Allianz Asset Management AG decreased its stake in Renasant Corp. (NASDAQ:RNST) by 33.4% during the fourth quarter, Holdings Channel reports. The fund owned 6,511 shares of the financial services provider’s stock after selling 3,263 shares during the period. Allianz Asset Management AG’s holdings in Renasant Corp. were worth $275,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of RNST. Victory Capital Management Inc. boosted its position in Renasant Corp. by 3,741.7% in the third quarter. Victory Capital Management Inc. now owns 595,533 shares of the financial services provider’s stock valued at $20,028,000 after buying an additional 580,031 shares during the period. The Manufacturers Life Insurance Company acquired a new position in Renasant Corp. during the third quarter valued at $15,152,000. Peregrine Capital Management LLC acquired a new position in Renasant Corp. during the third quarter valued at $10,426,000. State Street Corp boosted its position in Renasant Corp. by 15.7% in the fourth quarter. State Street Corp now owns 923,246 shares of the financial services provider’s stock valued at $38,978,000 after buying an additional 125,563 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Renasant Corp. by 4.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,635,004 shares of the financial services provider’s stock valued at $111,250,000 after buying an additional 119,371 shares during the period. Hedge funds and other institutional investors own 59.29% of the company’s stock.
Renasant Corp. (NASDAQ:RNST) opened at 39.06 on Monday. Renasant Corp. has a 1-year low of $30.21 and a 1-year high of $44.65. The firm’s 50-day moving average price is $40.60 and its 200 day moving average price is $38.45. The stock has a market cap of $1.73 billion, a PE ratio of 18.00 and a beta of 1.02.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Friday, March 17th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.84%. The ex-dividend date is Wednesday, March 15th. Renasant Corp.’s dividend payout ratio is 33.33%.
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Several equities analysts have weighed in on RNST shares. Zacks Investment Research raised Renasant Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, November 29th. Jefferies Group LLC cut Renasant Corp. from a “buy” rating to a “hold” rating and set a $41.00 target price on the stock. in a research note on Monday, November 28th. Finally, Keefe, Bruyette & Woods cut Renasant Corp. from an “outperform” rating to a “market perform” rating and lifted their target price for the company from $37.00 to $43.00 in a research note on Tuesday, November 29th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $37.80.
In related news, EVP R Rick Hart sold 5,304 shares of the firm’s stock in a transaction dated Friday, March 17th. The stock was sold at an average price of $40.70, for a total value of $215,872.80. Following the transaction, the executive vice president now owns 77,718 shares in the company, valued at $3,163,122.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Michael D. Ross sold 32,735 shares of the firm’s stock in a transaction dated Tuesday, February 14th. The shares were sold at an average price of $40.77, for a total value of $1,334,605.95. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,870 shares of company stock worth $1,998,702. 5.18% of the stock is owned by company insiders.
Renasant Corp. Company Profile
Renasant Corporation is a bank holding company that owns and operates Renasant Bank (the Bank) and Renasant Insurance, Inc (Renasant Insurance), a subsidiary of the Bank with operations in Mississippi. The Company operates through three segments: Community Banks segment, Insurance segment and Wealth Management segment.
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