Renasant Co. $RNST Stock Position Decreased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its stake in shares of Renasant Co. (NASDAQ:RNST) by 1.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,804,279 shares of the financial services provider’s stock after selling 21,131 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Renasant were worth $67,083,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Quantbot Technologies LP bought a new stake in shares of Renasant during the 1st quarter worth $28,000. CWM LLC boosted its stake in shares of Renasant by 42.7% during the 1st quarter. CWM LLC now owns 1,330 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 398 shares in the last quarter. State of Wyoming bought a new stake in shares of Renasant during the 1st quarter worth $51,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Renasant during the 1st quarter worth $54,000. Finally, GAMMA Investing LLC boosted its stake in shares of Renasant by 49.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,489 shares of the financial services provider’s stock worth $54,000 after acquiring an additional 493 shares in the last quarter. 77.31% of the stock is owned by institutional investors.

Renasant Price Performance

RNST opened at $36.59 on Wednesday. The stock has a market cap of $3.48 billion, a price-to-earnings ratio of 11.19 and a beta of 0.89. Renasant Co. has a 1 year low of $26.97 and a 1 year high of $40.40. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The stock has a fifty day moving average price of $37.67 and a 200 day moving average price of $35.55.

Renasant Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $0.88 dividend on an annualized basis and a yield of 2.4%. Renasant’s dividend payout ratio (DPR) is presently 34.65%.

Analysts Set New Price Targets

Several analysts have recently commented on RNST shares. Hovde Group raised their target price on Renasant from $35.00 to $39.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 23rd. Cowen started coverage on Renasant in a research report on Wednesday, September 24th. They issued a “buy” rating for the company. TD Cowen started coverage on Renasant in a research report on Thursday, September 25th. They issued a “buy” rating and a $45.00 target price for the company. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of Renasant in a research report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $43.00.

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.