William Blair Investment Management LLC Cuts Position in Renasant Co. $RNST

William Blair Investment Management LLC reduced its holdings in shares of Renasant Co. (NASDAQ:RNST) by 5.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 862,198 shares of the financial services provider’s stock after selling 52,314 shares during the quarter. William Blair Investment Management LLC owned 0.91% of Renasant worth $31,806,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in RNST. State Street Corp lifted its holdings in shares of Renasant by 14.1% during the 2nd quarter. State Street Corp now owns 4,812,696 shares of the financial services provider’s stock valued at $172,920,000 after acquiring an additional 595,609 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Renasant by 365.6% during the second quarter. Invesco Ltd. now owns 2,215,665 shares of the financial services provider’s stock worth $79,609,000 after purchasing an additional 1,739,786 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Renasant by 48.0% in the second quarter. Geode Capital Management LLC now owns 2,203,182 shares of the financial services provider’s stock worth $79,169,000 after buying an additional 714,972 shares during the period. Channing Capital Management LLC acquired a new stake in shares of Renasant in the third quarter valued at about $60,815,000. Finally, Frontier Capital Management Co. LLC raised its holdings in shares of Renasant by 1.0% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,136,898 shares of the financial services provider’s stock valued at $40,849,000 after buying an additional 11,242 shares during the period. Institutional investors and hedge funds own 77.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RNST. Hovde Group upped their price target on Renasant from $41.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. TD Cowen restated a “buy” rating on shares of Renasant in a research note on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $43.00.

Insider Buying and Selling at Renasant

In other news, EVP Mark Jeanfreau sold 6,000 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $37.88, for a total transaction of $227,280.00. Following the transaction, the executive vice president directly owned 65,172 shares of the company’s stock, valued at approximately $2,468,715.36. This trade represents a 8.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James C. Iv Mabry sold 12,500 shares of Renasant stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $37.83, for a total transaction of $472,875.00. Following the sale, the chief financial officer owned 105,337 shares in the company, valued at approximately $3,984,898.71. This represents a 10.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.81% of the stock is owned by insiders.

Renasant Price Performance

RNST opened at $37.60 on Monday. The company has a market capitalization of $3.57 billion, a P/E ratio of 11.50 and a beta of 0.99. The company has a 50-day moving average of $37.95 and a 200-day moving average of $36.97. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. Renasant Co. has a 1-year low of $26.97 and a 1-year high of $42.11.

Renasant (NASDAQ:RNST) last announced its quarterly earnings data on Tuesday, January 27th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.11. The firm had revenue of $216.11 million for the quarter, compared to analysts’ expectations of $275.40 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%.During the same period last year, the business posted $0.73 earnings per share. Equities analysts expect that Renasant Co. will post 2.68 EPS for the current fiscal year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.4%. The ex-dividend date is Tuesday, March 17th. Renasant’s dividend payout ratio (DPR) is currently 43.40%.

About Renasant

Renasant Corporation is a financial holding company providing banking and related services through its primary subsidiary, Renasant Bank. With origins dating back to 1904 in Tupelo, Mississippi, the company offers a comprehensive suite of commercial and consumer banking products, including deposit accounts, lending and treasury management services. Renasant serves individuals, small businesses and corporate clients across the southeastern United States.

The company operates more than 110 banking offices across Mississippi, Alabama, Tennessee, Florida and Georgia, supplemented by a network of ATMs and digital platforms.