The Manufacturers Life Insurance Company Sells 16,921 Shares of Renasant Co. $RNST

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Renasant Co. by 2.7%, now holding approximately 0.96% of the company's shares valued at about $20.8 million.
• Renasant announced a quarterly dividend of $0.22 per share, representing a 2.3% yield based on an annualized payout of $0.88.
• Research analysts have varying ratings on Renasant, with an average price target of $41.67, indicating a generally positive outlook for the stock.

The Manufacturers Life Insurance Company trimmed its holdings in Renasant Co. (NASDAQ:RNST - Free Report) by 2.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 612,906 shares of the financial services provider's stock after selling 16,921 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.96% of Renasant worth $20,796,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of RNST. Vanguard Group Inc. increased its stake in Renasant by 22.0% during the 1st quarter. Vanguard Group Inc. now owns 8,789,556 shares of the financial services provider's stock valued at $298,230,000 after purchasing an additional 1,582,105 shares in the last quarter. Wellington Management Group LLP increased its stake in Renasant by 232.8% during the 1st quarter. Wellington Management Group LLP now owns 1,590,935 shares of the financial services provider's stock valued at $53,980,000 after purchasing an additional 1,112,946 shares in the last quarter. Deprince Race & Zollo Inc. increased its stake in 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 valued at $45,888,000 after purchasing an additional 500,193 shares in the last quarter. Bank of America Corp DE increased its stake in Renasant by 376.5% during the 4th quarter. Bank of America Corp DE now owns 605,303 shares of the financial services provider's stock valued at $21,640,000 after purchasing an additional 478,266 shares in the last quarter. Finally, Jennison Associates LLC increased its stake in Renasant by 33.5% during the 1st quarter. Jennison Associates LLC now owns 1,567,120 shares of the financial services provider's stock valued at $53,172,000 after purchasing an additional 393,319 shares in the last quarter. 77.31% of the stock is currently owned by institutional investors.

Renasant Stock Performance

Shares of NASDAQ RNST traded down $0.29 during trading on Friday, reaching $39.49. 598,299 shares of the company traded hands, compared to its average volume of 716,343. The firm has a 50 day simple moving average of $37.79 and a 200-day simple moving average of $35.13. 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 stock has a market capitalization of $3.75 billion, a PE ratio of 12.07 and a beta of 0.93. Renasant Co. has a 52-week low of $26.97 and a 52-week high of $40.40.

Renasant Dividend Announcement

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

Analysts Set New Price Targets

RNST has been the subject of a number of analyst reports. Raymond James Financial restated a "strong-buy" rating on shares of Renasant in a research note on Wednesday, July 23rd. Hovde Group raised 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. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price 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.