Millennium Management LLC Reduces Holdings in Renasant Co. (NASDAQ:RNST)

Millennium Management LLC reduced its stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 50.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 621,374 shares of the financial services provider's stock after selling 636,189 shares during the period. Millennium Management LLC owned 0.98% of Renasant worth $22,214,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. HighTower Advisors LLC boosted its holdings in shares of Renasant by 3.4% during the fourth quarter. HighTower Advisors LLC now owns 11,503 shares of the financial services provider's stock worth $411,000 after purchasing an additional 377 shares during the last quarter. Bank of Montreal Can boosted its stake in Renasant by 4.1% in the 4th quarter. Bank of Montreal Can now owns 9,619 shares of the financial services provider's stock worth $344,000 after buying an additional 383 shares during the last quarter. Arizona State Retirement System grew its holdings in Renasant by 2.4% in the 4th quarter. Arizona State Retirement System now owns 18,445 shares of the financial services provider's stock valued at $659,000 after buying an additional 424 shares during the period. Sheets Smith Wealth Management increased its stake in shares of Renasant by 3.6% during the 4th quarter. Sheets Smith Wealth Management now owns 12,471 shares of the financial services provider's stock valued at $446,000 after acquiring an additional 438 shares during the last quarter. Finally, Covestor Ltd lifted its holdings in shares of Renasant by 73.7% during the 4th quarter. Covestor Ltd now owns 1,838 shares of the financial services provider's stock worth $66,000 after acquiring an additional 780 shares during the period. Hedge funds and other institutional investors own 77.31% of the company's stock.

Insider Buying and Selling

In other news, CAO Kelly Hutcheson sold 1,310 shares of Renasant stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $36.72, for a total value of $48,103.20. Following the transaction, the chief accounting officer now owns 17,586 shares of the company's stock, valued at $645,757.92. This trade represents a 6.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.81% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

RNST has been the topic of several research analyst reports. Piper Sandler lifted their price objective on Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. Raymond James raised shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price target on the stock in a research report on Thursday, April 24th. Hovde Group increased their price objective on shares of Renasant from $34.50 to $35.00 and gave the stock a "market perform" rating in a research report on Monday, April 28th. Stephens raised their target price on shares of Renasant from $44.00 to $47.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating for the company in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Renasant has a consensus rating of "Moderate Buy" and a consensus target price of $41.00.

Renasant Stock Down 0.7%

RNST stock opened at $35.65 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The firm has a market capitalization of $2.27 billion, a P/E ratio of 10.90 and a beta of 0.86. Renasant Co. has a 52-week low of $26.97 and a 52-week high of $39.63. The company's 50 day simple moving average is $32.37 and its 200-day simple moving average is $35.12.

Renasant (NASDAQ:RNST - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.06. Renasant had a return on equity of 6.58% and a net margin of 17.91%. The firm had revenue of $170.59 million during the quarter, compared to the consensus estimate of $170.38 million. During the same period in the prior year, the business earned $0.65 EPS. As a group, equities research analysts anticipate that Renasant Co. will post 2.68 EPS for the current year.

Renasant Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend is Monday, June 16th. Renasant's payout ratio is presently 27.33%.

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. 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.

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