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

by · The Markets Daily

Renasant Corp (NYSE:RNST – Get Free Report) Director Edward Robinson Mcgraw sold 35,000 shares of Renasant stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $43.88, for a total transaction of $1,535,800.00. Following 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Renasant Stock Performance

Renasant stock traded up $0.34 on Monday, hitting $43.91. The company’s stock had a trading volume of 518,056 shares, compared to its average volume of 720,195. The firm has a market cap of $4.05 billion, a P/E ratio of 13.15 and a beta of 0.98. 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 company has a fifty day moving average price of $42.32 and a 200-day moving average price of $39.84. Renasant Corp has a one year low of $33.04 and a one year high of $44.50.

Renasant (NYSE:RNST – Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.03. The company 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 quarter in the prior year, the company posted $0.01 EPS. On average, equities analysts anticipate that Renasant Corp will post 3.77 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RNST. Weiss Ratings reissued a “buy (b-)” rating on shares of Renasant in a research report on Friday, June 5th. Hovde Group increased their target price on Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. TD Cowen raised their target price on Renasant from $48.00 to $49.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Piper Sandler boosted their price target on Renasant from $46.00 to $48.00 and gave the company an “overweight” 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 presently has a consensus rating of “Buy” and a consensus price target of $47.67.

Read Our Latest Research Report on RNST

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. boosted its position in Renasant by 178.5% in the 1st quarter. Principal Financial Group Inc. now owns 1,261,160 shares of the company’s stock valued at $45,566,000 after buying an additional 808,316 shares during the last quarter. State Street Corp raised its position in shares of Renasant by 14.1% during the second 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 during the last quarter. Channing Capital Management LLC raised its position in shares of Renasant by 35.0% during the fourth quarter. Channing Capital Management LLC now owns 2,225,536 shares of the company’s stock worth $78,383,000 after acquiring an additional 576,986 shares during the last quarter. Deprince Race & Zollo Inc. lifted its stake in shares of Renasant by 76.8% during the first quarter. Deprince Race & Zollo Inc. now owns 976,243 shares of the company’s stock valued at $35,272,000 after acquiring an additional 423,963 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of Renasant by 15.3% during the third quarter. Wellington Management Group LLP now owns 2,962,781 shares of the company’s stock valued at $109,297,000 after acquiring an additional 394,249 shares during the period. 77.31% of the stock is owned by institutional investors.

Renasant Company Profile

(Get 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.

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