Renasant Co. $RNST Stake Lessened by William Blair Investment Management LLC

William Blair Investment Management LLC decreased its position in shares of Renasant Co. (NASDAQ:RNST) by 5.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 862,198 shares of the financial services provider’s stock after selling 52,314 shares during the quarter. William Blair Investment Management LLC’s holdings in Renasant were worth $31,806,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RNST. First Horizon Corp bought a new stake in shares of Renasant in the 3rd quarter worth $25,000. EverSource Wealth Advisors LLC raised its position in Renasant by 68.7% in the third quarter. EverSource Wealth Advisors LLC now owns 857 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 349 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Renasant in the 2nd quarter valued at about $37,000. PNC Financial Services Group Inc. boosted its position in shares of Renasant by 42.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 345 shares in the last quarter. Finally, Jones Financial Companies Lllp acquired a new position in shares of Renasant in the 1st quarter worth approximately $67,000. 77.31% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Renasant news, EVP Mark Jeanfreau sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $37.88, for a total value of $227,280.00. Following the completion of the sale, the executive vice president owned 65,172 shares in the company, valued at approximately $2,468,715.36. This trade represents a 8.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James C. Iv Mabry sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $37.83, for a total value of $472,875.00. Following the sale, the chief financial officer owned 105,337 shares in the company, valued at approximately $3,984,898.71. This represents a 10.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.81% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Hovde Group increased their target price on shares of Renasant from $41.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, January 30th. TD Cowen reiterated a “buy” rating on shares of Renasant in a research report on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $43.00.

Renasant Price Performance

RNST opened at $37.60 on Monday. The stock has a market cap of $3.57 billion, a price-to-earnings ratio of 11.50 and a beta of 0.99. Renasant Co. has a 1 year low of $26.97 and a 1 year high of $42.11. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The stock has a fifty day moving average price of $37.95 and a 200 day moving average price of $36.97.

Renasant (NASDAQ:RNST) last released its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.11. The business had revenue of $216.11 million for the quarter, compared to the consensus estimate of $275.40 million. Renasant had a net margin of 17.91% and a return on equity of 6.58%. During the same quarter last year, the firm earned $0.73 EPS. Analysts forecast that Renasant Co. will post 2.68 EPS for the current fiscal year.

Renasant Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Tuesday, March 17th. Renasant’s payout ratio is currently 43.40%.

Renasant Profile

Renasant Corporation is a financial holding company providing banking and related services through its primary subsidiary, Renasant Bank. With origins dating back to 1904 in Tupelo, Mississippi, the company offers a comprehensive suite of commercial and consumer banking products, including deposit accounts, lending and treasury management services. Renasant serves individuals, small businesses and corporate clients across the southeastern United States.

The company operates more than 110 banking offices across Mississippi, Alabama, Tennessee, Florida and Georgia, supplemented by a network of ATMs and digital platforms.