Renasant Co. (NASDAQ:RNST) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. reduced its stake in Renasant Co. (NASDAQ:RNST - Free Report) by 4.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,799,300 shares of the financial services provider's stock after selling 174,113 shares during the quarter. Victory Capital Management Inc. owned about 5.97% of Renasant worth $128,910,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Edgestream Partners L.P. increased its stake in shares of Renasant by 362.4% in the first quarter. Edgestream Partners L.P. now owns 139,822 shares of the financial services provider's stock worth $4,744,000 after buying an additional 109,581 shares during the period. CWM LLC increased its stake in shares of Renasant by 42.7% in the first quarter. CWM LLC now owns 1,330 shares of the financial services provider's stock worth $45,000 after buying an additional 398 shares during the period. Mutual of America Capital Management LLC increased its stake in shares of Renasant by 39.2% in the first quarter. Mutual of America Capital Management LLC now owns 13,404 shares of the financial services provider's stock worth $455,000 after buying an additional 3,775 shares during the period. Alps Advisors Inc. purchased a new position in shares of Renasant in the first quarter worth $350,000. Finally, Banque Pictet & Cie SA purchased a new position in shares of Renasant in the first quarter worth $512,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

Renasant Trading Down 0.8%

RNST stock traded down $0.32 during midday trading on Friday, reaching $38.75. The company's stock had a trading volume of 590,851 shares, compared to its average volume of 697,955. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The stock has a fifty day simple moving average of $36.16 and a two-hundred day simple moving average of $34.99. Renasant Co. has a 1 year low of $26.97 and a 1 year high of $39.63. The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of 11.85 and a beta of 0.90.

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

Renasant Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.27%. The ex-dividend date was Monday, June 16th. Renasant's dividend payout ratio is currently 27.33%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on RNST shares. Keefe, Bruyette & Woods reduced their price objective on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. Raymond James Financial upgraded shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 target price on the stock in a report on Thursday, April 24th. Finally, Hovde Group boosted their target price on shares of Renasant from $34.50 to $35.00 and gave the company a "market perform" rating in a report on Monday, April 28th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Renasant currently has a consensus rating of "Moderate Buy" and a consensus price target of $41.00.

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.