State of Tennessee Department of Treasury Cuts Stock Holdings in Renasant Co. (NASDAQ:RNST)

State of Tennessee Department of Treasury trimmed its stake in Renasant Co. (NASDAQ:RNST - Free Report) by 65.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,805 shares of the financial services provider's stock after selling 26,470 shares during the period. State of Tennessee Department of Treasury's holdings in Renasant were worth $494,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. William Blair Investment Management LLC purchased a new position in Renasant during the 4th quarter valued at $36,987,000. Jennison Associates LLC lifted its position in shares of Renasant by 204.9% during the fourth quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider's stock worth $41,963,000 after purchasing an additional 788,762 shares during the last quarter. Wellington Management Group LLP purchased a new stake in shares of Renasant during the fourth quarter valued at $17,088,000. Marshall Wace LLP bought a new position in shares of Renasant in the fourth quarter worth about $13,204,000. Finally, Raymond James Financial Inc. purchased a new position in Renasant in the 4th quarter worth about $9,586,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Insider Activity

In related news, CAO Kelly Hutcheson sold 1,310 shares of the business's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $36.72, for a total transaction of $48,103.20. Following the completion of the transaction, the chief accounting officer now directly owns 17,586 shares in the company, valued at $645,757.92. The trade was a 6.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.81% of the company's stock.

Renasant Stock Performance

Renasant stock traded down $0.22 during mid-day trading on Tuesday, reaching $33.10. 575,159 shares of the company traded hands, compared to its average volume of 635,169. The firm's fifty day moving average is $32.32 and its two-hundred day moving average is $35.04. The company has a market capitalization of $2.11 billion, a price-to-earnings ratio of 10.12 and a beta of 0.86. 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.

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

Renasant Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.66%. The ex-dividend date of this dividend is Monday, June 16th. Renasant's payout ratio is 27.33%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. StockNews.com lowered shares of Renasant from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Keefe, Bruyette & Woods dropped their price target on Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a research report on Tuesday. Stephens lifted their price objective on Renasant from $44.00 to $47.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Piper Sandler increased their target price on shares of Renasant from $41.00 to $44.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Finally, Hovde Group boosted their price target on shares of Renasant from $34.50 to $35.00 and gave the company a "market perform" rating in a report on Monday, April 28th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Renasant presently has a consensus rating of "Moderate Buy" and a consensus target price of $41.00.

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.