Bank of New York Mellon Corp Reduces Stock Position in Renasant Corp $RNST

Bank of New York Mellon Corp cut its holdings in Renasant Corp (NYSE:RNST) by 1.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 806,225 shares of the company’s stock after selling 15,201 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.86% of Renasant worth $29,129,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. raised its holdings in shares of Renasant by 178.5% during the first quarter. Principal Financial Group Inc. now owns 1,261,160 shares of the company’s stock valued at $45,566,000 after acquiring an additional 808,316 shares in the last quarter. State Street Corp boosted its holdings in shares of Renasant by 14.1% during the 2nd quarter. State Street Corp now owns 4,812,696 shares of the company’s stock valued at $172,920,000 after buying an additional 595,609 shares in the last quarter. Channing Capital Management LLC lifted its position in Renasant by 35.0% during the 4th quarter. Channing Capital Management LLC now owns 2,225,536 shares of the company’s stock valued at $78,383,000 after acquiring an additional 576,986 shares during the period. Deprince Race & Zollo Inc. boosted its stake in Renasant by 76.8% during the first quarter. Deprince Race & Zollo Inc. now owns 976,243 shares of the company’s stock worth $35,272,000 after acquiring an additional 423,963 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in Renasant by 15.3% in the third quarter. Wellington Management Group LLP now owns 2,962,781 shares of the company’s stock worth $109,297,000 after purchasing an additional 394,249 shares during the period. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Renasant Price Performance

Shares of RNST opened at $43.32 on Tuesday. The firm has a fifty day simple moving average of $42.09 and a two-hundred day simple moving average of $39.63. The firm has a market cap of $4.00 billion, a PE ratio of 17.97 and a beta of 0.96. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13. Renasant Corp has a 1-year low of $33.04 and a 1-year high of $44.50.

Renasant (NYSE:RNST) last released its quarterly earnings results on Tuesday, April 28th. The company reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.09. Renasant had a return on equity of 8.17% and a net margin of 14.47%.The firm had revenue of $278.49 million for the quarter, compared to the consensus estimate of $275.71 million. During the same period last year, the business posted $0.65 EPS. On average, equities analysts anticipate that Renasant Corp will post 3.73 EPS for the current year.

Wall Street Analysts Forecast Growth

RNST has been the subject of several recent research reports. Hovde Group lifted their target price on shares of Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. Weiss Ratings restated a “buy (b-)” rating on shares of Renasant in a research note on Friday, June 5th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Renasant in a research report on Thursday, April 30th. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $45.50.

Insider Buying and Selling

In other news, Director Connie L. Engel sold 1,257 shares of the company’s stock in a transaction 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 $631,864.10. This represents a 7.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Albert J. Dale III sold 1,650 shares of the firm’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $39.80, for a total value of $65,670.00. Following the completion of the transaction, the director directly owned 40,075 shares in the company, valued at approximately $1,594,985. This represents a 3.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 15,611 shares of company stock valued at $618,889. 2.07% of the stock is owned by insiders.

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.