Prudential Financial Inc. Reduces Stake in Renasant Co. (NASDAQ:RNST)

Prudential Financial Inc. cut its stake in shares of Renasant Co. (NASDAQ:RNST) by 42.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 121,046 shares of the financial services provider’s stock after selling 89,518 shares during the period. Prudential Financial Inc. owned 0.19% of Renasant worth $4,327,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. HighTower Advisors LLC raised its holdings in Renasant by 3.4% during the 4th quarter. HighTower Advisors LLC now owns 11,503 shares of the financial services provider’s stock valued at $411,000 after buying an additional 377 shares during the period. Arizona State Retirement System raised its stake in shares of Renasant by 2.4% in the fourth quarter. Arizona State Retirement System now owns 18,445 shares of the financial services provider’s stock valued at $659,000 after acquiring an additional 424 shares during the period. Sheets Smith Wealth Management lifted its holdings in shares of Renasant by 3.6% in the 4th quarter. Sheets Smith Wealth Management now owns 12,471 shares of the financial services provider’s stock worth $446,000 after acquiring an additional 438 shares during the last quarter. KBC Group NV boosted its stake in shares of Renasant by 36.7% during the 4th quarter. KBC Group NV now owns 3,358 shares of the financial services provider’s stock worth $120,000 after purchasing an additional 901 shares during the period. Finally, FMR LLC grew its holdings in Renasant by 1.1% during the 3rd quarter. FMR LLC now owns 97,133 shares of the financial services provider’s stock valued at $3,157,000 after purchasing an additional 1,086 shares during the last quarter. 77.31% of the stock is owned by institutional investors.

Renasant Price Performance

RNST opened at $33.84 on Tuesday. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of 10.35 and a beta of 1.02. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. Renasant Co. has a 12-month low of $27.98 and a 12-month high of $39.63. The business’s fifty day simple moving average is $36.40 and its 200-day simple moving average is $35.52.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date of this dividend was Monday, March 17th. Renasant’s dividend payout ratio (DPR) is 26.91%.

Analysts Set New Price Targets

Several research analysts have issued reports on RNST shares. Piper Sandler boosted their target price on Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. StockNews.com cut Renasant from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Raymond James reiterated an “outperform” rating and issued a $44.00 target price (up previously from $40.00) on shares of Renasant in a research note 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 research note on Thursday, January 30th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $46.00 price target (up from $45.00) on shares of Renasant 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 given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $42.83.

Insider Buying and Selling at Renasant

In other news, CAO Kelly Hutcheson sold 1,310 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 17,586 shares in the company, valued at approximately $645,757.92. This trade represents a 6.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.81% of the company’s stock.

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.