Allspring Global Investments Holdings LLC Reduces Position in Renasant Corp $RNST

Allspring Global Investments Holdings LLC trimmed its holdings in Renasant Corp (NYSE:RNST) by 6.2% during the first quarter, HoldingsChannel reports. The firm owned 1,577,212 shares of the company’s stock after selling 104,113 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Renasant were worth $58,215,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. First Horizon Corp grew its holdings in Renasant by 56.3% in the 4th quarter. First Horizon Corp now owns 1,080 shares of the company’s stock valued at $38,000 after buying an additional 389 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Renasant by 42.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company’s stock worth $42,000 after acquiring an additional 345 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in shares of Renasant by 241.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the company’s stock worth $43,000 after acquiring an additional 867 shares during the period. Los Angeles Capital Management LLC acquired a new position in shares of Renasant during the 4th quarter valued at about $60,000. Finally, State of Wyoming boosted its position in shares of Renasant by 31.8% during the 4th quarter. State of Wyoming now owns 1,832 shares of the company’s stock valued at $65,000 after acquiring an additional 442 shares during the last quarter. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Renasant

In other news, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $39.50, for a total value of $501,808.00. Following the transaction, the insider owned 183,235 shares of the company’s stock, valued at approximately $7,237,782.50. The trade was a 6.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Albert J. Dale III sold 1,650 shares of the company’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $39.80, for a total transaction of $65,670.00. Following the transaction, the director owned 40,075 shares of the company’s stock, valued at approximately $1,594,985. The trade was a 3.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 15,611 shares of company stock valued at $618,889 in the last ninety days. Insiders own 2.07% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Hovde Group increased their price target on shares of Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, April 29th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Renasant in a research report on Friday, June 5th. Finally, TD Cowen restated a “buy” rating on shares of Renasant in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $45.50.

Renasant Stock Down 1.4%

Shares of Renasant stock opened at $43.63 on Friday. Renasant Corp has a 52-week low of $33.04 and a 52-week high of $44.50. The company has a 50 day moving average of $41.63 and a 200 day moving average of $39.28. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $4.03 billion, a P/E ratio of 18.10 and a beta of 0.96.

Renasant (NYSE:RNST) last announced 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. The company had revenue of $278.49 million during the quarter, compared to the consensus estimate of $275.71 million. Renasant had a return on equity of 8.17% and a net margin of 14.47%.During the same period in the previous year, the business earned $0.65 EPS. As a group, research analysts forecast that Renasant Corp will post 3.73 EPS for the current fiscal year.

Renasant Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a $0.24 dividend. This is a boost from Renasant’s previous quarterly dividend of $0.23. The ex-dividend date was Tuesday, June 16th. This represents a $0.96 annualized dividend and a yield of 2.2%. Renasant’s payout ratio is presently 39.83%.

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. 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.