Prudential Financial Inc. Lowers Position in Renasant Co. (NASDAQ:RNST)

Prudential Financial Inc. decreased its holdings in Renasant Co. (NASDAQ:RNST - Free Report) by 42.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 121,046 shares of the financial services provider's stock after selling 89,518 shares during the quarter. Prudential Financial Inc. owned approximately 0.19% of Renasant worth $4,327,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of RNST. KBC Group NV grew its position in shares of Renasant by 36.7% in the 4th quarter. KBC Group NV now owns 3,358 shares of the financial services provider's stock valued at $120,000 after buying an additional 901 shares during the last quarter. ZWJ Investment Counsel Inc. bought a new stake in Renasant in the fourth quarter valued at approximately $208,000. Cibc World Markets Corp acquired a new stake in Renasant during the 4th quarter valued at approximately $209,000. Verition Fund Management LLC bought a new position in Renasant during the 3rd quarter worth approximately $210,000. Finally, CIBC Asset Management Inc bought a new position in Renasant during the 4th quarter worth approximately $220,000. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Renasant Stock Down 4.3 %

Renasant stock traded down $1.33 during midday trading on Friday, reaching $29.37. The stock had a trading volume of 1,551,983 shares, compared to its average volume of 553,789. The company has a fifty day moving average price of $36.04 and a two-hundred day moving average price of $35.47. Renasant Co. has a 12 month low of $27.98 and a 12 month high of $39.63. 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 company has a market capitalization of $1.87 billion, a P/E ratio of 8.98 and a beta of 0.93.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.88 dividend on an annualized basis and a yield of 3.00%. Renasant's dividend payout ratio (DPR) is presently 26.91%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Raymond James decreased their price objective on shares of Renasant from $44.00 to $40.00 and set an "outperform" rating for the company in a research report on Wednesday. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $46.00 price target (up from $45.00) on shares of Renasant in a report on Thursday, January 30th. Piper Sandler boosted their price objective on Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. StockNews.com cut Renasant from a "hold" rating to a "sell" rating in a research note on Friday, January 31st. Finally, Stephens boosted their price target on Renasant from $44.00 to $47.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $42.17.

Insiders Place Their Bets

In other news, CAO Kelly Hutcheson sold 1,310 shares of the business's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $36.72, for a total transaction of $48,103.20. Following the completion of the sale, the chief accounting officer now directly owns 17,586 shares of the company's stock, valued at $645,757.92. The trade was a 6.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate 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.