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

The Manufacturers Life Insurance Company purchased a new stake in Renasant Corp (NYSE:RNST) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 787,537 shares of the company’s stock, valued at approximately $33,502,000. The Manufacturers Life Insurance Company owned 0.86% of Renasant at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in RNST. BlackRock Inc. bought a new stake in shares of Renasant in the 2nd quarter valued at $566,683,000. Bank of New York Mellon Corp acquired a new position in Renasant in the second quarter valued at $34,486,000. Principal Financial Group Inc. boosted its position in Renasant by 178.5% during 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 last quarter. William Blair Investment Management LLC acquired a new stake in Renasant during the 2nd quarter worth about $32,882,000. Finally, State Street Corp raised its position in shares of Renasant by 14.1% in the 2nd quarter. State Street Corp now owns 4,812,696 shares of the company’s stock worth $172,920,000 after acquiring an additional 595,609 shares in the last quarter. 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 value of $1,535,800.00. Following the completion of the sale, the director owned 211,458 shares in the company, 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 is available through this hyperlink. Also, Director Connie L. Engel sold 1,257 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $40.90, for a total transaction of $51,411.30. Following the completion of the sale, the director owned 15,449 shares of the company’s stock, valued at approximately $631,864.10. This represents a 7.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.07% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Hovde Group upped their target price on Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. TD Cowen increased their price target on Renasant from $48.00 to $49.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Weiss Ratings upgraded shares of Renasant from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Finally, 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 report on Thursday, July 30th. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Renasant has an average rating of “Buy” and an average target price of $47.67.

Renasant Stock Performance

Shares of Renasant stock opened at $41.05 on Thursday. Renasant Corp has a 52 week low of $33.04 and a 52 week 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 business has a 50 day moving average price of $42.89 and a 200-day moving average price of $40.48. The company has a market cap of $3.75 billion, a PE ratio of 12.29 and a beta of 0.98.

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

Renasant Dividend Announcement

The company 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 dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Wednesday, September 16th. Renasant’s payout ratio is currently 28.74%.

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.