Cibc World Market Inc. Takes Position in Renasant Corp $RNST

Cibc World Market Inc. bought a new stake in Renasant Corp (NYSE:RNST) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 118,120 shares of the company’s stock, valued at approximately $5,025,000. Cibc World Market Inc. owned 0.13% of Renasant at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in RNST. UBS Group AG raised its holdings in shares of Renasant by 27.0% in the 4th quarter. UBS Group AG now owns 367,464 shares of the company’s stock valued at $12,942,000 after acquiring an additional 78,037 shares in the last quarter. Hsbc Holdings PLC purchased a new position in shares of Renasant during the first quarter worth about $1,822,000. William Blair Investment Management LLC increased its position in shares of Renasant by 10.0% in the fourth quarter. William Blair Investment Management LLC now owns 948,159 shares of the company’s stock worth $33,394,000 after purchasing an additional 85,961 shares during the last quarter. Principal Financial Group Inc. increased its position 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 purchasing an additional 808,316 shares during the last quarter. Finally, BlackRock Inc. purchased a new stake in Renasant in the second quarter valued at approximately $566,683,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Insider Buying and Selling at Renasant

In related news, Director Connie L. Engel sold 1,257 shares of Renasant stock in a transaction on Friday, May 29th. The shares were sold at an average price of $40.90, for a total value of $51,411.30. Following the transaction, the director owned 15,449 shares in the company, valued at $631,864.10. This trade represents a 7.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 completion of the transaction, the director owned 211,458 shares in the company, valued at approximately $9,278,777.04. The trade was a 14.20% decrease in their position. The SEC filing for this sale provides additional information. 2.07% of the stock is currently owned by company insiders.

Renasant Stock Performance

Shares of NYSE RNST opened at $40.99 on Wednesday. The stock’s 50-day moving average is $42.89 and its 200 day moving average is $40.48. The stock has a market cap of $3.75 billion, a price-to-earnings ratio of 12.27 and a beta of 0.98. Renasant Corp has a 1-year low of $33.04 and a 1-year high of $44.54. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.21.

Renasant (NYSE:RNST) last issued its 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 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 in the prior year, the firm earned $0.01 earnings per share. On average, sell-side analysts anticipate that Renasant Corp will post 3.79 EPS for the current fiscal year.

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.96 annualized dividend and a dividend yield of 2.3%. Renasant’s dividend payout ratio (DPR) is currently 28.74%.

Analyst Ratings Changes

Several brokerages have issued reports on RNST. Weiss Ratings upgraded shares of Renasant from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Hovde Group increased their price target on shares of 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 price objective on shares of Renasant from $48.00 to $49.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Finally, Piper Sandler lifted their price objective on shares of Renasant from $46.00 to $48.00 and gave the stock an “overweight” rating in a report on Thursday, July 30th. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target 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.