Allspring Global Investments Holdings LLC Trims Stake in Renasant Corp $RNST

Allspring Global Investments Holdings LLC lowered its position in Renasant Corp (NYSE:RNST) by 4.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,681,325 shares of the company’s stock after selling 87,342 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.77% of Renasant worth $59,468,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. First Horizon Corp purchased a new stake in shares of Renasant in the third quarter worth approximately $25,000. EverSource Wealth Advisors LLC boosted its holdings in Renasant by 68.7% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 857 shares of the company’s stock valued at $32,000 after acquiring an additional 349 shares during the period. PNC Financial Services Group Inc. grew its position in Renasant by 42.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company’s stock valued at $42,000 after acquiring an additional 345 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in Renasant in the first quarter worth $67,000. Finally, Danske Bank A S purchased a new stake in Renasant in the third quarter worth $85,000. Institutional investors own 77.31% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Mark Jeanfreau sold 6,000 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $37.88, for a total transaction of $227,280.00. Following the sale, the executive vice president owned 65,172 shares of the company’s stock, valued at $2,468,715.36. This trade represents a 8.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO James C. Iv Mabry sold 12,500 shares of Renasant stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $37.83, for a total value of $472,875.00. Following the completion of the transaction, the chief financial officer owned 105,337 shares in the company, valued at $3,984,898.71. This trade represents a 10.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 19,850 shares of company stock worth $752,333 over the last 90 days. Company insiders own 2.81% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on RNST shares. Hovde Group raised their price target on shares of Renasant from $41.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Wall Street Zen raised shares of Renasant from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Weiss Ratings upgraded shares of Renasant from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, March 10th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Renasant in a research report on Thursday, January 29th. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $43.00.

Renasant Stock Performance

NYSE RNST opened at $36.97 on Thursday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.13. The stock has a market cap of $3.48 billion, a P/E ratio of 17.44 and a beta of 0.95. The firm’s 50-day simple moving average is $38.00. Renasant Corp has a one year low of $26.97 and a one year high of $42.11.

Renasant (NYSE:RNST) last announced its quarterly earnings results on Tuesday, January 27th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.11. Renasant had a net margin of 12.55% and a return on equity of 7.53%. The firm had revenue of $278.52 million during the quarter, compared to analysts’ expectations of $269.00 million.

Renasant Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were issued a dividend of $0.23 per share. The ex-dividend date was Tuesday, March 17th. This represents a $0.92 dividend on an annualized basis and a yield of 2.5%. Renasant’s dividend payout ratio is currently 43.40%.

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.