Renasant Co. $RNST Stake Lessened by Philadelphia Financial Management of San Francisco LLC

Key Points

• Philadelphia Financial Management of San Francisco LLC decreased its stake in Renasant Co. by 29.6%, selling 75,589 shares during the first quarter and reducing its ownership to 180,039 shares valued at approximately $6.1 million.
• The company recently announced a **quarterly dividend** of $0.22 per share, reflecting an annualized yield of 2.2%, with the ex-dividend date set for September 16th.
• Renasant has received a consensus rating of **"Moderate Buy"** from analysts, with price targets updated to an average of $41.67 following positive reports from Hovde Group and Raymond James Financial.

Philadelphia Financial Management of San Francisco LLC reduced its stake in Renasant Co. (NASDAQ:RNST - Free Report) by 29.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 180,039 shares of the financial services provider's stock after selling 75,589 shares during the period. Philadelphia Financial Management of San Francisco LLC owned approximately 0.28% of Renasant worth $6,109,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Renasant by 22.0% in the first quarter. Vanguard Group Inc. now owns 8,789,556 shares of the financial services provider's stock worth $298,230,000 after acquiring an additional 1,582,105 shares in the last quarter. Westwood Holdings Group Inc. lifted its stake in shares of Renasant by 20.6% in the first quarter. Westwood Holdings Group Inc. now owns 2,121,838 shares of the financial services provider's stock worth $71,994,000 after acquiring an additional 362,835 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Renasant by 4.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,825,410 shares of the financial services provider's stock worth $62,228,000 after acquiring an additional 82,170 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Renasant by 232.8% in the first quarter. Wellington Management Group LLP now owns 1,590,935 shares of the financial services provider's stock worth $53,980,000 after acquiring an additional 1,112,946 shares in the last quarter. Finally, Jennison Associates LLC lifted its stake in shares of Renasant by 33.5% in the first quarter. Jennison Associates LLC now owns 1,567,120 shares of the financial services provider's stock worth $53,172,000 after acquiring an additional 393,319 shares in the last quarter. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently commented on RNST shares. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Renasant in a research report on Wednesday, July 23rd. Hovde Group increased their price target on shares of Renasant from $35.00 to $39.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $41.67.

Renasant Price Performance

NASDAQ RNST traded down $0.84 on Thursday, reaching $37.80. 651,594 shares of the stock traded hands, compared to its average volume of 710,021. The firm's fifty day simple moving average is $37.91 and its 200 day simple moving average is $35.18. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The company has a market cap of $3.59 billion, a price-to-earnings ratio of 11.56 and a beta of 0.93. Renasant Co. has a 12 month low of $26.97 and a 12 month high of $40.40.

Renasant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.3%. The ex-dividend date is Tuesday, September 16th. Renasant's payout ratio is presently 34.65%.

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.