Illinois Municipal Retirement Fund Reduces Stock Holdings in Renasant Co. (NASDAQ:RNST)

Illinois Municipal Retirement Fund decreased its position in Renasant Co. (NASDAQ:RNST) by 4.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,205 shares of the financial services provider’s stock after selling 1,414 shares during the period. Illinois Municipal Retirement Fund owned about 0.05% of Renasant worth $1,223,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of RNST. Jennison Associates LLC lifted its stake in Renasant by 204.9% in the fourth quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider’s stock valued at $41,963,000 after purchasing an additional 788,762 shares during the last quarter. State Street Corp lifted its stake in Renasant by 26.5% in the third quarter. State Street Corp now owns 3,369,915 shares of the financial services provider’s stock valued at $109,522,000 after purchasing an additional 705,344 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new position in Renasant in the third quarter valued at approximately $15,009,000. Stieven Capital Advisors L.P. purchased a new position in Renasant in the third quarter valued at approximately $11,981,000. Finally, The Manufacturers Life Insurance Company lifted its stake in Renasant by 61.9% in the third quarter. The Manufacturers Life Insurance Company now owns 652,292 shares of the financial services provider’s stock valued at $21,199,000 after purchasing an additional 249,331 shares during the last quarter. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on RNST. Raymond James reissued an “outperform” rating and set a $44.00 target price (up previously from $40.00) on shares of Renasant in a report on Thursday, January 30th. Stephens boosted their target price on shares of Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Hovde Group cut shares of Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. StockNews.com cut shares of Renasant from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Finally, Piper Sandler boosted their target price on shares of Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $42.83.

Renasant Trading Up 1.0 %

Renasant stock opened at $36.20 on Friday. The stock has a market cap of $2.30 billion, a P/E ratio of 11.07 and a beta of 1.03. Renasant Co. has a fifty-two week low of $27.98 and a fifty-two week high of $39.63. The firm’s fifty day moving average price is $36.78 and its 200-day moving average price is $35.29. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.

Renasant Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a $0.22 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.88 annualized dividend and a dividend yield of 2.43%. Renasant’s payout ratio is currently 26.91%.

Insider Transactions at Renasant

In related news, CAO Kelly Hutcheson sold 1,310 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $36.72, for a total value of $48,103.20. Following the transaction, the chief accounting officer now owns 17,586 shares of the company’s stock, valued at $645,757.92. This represents a 6.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.82% of the company’s stock.

Renasant Company 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.