Maverick Capital Ltd. Takes Position in Renasant Corp $RNST

Maverick Capital Ltd. acquired a new stake in Renasant Corp (NYSE:RNST) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 27,863 shares of the company’s stock, valued at approximately $1,007,000.

Other large investors have also bought and sold shares of the company. Dimensional Fund Advisors LP raised its holdings in 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 buying an additional 61,674 shares during the period. State Street Corp boosted its holdings 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 during the period. Wellington Management Group LLP increased its position in shares of Renasant by 4.3% during the fourth quarter. Wellington Management Group LLP now owns 3,089,186 shares of the company’s stock worth $108,801,000 after acquiring an additional 126,405 shares in the last quarter. Invesco Ltd. increased its position in shares of 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 acquiring an additional 14,301 shares in the last quarter. Finally, Channing Capital Management LLC raised its holdings 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 period. 77.31% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. TD Cowen reaffirmed a “buy” rating on shares of Renasant in a research note on Thursday, April 30th. Weiss Ratings reissued a “buy (b-)” rating on shares of Renasant in a research note on Friday, June 5th. Finally, Hovde Group boosted their price target on Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. Three analysts have rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average price target of $45.50.

Renasant Trading Up 1.5%

Shares of NYSE:RNST opened at $43.97 on Wednesday. The company’s 50-day moving average price is $42.17 and its two-hundred day moving average price is $39.69. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.90 and a quick ratio of 0.89. Renasant Corp has a one year low of $33.04 and a one year high of $44.50. The stock has a market capitalization of $4.06 billion, a PE ratio of 18.25 and a beta of 0.96.

Renasant (NYSE:RNST) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $0.94 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 8.17% and a net margin of 14.47%.During the same quarter last year, the company earned $0.01 EPS. On average, equities analysts forecast that Renasant Corp will post 3.73 EPS for the current fiscal year.

Insider Activity at Renasant

In other Renasant news, Director Connie L. Engel sold 1,257 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $40.90, for a total value of $51,411.30. Following the completion of the transaction, the director directly owned 15,449 shares in the company, valued at $631,864.10. This trade represents a 7.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $39.50, for a total value of $501,808.00. Following the completion of the transaction, the insider owned 183,235 shares of the company’s stock, valued at approximately $7,237,782.50. This represents a 6.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 15,611 shares of company stock valued at $618,889. Insiders own 2.07% of the company’s stock.

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.