Russell Investments Group Ltd. Sells 10,756 Shares of Renasant Co. $RNST

Key Points

• Russell Investments Group Ltd. reduced its stake in Renasant Co. by 7.0%, now owning 143,377 shares valued at approximately $4.87 million.
• Renasant has announced a quarterly dividend of $0.22 per share, with a yield of 2.4%, scheduled for payment on September 30th.
• Analysts have varying ratings on Renasant, with an average rating of "Moderate Buy" and a price target set at $41.67.

Russell Investments Group Ltd. cut its stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 7.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 143,377 shares of the financial services provider's stock after selling 10,756 shares during the quarter. Russell Investments Group Ltd. owned 0.23% of Renasant worth $4,865,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Renasant by 22.0% during the 1st 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. boosted its stake in shares of Renasant by 20.6% during the 1st 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 boosted its stake in shares of Renasant by 4.7% during the 1st 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. Jennison Associates LLC boosted its stake in shares of Renasant by 33.5% during the 1st 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. Finally, Deprince Race & Zollo Inc. boosted its stake in shares of Renasant by 63.9% during the 4th quarter. Deprince Race & Zollo Inc. now owns 1,283,577 shares of the financial services provider's stock worth $45,888,000 after acquiring an additional 500,193 shares in the last quarter. 77.31% of the stock is owned by institutional investors.

Renasant Stock Up 0.9%

Shares of NASDAQ:RNST traded up $0.35 on Wednesday, reaching $39.54. The company had a trading volume of 423,116 shares, compared to its average volume of 727,433. Renasant Co. has a twelve month low of $26.97 and a twelve month high of $39.66. The stock has a 50-day moving average price of $37.27 and a 200 day moving average price of $35.11. The stock has a market capitalization of $3.76 billion, a P/E ratio of 12.09 and a beta of 0.94. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

Renasant Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a $0.22 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.2%. Renasant's payout ratio is presently 34.65%.

Analysts Set New Price Targets

Several analysts have recently commented on RNST shares. Keefe, Bruyette & Woods decreased their target price on Renasant from $45.00 to $43.00 and set an "outperform" rating for the company in a research report on Tuesday, May 6th. Hovde Group upped their price objective on shares of Renasant from $35.00 to $39.00 and gave the company a "market perform" rating in a research note on Wednesday, July 23rd. Finally, Raymond James Financial reiterated a "strong-buy" rating on shares of Renasant in a research note on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $41.67.

Renasant 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.