Voloridge Investment Management LLC Lowers Position in Renasant Co. (NASDAQ:RNST)

Voloridge Investment Management LLC cut its holdings in Renasant Co. (NASDAQ:RNST - Free Report) by 24.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 274,646 shares of the financial services provider's stock after selling 88,063 shares during the quarter. Voloridge Investment Management LLC owned approximately 0.43% of Renasant worth $9,819,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RNST. Vanguard Group Inc. boosted its stake in shares of Renasant by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 7,207,451 shares of the financial services provider's stock valued at $257,666,000 after purchasing an additional 50,934 shares in the last quarter. Victory Capital Management Inc. grew its stake in Renasant by 0.5% in the fourth quarter. Victory Capital Management Inc. now owns 3,973,413 shares of the financial services provider's stock valued at $142,050,000 after purchasing an additional 18,047 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Renasant by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 1,437,756 shares of the financial services provider's stock valued at $51,412,000 after buying an additional 9,718 shares during the last quarter. Deprince Race & Zollo Inc. grew its position in shares of Renasant by 63.9% in 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 buying an additional 500,193 shares during the last quarter. Finally, Jennison Associates LLC grew its position in shares of Renasant by 204.9% in the 4th quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider's stock worth $41,963,000 after buying an additional 788,762 shares during the last quarter. 77.31% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on RNST. Wall Street Zen lowered shares of Renasant from a "hold" rating to a "sell" rating in a report on Friday, January 31st. Piper Sandler raised their price target on Renasant from $41.00 to $44.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Hovde Group boosted their price target on Renasant from $34.50 to $35.00 and gave the stock a "market perform" rating in a research note on Monday, April 28th. Keefe, Bruyette & Woods decreased their price objective on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating for the company in a research report on Tuesday, May 6th. Finally, Stephens upped their price target on shares of Renasant from $44.00 to $47.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $41.00.

Renasant Stock Performance

NASDAQ:RNST traded down $0.49 during midday trading on Wednesday, hitting $35.27. The company's stock had a trading volume of 766,198 shares, compared to its average volume of 656,136. Renasant Co. has a fifty-two week low of $26.97 and a fifty-two week high of $39.63. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The firm has a market cap of $3.35 billion, a P/E ratio of 10.79 and a beta of 0.86. The firm's 50 day moving average is $32.39 and its 200-day moving average is $35.08.

Renasant (NASDAQ:RNST - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.66 EPS for the quarter, beating the consensus estimate of $0.60 by $0.06. The business had revenue of $170.59 million for the quarter, compared to the consensus estimate of $170.38 million. Renasant had a net margin of 17.91% and a return on equity of 6.58%. During the same period in the prior year, the firm earned $0.65 EPS. Equities analysts anticipate that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend is Monday, June 16th. Renasant's payout ratio is 27.33%.

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.