Voya Investment Management LLC Sells 21,169 Shares of 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 reduced its position in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 17.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 101,725 shares of the financial services provider's stock after selling 21,169 shares during the quarter. Voya Investment Management LLC owned 0.11% of Renasant worth $3,452,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Strs Ohio acquired a new stake in Renasant during the 1st quarter valued at $614,000. Intech Investment Management LLC raised its stake in Renasant by 40.3% during the 1st quarter. Intech Investment Management LLC now owns 41,959 shares of the financial services provider's stock valued at $1,424,000 after purchasing an additional 12,062 shares during the period. Jane Street Group LLC purchased a new position in shares of Renasant during the 1st quarter valued at $390,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Renasant by 13.9% during the 1st 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 in the last quarter. Finally, Empowered Funds LLC grew its holdings in shares of Renasant by 52.5% during the 1st 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 in the last quarter. 77.31% of the stock is owned by institutional investors and hedge funds.

Renasant Trading Up 1.1%

RNST stock traded up $0.42 during midday trading on Tuesday, reaching $37.95. The company's stock had a trading volume of 50,316 shares, compared to its average volume of 708,050. Renasant Co. has a 52 week low of $26.97 and a 52 week high of $40.40. The stock has a market cap of $3.61 billion, a PE ratio of 11.63 and a beta of 0.93. 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 business's 50-day simple moving average is $37.88 and its 200-day simple moving average is $35.32.

Renasant Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders 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 annualized dividend and a dividend yield of 2.3%. Renasant's payout ratio is 34.65%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Raymond James Financial restated a "strong-buy" rating on shares of Renasant in a report on Wednesday, July 23rd. 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. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target 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.