Renasant Corp $RNST Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its stake in shares of Renasant Corp (NYSE:RNST) by 27.2% during the second quarter, Holdings Channel.com reports. The institutional investor owned 165,537 shares of the company’s stock after selling 61,821 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Renasant were worth $7,042,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its stake in Renasant by 42.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company’s stock worth $42,000 after acquiring an additional 345 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its position in Renasant by 241.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the company’s stock worth $43,000 after acquiring an additional 867 shares during the period. FNY Investment Advisers LLC grew its stake in Renasant by 151.9% during the 2nd quarter. FNY Investment Advisers LLC now owns 1,063 shares of the company’s stock valued at $45,000 after purchasing an additional 641 shares during the last quarter. Versant Capital Management Inc grew its stake in Renasant by 33.6% during the 2nd quarter. Versant Capital Management Inc now owns 1,276 shares of the company’s stock valued at $54,000 after purchasing an additional 321 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Renasant in the fourth quarter valued at about $60,000. 77.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RNST has been the subject of several research analyst reports. Piper Sandler raised their price objective on Renasant from $46.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, July 30th. Weiss Ratings upgraded Renasant from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Finally, TD Cowen increased their price target on shares of Renasant from $48.00 to $49.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Four research analysts have rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average target price of $47.67.

Insider Activity

In related news, Director Edward Mcgraw sold 35,000 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $43.88, for a total value of $1,535,800.00. Following the completion of the transaction, the director directly owned 211,458 shares in the company, valued at $9,278,777.04. The trade was a 14.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.07% of the stock is currently owned by corporate insiders.

Renasant Price Performance

NYSE:RNST opened at $41.38 on Tuesday. The firm’s fifty day moving average is $42.63 and its two-hundred day moving average is $40.48. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of 12.39 and a beta of 0.97. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.90 and a current ratio of 0.91. Renasant Corp has a one year low of $33.04 and a one year high of $44.54.

Renasant (NYSE:RNST) last released its quarterly earnings data on Tuesday, July 28th. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.03. Renasant had a return on equity of 8.67% and a net margin of 19.94%.The business had revenue of $573.62 million during the quarter, compared to analyst estimates of $280.71 million. During the same quarter last year, the business posted $0.01 EPS. Research analysts expect that Renasant Corp will post 3.79 EPS for the current year.

Renasant Announces Dividend

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

Renasant 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.