The Manufacturers Life Insurance Company Lowers Holdings in Renasant Corp $RNST

by · The Cerbat Gem

The Manufacturers Life Insurance Company lowered its holdings in Renasant Corp (NYSE:RNST – Free Report) by 14.3% in the first quarter, HoldingsChannel reports. The firm owned 789,454 shares of the company’s stock after selling 132,067 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Renasant were worth $28,523,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Maverick Capital Ltd. purchased a new position in Renasant in the 1st quarter valued at approximately $1,007,000. Quantinno Capital Management LP grew its stake in shares of Renasant by 187.1% in the first quarter. Quantinno Capital Management LP now owns 49,639 shares of the company’s stock worth $1,793,000 after acquiring an additional 32,349 shares in the last quarter. Mendon Capital Advisors Corp increased its position in shares of Renasant by 13.9% during the first quarter. Mendon Capital Advisors Corp now owns 307,500 shares of the company’s stock worth $11,110,000 after acquiring an additional 37,500 shares during the period. Waverly Advisors LLC increased its position in shares of Renasant by 1.2% during the first quarter. Waverly Advisors LLC now owns 39,200 shares of the company’s stock worth $1,416,000 after acquiring an additional 473 shares during the period. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Renasant by 8.0% in the first quarter. Public Employees Retirement System of Ohio now owns 77,960 shares of the company’s stock valued at $2,817,000 after acquiring an additional 5,753 shares in the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

Renasant Trading Up 0.4%

Shares of NYSE:RNST opened at $43.51 on Friday. Renasant Corp has a 52 week low of $33.04 and a 52 week high of $44.50. The company’s 50 day moving average is $42.32 and its two-hundred day moving average is $39.82. The company has a market cap of $4.01 billion, a PE ratio of 13.03 and a beta of 0.96. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 0.21.

Renasant (NYSE:RNST – Get Free Report) last released its quarterly earnings data 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 $273.94 million during the quarter, compared to analysts’ expectations of $280.71 million. Renasant had a net margin of 19.94% and a return on equity of 8.67%. During the same period in the previous year, the company earned $0.01 EPS. Equities analysts predict that Renasant Corp will post 3.75 earnings per share for the current fiscal year.

Insider Activity at Renasant

In other Renasant news, Director Albert J. Dale III sold 1,650 shares of Renasant stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $39.80, for a total transaction of $65,670.00. Following the completion of the sale, the director directly owned 40,075 shares of the company’s stock, valued at $1,594,985. The trade was a 3.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 of the company’s stock, valued at approximately $631,864.10. This represents a 7.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 15,611 shares of company stock valued at $618,889 over the last quarter. 2.07% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Piper Sandler boosted their target price on Renasant from $46.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday. Hovde Group upped their price target on Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Renasant in a research report on Friday, June 5th. Finally, TD Cowen lifted their price objective on Renasant from $48.00 to $49.00 and gave the company a “buy” rating in a research note on Thursday. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $47.67.

View Our Latest Analysis on RNST

Renasant Profile

(Free Report)

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.

Recommended Stories

Want to see what other hedge funds are holding RNST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Renasant Corp (NYSE:RNST – Free Report).