raised its stake in shares of Renasant by 128.5% during the 1st quarter. Royal Bank of Canada now owns 52,238 shares of the company’s stock worth $1,772,000 after purchasing an additional 29,380 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Renasant by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,167 shares of the company’s stock valued at $1,261,000 after buying an additional 1,621 shares during the period. Jones Financial Companies Lllp bought a new position in Renasant during the first quarter valued at about $67,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Renasant by 13.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 189,105 shares of the company’s stock worth $6,416,000 after buying an additional 23,072 shares during the last quarter. Finally, Jane Street Group LLC purchased a new stake in Renasant during the first quarter worth about $390,000. Institutional investors own 77.31% of the company’s stock.

Renasant Stock Performance

Renasant stock opened at $41.05 on Thursday. 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. The firm has a market capitalization of $3.75 billion, a PE ratio of 12.29 and a beta of 0.98. The firm’s 50 day simple moving average is $42.89 and its 200 day simple moving average is $40.48.

Renasant (NYSE:RNST) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $0.94 EPS for the quarter, beating the consensus estimate 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 period last year, the firm earned $0.01 EPS. As a group, analysts expect that Renasant Corp will post 3.79 earnings per share for the current fiscal year.

Renasant Dividend Announcement

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Renasant

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 transaction, the director directly owned 15,449 shares in the company, valued at $631,864.10. This represents a 7.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Edward Robinson Mcgraw sold 35,000 shares of the firm’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $43.88, for a total value of $1,535,800.00. Following the completion of the sale, the director directly owned 211,458 shares in the company, valued at approximately $9,278,777.04. The trade was a 14.20% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.07% of the stock is currently owned by company insiders.

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.