Renasant (NYSE:RNST) Director Sells $1,535,800.00 in Stock

Renasant Corp (NYSE:RNST) Director Edward Robinson Mcgraw sold 35,000 shares of the business’s stock in a transaction dated 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 directly owned 211,458 shares of the company’s stock, valued at $9,278,777.04. This represents a 14.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Renasant Stock Performance

RNST opened at $44.10 on Thursday. The firm has a market capitalization of $4.07 billion, a P/E ratio of 13.20 and a beta of 0.98. The stock’s 50 day moving average price is $42.50 and its two-hundred day moving average price is $40.01. The company has a quick ratio of 0.90, a current ratio of 0.91 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.

Renasant (NYSE:RNST) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.03. Renasant had a return on equity of 8.67% and a net margin of 19.94%.The company had revenue of $573.62 million during the quarter, compared to analyst estimates of $280.71 million. During the same period in the previous year, the company earned $0.01 earnings per share. On average, equities analysts forecast that Renasant Corp will post 3.79 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of RNST. Maryland State Retirement & Pension System lifted its holdings in Renasant by 2.0% during the 4th quarter. Maryland State Retirement & Pension System now owns 13,939 shares of the company’s stock valued at $491,000 after purchasing an additional 279 shares during the last quarter. Oregon Public Employees Retirement Fund grew its stake in Renasant by 1.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 21,701 shares of the company’s stock worth $764,000 after buying an additional 300 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Renasant by 27.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,464 shares of the company’s stock worth $52,000 after buying an additional 312 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of Renasant by 33.6% during the second quarter. Versant Capital Management Inc now owns 1,276 shares of the company’s stock worth $54,000 after buying an additional 321 shares in the last quarter. Finally, CIBC Asset Management Inc increased its holdings in shares of Renasant by 4.0% during the fourth quarter. CIBC Asset Management Inc now owns 9,296 shares of the company’s stock worth $327,000 after buying an additional 359 shares in the last quarter. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on RNST. Hovde Group increased their price target on shares of Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. Weiss Ratings restated a “buy (b-)” rating on shares of Renasant in a report on Friday, June 5th. Piper Sandler upped their price objective 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, TD Cowen increased their target price 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 research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Renasant presently has an average rating of “Buy” and a consensus target price of $47.67.

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.