Renasant Co. (NASDAQ:RNST) Shares Purchased by Rhumbline Advisers

Rhumbline Advisers grew its position in shares of Renasant Co. (NASDAQ:RNST) by 0.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 184,830 shares of the financial services provider’s stock after purchasing an additional 1,479 shares during the period. Rhumbline Advisers owned approximately 0.29% of Renasant worth $6,608,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of RNST. Blue Trust Inc. raised its position in shares of Renasant by 13.7% during the 4th quarter. Blue Trust Inc. now owns 21,814 shares of the financial services provider’s stock worth $780,000 after acquiring an additional 2,623 shares in the last quarter. Equitable Trust Co. purchased a new stake in Renasant in the 4th quarter valued at approximately $248,000. Empowered Funds LLC increased its position in Renasant by 5.1% during the 4th quarter. Empowered Funds LLC now owns 200,824 shares of the financial services provider’s stock worth $7,179,000 after purchasing an additional 9,747 shares during the period. Jennison Associates LLC raised its stake in shares of Renasant by 204.9% during the 4th quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider’s stock worth $41,963,000 after buying an additional 788,762 shares in the last quarter. Finally, KBC Group NV lifted its holdings in shares of Renasant by 36.7% in the 4th quarter. KBC Group NV now owns 3,358 shares of the financial services provider’s stock valued at $120,000 after buying an additional 901 shares during the period. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Renasant Stock Performance

NASDAQ RNST opened at $35.87 on Thursday. The stock has a market cap of $2.28 billion, a P/E ratio of 10.97 and a beta of 1.03. 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 twelve month low of $27.98 and a twelve month high of $39.63. The company’s 50-day simple moving average is $36.72 and its 200 day simple moving average is $35.25.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend is Monday, March 17th. Renasant’s payout ratio is 26.91%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on RNST shares. Raymond James reissued an “outperform” rating and set a $44.00 price target (up previously from $40.00) on shares of Renasant in a research note on Thursday, January 30th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $46.00 target price (up previously from $45.00) on shares of Renasant in a report on Thursday, January 30th. StockNews.com downgraded Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Hovde Group cut shares of Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Finally, Stephens lifted their target price on shares of Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $42.83.

Insider Activity at Renasant

In related news, CAO Kelly Hutcheson sold 1,310 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $36.72, for a total value of $48,103.20. Following the sale, the chief accounting officer now owns 17,586 shares in the company, valued at approximately $645,757.92. This represents a 6.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.82% of the stock is owned by 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.