Renasant Co. (NASDAQ:RNST) Shares Sold by Alliancebernstein L.P.

Alliancebernstein L.P. cut its holdings in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 39.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 60,825 shares of the financial services provider's stock after selling 40,000 shares during the period. Alliancebernstein L.P. owned about 0.10% of Renasant worth $2,174,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. HighTower Advisors LLC raised its position in shares of 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 acquiring an additional 377 shares in the last quarter. Arizona State Retirement System increased its stake in Renasant by 2.4% during the fourth quarter. Arizona State Retirement System now owns 18,445 shares of the financial services provider's stock valued at $659,000 after purchasing an additional 424 shares during the last quarter. Sheets Smith Wealth Management increased its stake in Renasant by 3.6% during the fourth quarter. Sheets Smith Wealth Management now owns 12,471 shares of the financial services provider's stock valued at $446,000 after purchasing an additional 438 shares during the last quarter. KBC Group NV raised its holdings 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 purchasing an additional 901 shares during the period. Finally, Rhumbline Advisers lifted its position in shares of Renasant by 0.8% in the 4th quarter. Rhumbline Advisers now owns 184,830 shares of the financial services provider's stock worth $6,608,000 after buying an additional 1,479 shares during the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Renasant

In related news, CAO Kelly Hutcheson sold 1,310 shares of the business's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $36.72, for a total transaction of $48,103.20. Following the sale, the chief accounting officer now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.81% of the stock is currently owned by insiders.

Renasant Stock Performance

Renasant stock traded up $0.73 during mid-day trading on Tuesday, hitting $28.64. 1,254,280 shares of the company's stock traded hands, compared to its average volume of 605,406. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. Renasant Co. has a one year low of $26.97 and a one year high of $39.63. The firm has a 50 day moving average price of $33.20 and a 200 day moving average price of $35.05. The company has a market cap of $1.82 billion, a PE ratio of 8.76 and a beta of 0.93.

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend was Monday, March 17th. Renasant's payout ratio is currently 26.91%.

Analyst Upgrades and Downgrades

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

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.