Allspring Global Investments Holdings LLC Sells 1,884 Shares of Renasant Co. (NASDAQ:RNST)

Allspring Global Investments Holdings LLC decreased its position in shares of Renasant Co. (NASDAQ:RNST) by 0.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,445,168 shares of the financial services provider’s stock after selling 1,884 shares during the period. Allspring Global Investments Holdings LLC owned approximately 2.57% of Renasant worth $45,263,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Renasant by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 6,416,896 shares of the financial services provider’s stock valued at $216,121,000 after buying an additional 16,417 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Renasant by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,913,033 shares of the financial services provider’s stock worth $131,793,000 after purchasing an additional 34,897 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Renasant by 4.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 830,687 shares of the financial services provider’s stock valued at $27,978,000 after purchasing an additional 38,036 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Renasant by 7.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 755,441 shares of the financial services provider’s stock valued at $25,443,000 after purchasing an additional 50,084 shares during the last quarter. Finally, Frontier Capital Management Co. LLC grew its stake in shares of Renasant by 6.5% in the 4th quarter. Frontier Capital Management Co. LLC now owns 744,338 shares of the financial services provider’s stock worth $25,069,000 after buying an additional 45,461 shares in the last quarter. 77.31% of the stock is owned by institutional investors.

Renasant Trading Down 1.8 %

Shares of NASDAQ RNST opened at $30.02 on Thursday. The business’s 50 day moving average price is $29.81 and its 200-day moving average price is $30.78. Renasant Co. has a fifty-two week low of $22.99 and a fifty-two week high of $34.85. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.92 and a current ratio of 0.93. The company has a market cap of $1.69 billion, a price-to-earnings ratio of 12.20 and a beta of 1.03.

Renasant (NASDAQ:RNST) last released its earnings results on Tuesday, April 23rd. The financial services provider reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. The business had revenue of $254.56 million for the quarter, compared to analyst estimates of $159.60 million. Renasant had a return on equity of 7.44% and a net margin of 14.67%. During the same quarter last year, the firm posted $0.82 earnings per share. On average, sell-side analysts expect that Renasant Co. will post 2.62 earnings per share for the current year.

Renasant Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a $0.22 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 2.93%. Renasant’s dividend payout ratio is currently 35.77%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on RNST shares. Keefe, Bruyette & Woods restated a “market perform” rating and set a $34.00 target price on shares of Renasant in a research report on Wednesday. StockNews.com upgraded Renasant from a “sell” rating to a “hold” rating in a report on Saturday, April 27th. Truist Financial decreased their price target on Renasant from $35.00 to $33.00 and set a “hold” rating on the stock in a report on Monday, April 1st. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $33.00 price objective on shares of Renasant in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Renasant presently has an average rating of “Hold” and a consensus price target of $34.25.

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.