Edward Robinson Mcgraw Sells 35,000 Shares of Renasant (NYSE:RNST) Stock

Renasant Corp (NYSE:RNST) Director Edward Robinson Mcgraw sold 35,000 shares of the 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 directly owned 211,458 shares of the company’s stock, valued at $9,278,777.04. This represents a 14.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Renasant Price Performance

Shares of NYSE RNST opened at $44.29 on Wednesday. The company has a fifty day moving average price of $42.43 and a 200 day moving average price of $39.96. The firm has a market cap of $4.09 billion, a PE ratio of 13.26 and a beta of 0.98. 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 Corp has a 1-year low of $33.04 and a 1-year high of $44.54.

Renasant (NYSE:RNST) last released its quarterly earnings results on Tuesday, July 28th. The company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.03. The firm had revenue of $273.94 million for 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 last year, the business posted $0.01 EPS. Research analysts predict that Renasant Corp will post 3.79 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its stake in shares of Renasant by 1.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,328,672 shares of the company’s stock worth $192,521,000 after purchasing an additional 61,674 shares in the last quarter. State Street Corp grew its stake in shares of Renasant by 14.1% in the second quarter. State Street Corp now owns 4,812,696 shares of the company’s stock valued at $172,920,000 after buying an additional 595,609 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Renasant by 4.3% in the fourth quarter. Wellington Management Group LLP now owns 3,089,186 shares of the company’s stock valued at $108,801,000 after buying an additional 126,405 shares in the last quarter. Invesco Ltd. increased its holdings in Renasant by 0.6% during the third quarter. Invesco Ltd. now owns 2,229,966 shares of the company’s stock worth $82,263,000 after buying an additional 14,301 shares during the last quarter. Finally, Channing Capital Management LLC increased its holdings in 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 buying an additional 576,986 shares during the last quarter. 77.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Hovde Group boosted their target price on Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, April 29th. TD Cowen raised their price target on shares of Renasant from $48.00 to $49.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Renasant in a report on Friday, June 5th. Finally, Piper Sandler boosted their price objective on shares of Renasant from $46.00 to $48.00 and gave the stock an “overweight” rating in a research report on Thursday, July 30th. Four investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $47.67.

Renasant Company Profile

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.