Wellington Management Group LLP Buys 1,453,908 Shares of Renasant Corp $RNST

by · The Markets Daily

Wellington Management Group LLP increased its stake in shares of Renasant Corp (NYSE:RNST – Free Report) by 33.6% during the 2nd quarter, Holdings Channel.com reports. The fund owned 5,779,920 shares of the company’s stock after purchasing an additional 1,453,908 shares during the quarter. Wellington Management Group LLP owned 0.06% of Renasant worth $245,878,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of RNST. BlackRock Inc. bought a new stake in Renasant in the second quarter valued at approximately $566,683,000. Bank of New York Mellon Corp bought a new position in shares of Renasant in the second quarter worth approximately $34,486,000. Principal Financial Group Inc. increased its stake in shares of Renasant by 178.5% in the first quarter. Principal Financial Group Inc. now owns 1,261,160 shares of the company’s stock worth $45,566,000 after buying an additional 808,316 shares during the period. The Manufacturers Life Insurance Company purchased a new position in shares of Renasant in the second quarter worth $33,502,000. Finally, William Blair Investment Management LLC bought a new stake in Renasant during the 2nd quarter valued at $32,882,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

Renasant Price Performance

Shares of Renasant stock opened at $41.22 on Monday. 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 market cap of $3.77 billion, a PE ratio of 12.34 and a beta of 0.98. The business has a 50 day moving average of $42.87 and a 200 day moving average of $40.48. Renasant Corp has a 52 week low of $33.04 and a 52 week high of $44.54.

Renasant (NYSE:RNST – Get Free Report) last announced 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. The company had revenue of $573.62 million during the quarter, compared to analyst estimates of $280.71 million. Renasant had a return on equity of 8.67% and a net margin of 19.94%.During the same quarter last year, the firm posted $0.01 earnings per share. As a group, equities research analysts forecast that Renasant Corp will post 3.79 earnings per share for the current year.

Renasant Announces Dividend

The business 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 $0.24 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $0.96 annualized dividend and a yield of 2.3%. Renasant’s dividend payout ratio is 28.74%.

Insider Activity at Renasant

In other news, Director Edward Robinson Mcgraw sold 35,000 shares of Renasant stock in a transaction dated Monday, August 3rd. The shares were 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 of the company’s stock, valued at approximately $9,278,777.04. The trade was a 14.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.07% of the company’s stock.

Analysts Set New Price Targets

RNST has been the subject of several analyst reports. Piper Sandler increased their price target 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. Weiss Ratings upgraded shares of Renasant from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Finally, TD Cowen upped their price objective 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 analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $47.67.

Check Out Our Latest Research Report on RNST

Renasant Company 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.

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