Victory Capital Management Inc. Sells 174,113 Shares of Renasant Co. (NASDAQ:RNST)

Victory Capital Management Inc. cut its stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 4.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm 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 approximately 5.97% of Renasant worth $128,910,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mascagni Wealth Management Inc. bought a new position in shares of Renasant in the fourth quarter valued at about $44,000. CWM LLC raised its holdings 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 valued at $45,000 after buying an additional 398 shares during the last quarter. Covestor Ltd raised its holdings in shares of Renasant by 73.7% in the fourth quarter. Covestor Ltd now owns 1,838 shares of the financial services provider's stock valued at $66,000 after buying an additional 780 shares during the last quarter. Smith Shellnut Wilson LLC ADV bought a new position in shares of Renasant in the fourth quarter valued at about $201,000. Finally, Cibc World Markets Corp bought a new position in shares of Renasant in the fourth quarter valued at about $209,000. 77.31% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

RNST has been the subject of a number of research analyst reports. Hovde Group lifted their price target on Renasant from $34.50 to $35.00 and gave the company a "market perform" rating in a report on Monday, April 28th. Keefe, Bruyette & Woods dropped their price objective on Renasant from $45.00 to $43.00 and set an "outperform" rating for the company in a report on Tuesday, May 6th. Finally, Raymond James Financial raised Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price objective for the company in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $41.00.

Renasant Stock Down 0.8%

Shares of RNST traded down $0.32 on Friday, hitting $38.75. The company's stock had a trading volume of 590,851 shares, compared to its average volume of 756,109. 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 firm's fifty day moving average price is $36.07 and its 200-day moving average price is $34.98. Renasant Co. has a fifty-two week low of $26.97 and a fifty-two week 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 data on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.06. The business had revenue of $170.59 million during the quarter, compared to analyst estimates of $170.38 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%. During the same period in the previous year, the firm earned $0.65 EPS. On average, equities research analysts expect that Renasant Co. will post 2.68 EPS for the current year.

Renasant Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders 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 payout ratio is 27.33%.

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.