The Manufacturers Life Insurance Company Decreases Holdings in Renasant Co. (NASDAQ:RNST)

The Manufacturers Life Insurance Company decreased its stake in Renasant Co. (NASDAQ:RNST - Free Report) by 4.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 402,961 shares of the financial services provider's stock after selling 19,104 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.63% of Renasant worth $12,306,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Empowered Funds LLC boosted its stake in shares of Renasant by 22.2% in the first quarter. Empowered Funds LLC now owns 168,469 shares of the financial services provider's stock worth $5,276,000 after buying an additional 30,630 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Renasant by 74.7% in the 1st quarter. BNP Paribas Financial Markets now owns 41,701 shares of the financial services provider's stock worth $1,306,000 after purchasing an additional 17,836 shares during the period. Edgestream Partners L.P. acquired a new position in Renasant in the 1st quarter worth about $4,124,000. Frontier Capital Management Co. LLC raised its holdings in Renasant by 6.5% in the 4th quarter. Frontier Capital Management Co. LLC now owns 744,338 shares of the financial services provider's stock worth $25,069,000 after purchasing an additional 45,461 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in Renasant by 4.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 830,687 shares of the financial services provider's stock worth $27,978,000 after purchasing an additional 38,036 shares during the period. Hedge funds and other institutional investors own 77.31% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RNST. Hovde Group raised Renasant from a "market perform" rating to an "outperform" rating and upped their price target for the stock from $38.00 to $39.00 in a report on Monday, August 5th. Keefe, Bruyette & Woods raised Renasant from a "market perform" rating to an "outperform" rating and increased their price target for the company from $36.00 to $40.00 in a report on Friday, August 2nd. Stephens raised Renasant from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $34.00 to $41.00 in a report on Wednesday, July 31st. Piper Sandler raised Renasant from a "neutral" rating to an "overweight" rating and increased their price target for the company from $34.00 to $40.00 in a report on Monday, August 5th. Finally, Truist Financial cut their price target on Renasant from $38.00 to $37.00 and set a "hold" rating for the company in a report on Friday, September 20th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $39.33.

Renasant Trading Up 1.5 %

Renasant stock traded up $0.48 during mid-day trading on Friday, hitting $31.86. The company's stock had a trading volume of 425,875 shares, compared to its average volume of 395,467. The firm has a market capitalization of $1.79 billion, a PE ratio of 12.95 and a beta of 1.02. Renasant Co. has a 1 year low of $22.99 and a 1 year high of $37.40. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18. The stock's fifty day moving average is $33.13 and its two-hundred day moving average is $31.38.

Renasant (NASDAQ:RNST - Get Free Report) last released its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 EPS for the quarter, topping the consensus estimate of $0.66 by $0.03. Renasant had a return on equity of 6.98% and a net margin of 15.04%. The business had revenue of $163.79 million during the quarter, compared to analyst estimates of $166.05 million. During the same period last year, the business posted $0.83 earnings per share. The company's quarterly revenue was up 11.1% on a year-over-year basis. On average, analysts anticipate that Renasant Co. will post 2.54 EPS for the current year.

Renasant Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a $0.22 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.88 dividend on an annualized basis and a yield of 2.76%. Renasant's dividend payout ratio (DPR) is presently 35.77%.

About Renasant

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. The company operates through Community Banks, Insurance, and Wealth Management segments. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and factoring equipment leasing services, as well as safe deposit and night depository facilities.