Voya Investment Management LLC Has $3.45 Million Holdings in Renasant Co. $RNST

Key Points

• Voya Investment Management LLC reduced its stake in Renasant Co. by 17.2%, selling 21,169 shares and now holding approximately 101,725 shares worth $3,452,000.
• Renasant announced a quarterly dividend of $0.22 per share, with a dividend yield of 2.3%, scheduled for payment on September 30th.
• The stock has a consensus rating of "Buy" with an average price target of $42.60, supported by positive upgrades from brokerages.

Voya Investment Management LLC decreased its holdings in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 17.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 101,725 shares of the financial services provider's stock after selling 21,169 shares during the period. Voya Investment Management LLC owned about 0.11% of Renasant worth $3,452,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in RNST. Strs Ohio acquired a new position in shares of Renasant during the first quarter valued at $614,000. Intech Investment Management LLC boosted its holdings in shares of Renasant by 40.3% during the first quarter. Intech Investment Management LLC now owns 41,959 shares of the financial services provider's stock valued at $1,424,000 after acquiring an additional 12,062 shares during the period. Jane Street Group LLC acquired a new position in shares of Renasant during the first quarter valued at $390,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Renasant by 13.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 189,105 shares of the financial services provider's stock valued at $6,416,000 after acquiring an additional 23,072 shares during the period. Finally, Empowered Funds LLC boosted its holdings in shares of Renasant by 52.5% during the first quarter. Empowered Funds LLC now owns 306,262 shares of the financial services provider's stock valued at $10,391,000 after acquiring an additional 105,438 shares during the period. Institutional investors own 77.31% of the company's stock.

Renasant Price Performance

NASDAQ RNST traded down $0.49 on Friday, reaching $38.31. The company's stock had a trading volume of 1,160,447 shares, compared to its average volume of 713,475. Renasant Co. has a twelve month low of $26.97 and a twelve month high of $40.40. 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 firm's 50 day moving average is $37.91 and its two-hundred day moving average is $35.30. The stock has a market cap of $3.64 billion, a PE ratio of 11.72 and a beta of 0.93.

Renasant Announces Dividend

The firm also recently announced 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. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Tuesday, September 16th. Renasant's payout ratio is presently 34.65%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RNST. Hovde Group boosted their price target on shares of Renasant from $35.00 to $39.00 and gave the company a "market perform" rating in a report on Wednesday, July 23rd. Raymond James Financial reiterated a "strong-buy" rating on shares of Renasant in a research report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $42.60.

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.