Allspring Global Investments Holdings LLC Decreases Holdings in Renasant Corp $RNST

Key Points

• Allspring Global Investments cut its Renasant stake by 6.2% in the first quarter, selling 104,113 shares and leaving it with 1.58 million shares valued at about $58.2 million.
• Analysts remain constructive on Renasant (NYSE:RNST), with a consensus rating of “Buy” and an average price target of $45.50; Hovde Group recently raised its target to $46.
• The bank reported better-than-expected quarterly results, posting EPS of $0.93 versus estimates of $0.84, and also increased its quarterly dividend to $0.24 per share from $0.23.

Allspring Global Investments Holdings LLC decreased its holdings in Renasant Corp (NYSE:RNST - Free Report) by 6.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,577,212 shares of the company's stock after selling 104,113 shares during the quarter. Allspring Global Investments Holdings LLC owned 1.68% of Renasant worth $58,215,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in RNST. Maryland State Retirement & Pension System boosted its position in shares of Renasant by 2.0% in the fourth quarter. Maryland State Retirement & Pension System now owns 13,939 shares of the company's stock worth $491,000 after purchasing an additional 279 shares during the period. Oregon Public Employees Retirement Fund raised its position in shares of Renasant by 1.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 21,701 shares of the company's stock valued at $764,000 after purchasing an additional 300 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of Renasant by 27.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,464 shares of the company's stock valued at $52,000 after buying an additional 312 shares in the last quarter. CIBC Asset Management Inc lifted its stake in shares of Renasant by 4.0% during the 4th quarter. CIBC Asset Management Inc now owns 9,296 shares of the company's stock valued at $327,000 after buying an additional 359 shares in the last quarter. Finally, Lido Advisors LLC boosted its holdings in Renasant by 4.0% in the 4th quarter. Lido Advisors LLC now owns 9,615 shares of the company's stock worth $352,000 after buying an additional 368 shares during the period. 77.31% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

RNST has been the subject of several research analyst reports. Weiss Ratings reiterated a "buy (b-)" rating on shares of Renasant in a research report on Friday, June 5th. TD Cowen reissued a "buy" rating on shares of Renasant in a report on Thursday, April 30th. Finally, Hovde Group upped their price target on Renasant from $44.00 to $46.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $45.50.

Insider Activity at Renasant

In other news, Director Connie L. Engel sold 1,257 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $40.90, for a total transaction of $51,411.30. Following the completion of the sale, the director owned 15,449 shares in the company, valued at approximately $631,864.10. This represents a 7.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman C Mitchell Waycaster sold 12,704 shares of Renasant stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $39.50, for a total transaction of $501,808.00. Following the sale, 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 disclosure for this sale is available in the SEC filing. Insiders sold 15,611 shares of company stock valued at $618,889 over the last 90 days. Insiders own 2.07% of the company's stock.

Renasant Price Performance

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

Renasant (NYSE:RNST - Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $0.93 EPS for the quarter, topping analysts' consensus estimates of $0.84 by $0.09. Renasant had a net margin of 14.47% and a return on equity of 8.17%. The business had revenue of $278.49 million for the quarter, compared to the consensus estimate of $275.71 million. During the same period in the prior year, the firm earned $0.65 EPS. As a group, sell-side analysts anticipate that Renasant Corp will post 3.73 EPS for the current year.

Renasant Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This is a positive change from Renasant's previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. Renasant's dividend payout ratio is currently 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.

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