Franklin Resources Inc. Reduces Stock Position in Renasant Co. (NASDAQ:RNST)

Franklin Resources Inc. cut its position in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 48.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,349 shares of the financial services provider's stock after selling 13,320 shares during the quarter. Franklin Resources Inc.'s holdings in Renasant were worth $513,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. KBC Group NV grew its position in shares of Renasant by 36.7% during the fourth quarter. KBC Group NV now owns 3,358 shares of the financial services provider's stock worth $120,000 after acquiring an additional 901 shares during the last quarter. ZWJ Investment Counsel Inc. acquired a new position in Renasant in the fourth quarter worth approximately $208,000. Cibc World Markets Corp acquired a new position in Renasant in the fourth quarter worth approximately $209,000. CIBC Asset Management Inc acquired a new position in Renasant in the 4th quarter valued at $220,000. Finally, Element Wealth LLC bought a new position in Renasant in the 4th quarter worth $240,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Renasant Trading Up 7.4 %

RNST traded up $2.13 during trading on Wednesday, hitting $30.76. 241,727 shares of the stock traded hands, compared to its average volume of 604,139. The firm has a market capitalization of $1.96 billion, a P/E ratio of 9.41 and a beta of 0.93. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The firm has a 50-day moving average of $33.20 and a 200 day moving average of $35.05. Renasant Co. has a 12-month low of $26.97 and a 12-month high of $39.63.

Renasant (NASDAQ:RNST - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.06. The business had revenue of $170.59 million for the quarter, compared to analysts' expectations of $170.38 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%. During the same period in the prior year, the firm posted $0.65 EPS. Equities research analysts anticipate that Renasant Co. will post 2.68 EPS for the current year.

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.86%. The ex-dividend date of this dividend was Monday, March 17th. Renasant's dividend payout ratio is 26.91%.

Insiders Place Their Bets

In related news, CAO Kelly Hutcheson sold 1,310 shares of the business's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $36.72, for a total value of $48,103.20. Following the completion of the transaction, the chief accounting officer now directly owns 17,586 shares in the company, valued at $645,757.92. The trade was a 6.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. StockNews.com downgraded shares of Renasant from a "hold" rating to a "sell" rating in a report on Friday, January 31st. Piper Sandler upped their target price on shares of Renasant from $41.00 to $44.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $46.00 price objective (up from $45.00) on shares of Renasant in a report on Thursday, January 30th. Raymond James cut their price objective on shares of Renasant from $44.00 to $40.00 and set an "outperform" rating on the stock in a report on Wednesday, April 2nd. Finally, Stephens boosted their price target on Renasant from $44.00 to $47.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $42.17.

About Renasant

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.