Westwood Holdings Group Inc. Sells 144,462 Shares of Renasant Co. (NASDAQ:RNST)

Westwood Holdings Group Inc. decreased its stake in Renasant Co. (NASDAQ:RNST) by 7.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,759,003 shares of the financial services provider’s stock after selling 144,462 shares during the quarter. Westwood Holdings Group Inc.’s holdings in Renasant were worth $62,884,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in RNST. Barclays PLC raised its holdings in Renasant by 183.3% during the third quarter. Barclays PLC now owns 137,217 shares of the financial services provider’s stock valued at $4,461,000 after acquiring an additional 88,783 shares during the period. Franklin Resources Inc. lifted its holdings in Renasant by 122.0% in the 3rd quarter. Franklin Resources Inc. now owns 27,669 shares of the financial services provider’s stock worth $910,000 after purchasing an additional 15,203 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Renasant by 7.8% in the 3rd quarter. Principal Financial Group Inc. now owns 299,485 shares of the financial services provider’s stock worth $9,733,000 after purchasing an additional 21,683 shares during the period. HB Wealth Management LLC grew its holdings in Renasant by 5.6% during the 4th quarter. HB Wealth Management LLC now owns 29,001 shares of the financial services provider’s stock valued at $1,037,000 after buying an additional 1,526 shares in the last quarter. Finally, ZWJ Investment Counsel Inc. bought a new stake in shares of Renasant during the fourth quarter valued at approximately $208,000. Institutional investors own 77.31% of the company’s stock.

Renasant Trading Up 0.8%

NASDAQ:RNST opened at $35.91 on Monday. The company has a market capitalization of $2.29 billion, a P/E ratio of 10.98 and a beta of 0.86. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. Renasant Co. has a 12 month low of $26.97 and a 12 month high of $39.63. The firm has a fifty day simple moving average of $32.28 and a 200-day simple moving average of $35.10.

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

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Monday, June 16th. Renasant’s dividend payout ratio (DPR) is 27.33%.

Wall Street Analyst Weigh In

RNST has been the subject of a number of research reports. StockNews.com lowered shares of Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Raymond James upgraded Renasant from an “outperform” rating to a “strong-buy” rating and set a $40.00 price target on the stock in a research note on Thursday, April 24th. 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. Stephens upped their price objective on Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Renasant from $45.00 to $43.00 and set an “outperform” rating for the company in a research report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Insider Activity at Renasant

In related 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 transaction, the chief accounting officer now directly owns 17,586 shares in the company, valued at approximately $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 can be accessed through the SEC website. Company insiders own 2.81% of the company’s stock.

Renasant Company 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.