Charles Schwab Investment Management Inc. Buys 131,821 Shares of Renasant Co. (NASDAQ:RNST)

Charles Schwab Investment Management Inc. raised its position in shares of Renasant Co. (NASDAQ:RNST) by 21.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 734,744 shares of the financial services provider’s stock after purchasing an additional 131,821 shares during the period. Charles Schwab Investment Management Inc. owned 1.16% of Renasant worth $23,879,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of RNST. Duncan Williams Asset Management LLC raised its stake in Renasant by 19.9% in the third quarter. Duncan Williams Asset Management LLC now owns 11,115 shares of the financial services provider’s stock valued at $361,000 after purchasing an additional 1,847 shares in the last quarter. Amalgamated Bank lifted its position in shares of Renasant by 7.2% in the 3rd quarter. Amalgamated Bank now owns 18,414 shares of the financial services provider’s stock worth $598,000 after purchasing an additional 1,240 shares during the period. Intech Investment Management LLC bought a new stake in Renasant during the 3rd quarter valued at approximately $670,000. Victory Capital Management Inc. lifted its position in Renasant by 1.7% during the third quarter. Victory Capital Management Inc. now owns 3,955,366 shares of the financial services provider’s stock valued at $128,549,000 after buying an additional 65,777 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Renasant by 21.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock valued at $56,775,000 after purchasing an additional 303,945 shares during the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.

Renasant Stock Performance

Renasant stock opened at $37.15 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The company has a market capitalization of $2.36 billion, a PE ratio of 12.10 and a beta of 1.02. The company has a 50 day moving average price of $34.92 and a 200-day moving average price of $33.03. Renasant Co. has a fifty-two week low of $27.98 and a fifty-two week high of $39.47.

Renasant (NASDAQ:RNST) last posted its earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. The company had revenue of $318.34 million during the quarter, compared to analysts’ expectations of $184.73 million. Renasant had a net margin of 16.83% and a return on equity of 6.70%. During the same quarter in the prior year, the company posted $0.75 earnings per share. As a group, equities analysts forecast that Renasant Co. will post 2.65 earnings per share for the current year.

Renasant Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend is Wednesday, December 18th. Renasant’s dividend payout ratio is currently 28.66%.

Analyst Upgrades and Downgrades

RNST has been the subject of a number of research analyst reports. Hovde Group lowered Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Truist Financial reduced their price objective on shares of Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research report on Friday, September 20th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.33.

Insider Buying and Selling at Renasant

In other Renasant news, Director John Creekmore sold 3,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the transaction, the director now directly owns 24,057 shares in the company, valued at $914,166. The trade was a 11.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.82% of the stock is owned by corporate insiders.

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.