Renasant Co. (NASDAQ:RNST) Stake Lessened by Alliancebernstein L.P.

Alliancebernstein L.P. trimmed its stake in shares of Renasant Co. (NASDAQ:RNST) by 39.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 60,825 shares of the financial services provider’s stock after selling 40,000 shares during the quarter. Alliancebernstein L.P. owned approximately 0.10% of Renasant worth $2,174,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in RNST. Vanguard Group Inc. increased its holdings in Renasant by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 7,207,451 shares of the financial services provider’s stock valued at $257,666,000 after buying an additional 50,934 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Renasant by 0.5% during the fourth quarter. Victory Capital Management Inc. now owns 3,973,413 shares of the financial services provider’s stock worth $142,050,000 after purchasing an additional 18,047 shares during the last quarter. Geode Capital Management LLC lifted its stake in Renasant by 12.0% during the third quarter. Geode Capital Management LLC now owns 1,428,038 shares of the financial services provider’s stock worth $46,420,000 after purchasing an additional 153,086 shares during the last quarter. Jennison Associates LLC increased its stake in Renasant by 204.9% during the fourth quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider’s stock valued at $41,963,000 after purchasing an additional 788,762 shares during the last quarter. Finally, William Blair Investment Management LLC bought a new stake in Renasant during the fourth quarter valued at $36,987,000. 77.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on RNST. Piper Sandler increased their price objective on shares of Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. StockNews.com cut Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Stephens boosted their price objective on Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $46.00 price objective (up from $45.00) on shares of Renasant in a research note on Thursday, January 30th. Finally, Raymond James cut their target price on Renasant from $44.00 to $40.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $42.17.

Insider Transactions at Renasant

In other Renasant news, CAO Kelly Hutcheson sold 1,310 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $36.72, for a total transaction of $48,103.20. Following the completion of the transaction, the chief accounting officer now directly owns 17,586 shares of the company’s stock, valued at approximately $645,757.92. This trade represents a 6.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.81% of the company’s stock.

Renasant Stock Up 0.3 %

RNST opened at $28.01 on Thursday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. Renasant Co. has a 12 month low of $26.97 and a 12 month high of $39.63. The stock’s 50 day moving average price is $34.02 and its 200 day moving average price is $35.13. The stock has a market cap of $1.78 billion, a P/E ratio of 8.57 and a beta of 0.93.

Renasant Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a dividend of $0.22 per share. The ex-dividend date was Monday, March 17th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.14%. Renasant’s dividend payout ratio (DPR) is 26.91%.

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.