Renasant Co. (NASDAQ:RNST) Shares Sold by Sei Investments Co.

Sei Investments Co. lowered its stake in Renasant Co. (NASDAQ:RNST) by 4.1% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 147,500 shares of the financial services provider’s stock after selling 6,247 shares during the quarter. Sei Investments Co.’s holdings in Renasant were worth $5,273,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of RNST. William Blair Investment Management LLC acquired a new position in shares of Renasant in the 4th quarter worth approximately $36,987,000. Jennison Associates LLC raised its position in Renasant by 204.9% in the fourth quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider’s stock valued at $41,963,000 after purchasing an additional 788,762 shares during the period. State Street Corp lifted its stake in Renasant by 26.5% during the third quarter. State Street Corp now owns 3,369,915 shares of the financial services provider’s stock worth $109,522,000 after purchasing an additional 705,344 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new position in shares of Renasant during the third quarter worth $15,009,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Renasant in the fourth quarter valued at $9,586,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Raymond James restated an “outperform” rating and set a $44.00 target price (up from $40.00) on shares of Renasant in a report on Thursday, January 30th. Stephens raised their price objective 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. 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 note on Thursday, January 30th. StockNews.com downgraded shares of Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $46.00 price objective (up previously from $45.00) on shares of Renasant in a research report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Renasant has an average rating of “Hold” and an average target price of $42.83.

Insider Buying and Selling

In related news, CAO Kelly Hutcheson sold 1,310 shares of Renasant stock in a transaction 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 sale, the chief accounting officer now directly owns 17,586 shares in the company, valued at $645,757.92. This trade represents a 6.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.81% of the stock is owned by company insiders.

Renasant Stock Performance

NASDAQ:RNST opened at $34.13 on Wednesday. Renasant Co. has a 12 month low of $27.98 and a 12 month high of $39.63. 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 market capitalization of $2.17 billion, a PE ratio of 10.44 and a beta of 1.02. The business’s fifty day moving average price is $36.35 and its 200 day moving average price is $35.52.

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend was Monday, March 17th. Renasant’s dividend payout ratio (DPR) is presently 26.91%.

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.