Renasant Co. (NASDAQ:RNST) Shares Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company increased its position in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 61.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 652,292 shares of the financial services provider's stock after buying an additional 249,331 shares during the period. The Manufacturers Life Insurance Company owned about 1.03% of Renasant worth $21,199,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its stake in shares of Renasant by 1.7% in the third quarter. Victory Capital Management Inc. now owns 3,955,366 shares of the financial services provider's stock worth $128,549,000 after acquiring an additional 65,777 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Renasant by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,887,606 shares of the financial services provider's stock worth $118,725,000 after purchasing an additional 22,821 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Renasant by 21.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider's stock valued at $56,775,000 after buying an additional 303,945 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Renasant by 21.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 734,744 shares of the financial services provider's stock worth $23,879,000 after buying an additional 131,821 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Renasant by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 562,008 shares of the financial services provider's stock worth $17,164,000 after buying an additional 11,828 shares during the last quarter. Institutional investors and hedge funds own 77.31% of the company's stock.

Renasant Stock Performance

RNST traded down $0.26 during trading on Friday, reaching $37.62. 225,264 shares of the company were exchanged, compared to its average volume of 448,844. 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 market cap of $2.39 billion, a P/E ratio of 12.25 and a beta of 1.01. Renasant Co. has a 52 week low of $26.28 and a 52 week high of $39.47. The firm has a 50 day moving average of $34.53 and a 200 day moving average of $32.88.

Renasant (NASDAQ:RNST - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.07. Renasant had a net margin of 16.83% and a return on equity of 6.70%. The business had revenue of $318.34 million for the quarter, compared to analysts' expectations of $184.73 million. During the same quarter last year, the company earned $0.75 EPS. On average, sell-side analysts forecast that Renasant Co. will post 2.65 EPS for the current fiscal year.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend is Wednesday, December 18th. Renasant's payout ratio is currently 28.66%.

Insider Activity at Renasant

In other news, Director John Creekmore sold 3,000 shares of the business's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total value of $114,000.00. Following the sale, the director now owns 24,057 shares of the company's stock, valued at approximately $914,166. The trade was a 11.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.82% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Hovde Group lowered shares of Renasant from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th. Piper Sandler raised Renasant from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $34.00 to $40.00 in a report on Monday, August 5th. Finally, Truist Financial cut their price objective on Renasant from $38.00 to $37.00 and set a "hold" rating on the stock in a research note on Friday, September 20th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $39.33.

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. 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.