Deutsche Bank AG Buys New Stake in Renasant Corp $RNST

Deutsche Bank AG purchased a new position in shares of Renasant Corp (NYSE:RNST) in the second quarter, HoldingsChannel reports. The institutional investor purchased 98,199 shares of the company’s stock, valued at approximately $4,177,000.

Other hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new stake in Renasant during the 2nd quarter valued at $34,486,000. Principal Financial Group Inc. increased its stake in Renasant by 178.5% during the 1st quarter. Principal Financial Group Inc. now owns 1,261,160 shares of the company’s stock worth $45,566,000 after buying an additional 808,316 shares during the period. State Street Corp lifted its holdings in Renasant by 14.1% in the 2nd quarter. State Street Corp now owns 4,812,696 shares of the company’s stock worth $172,920,000 after buying an additional 595,609 shares in the last quarter. Channing Capital Management LLC lifted its holdings in Renasant by 35.0% in the 4th 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 in the last quarter. Finally, Deprince Race & Zollo Inc. boosted its position in Renasant by 76.8% in the 1st quarter. Deprince Race & Zollo Inc. now owns 976,243 shares of the company’s stock valued at $35,272,000 after buying an additional 423,963 shares during the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Piper Sandler raised their target price on Renasant from $46.00 to $48.00 and gave the company 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 note on Tuesday, August 11th. TD Cowen lifted their price objective on Renasant from $48.00 to $49.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, Hovde Group increased 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. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $47.67.

Insider Activity at Renasant

In other news, Director Connie L. Engel sold 1,257 shares of the business’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 sale, the director directly owned 15,449 shares in the company, valued at approximately $631,864.10. The trade was a 7.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Edward Robinson Mcgraw sold 35,000 shares of the business’s stock in a transaction that occurred 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 sale, the director owned 211,458 shares of the company’s stock, valued at $9,278,777.04. This trade represents a 14.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.07% of the stock is currently owned by company insiders.

Renasant Stock Performance

Shares of Renasant stock opened at $40.99 on Wednesday. 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 1 year low of $33.04 and a 1 year high of $44.54. The firm’s 50-day simple moving average is $42.89 and its 200-day simple moving average is $40.48. The firm has a market cap of $3.75 billion, a PE ratio of 12.27 and a beta of 0.98.

Renasant (NYSE:RNST) last posted its quarterly earnings results on Tuesday, July 28th. The company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.03. The business had revenue of $573.62 million during 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 period last year, the firm earned $0.01 earnings per share. Equities analysts forecast that Renasant Corp will post 3.79 earnings per share for the current fiscal year.

Renasant Dividend Announcement

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

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.