Raymond James Financial Inc. Invests $9.59 Million in Renasant Co. (NASDAQ:RNST)

Raymond James Financial Inc. acquired a new position in shares of Renasant Co. (NASDAQ:RNST) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 268,122 shares of the financial services provider’s stock, valued at approximately $9,586,000. Raymond James Financial Inc. owned about 0.42% of Renasant at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Arizona State Retirement System increased its holdings in Renasant by 2.4% in the fourth quarter. Arizona State Retirement System now owns 18,445 shares of the financial services provider’s stock worth $659,000 after purchasing an additional 424 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Renasant by 0.5% in the fourth quarter. Victory Capital Management Inc. now owns 3,973,413 shares of the financial services provider’s stock worth $142,050,000 after purchasing an additional 18,047 shares in the last quarter. Keybank National Association OH grew its stake in Renasant by 10.5% in the fourth quarter. Keybank National Association OH now owns 31,464 shares of the financial services provider’s stock valued at $1,125,000 after acquiring an additional 2,977 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Renasant by 11.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 817,844 shares of the financial services provider’s stock valued at $29,238,000 after acquiring an additional 83,100 shares during the period. Finally, Fisher Asset Management LLC grew its stake in Renasant by 47.8% in the fourth quarter. Fisher Asset Management LLC now owns 414,108 shares of the financial services provider’s stock valued at $14,804,000 after acquiring an additional 134,000 shares during the period. 77.31% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

RNST has been the subject of a number of research reports. Stephens raised their price objective on Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Raymond James reissued an “outperform” rating and issued a $44.00 price objective (up previously from $40.00) on shares of Renasant in a research note on Thursday, January 30th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $46.00 target price (up previously from $45.00) on shares of Renasant in a research report on Thursday, January 30th. StockNews.com cut Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Finally, Piper Sandler lifted their target price on Renasant from $41.00 to $44.00 and gave the company 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 given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $42.83.

Renasant Stock Performance

Shares of Renasant stock opened at $35.10 on Friday. The business’s fifty day simple moving average is $36.49 and its 200 day simple moving average is $35.40. The firm has a market capitalization of $2.23 billion, a P/E ratio of 10.73 and a beta of 1.02. Renasant Co. has a 12 month low of $27.98 and a 12 month high of $39.63. 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 Dividend Announcement

The firm also recently declared 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. The ex-dividend date is Monday, March 17th. This represents a $0.88 dividend on an annualized basis and a yield of 2.51%. Renasant’s dividend payout ratio (DPR) is currently 26.91%.

Insider Buying and Selling

In other Renasant news, CAO Kelly Hutcheson sold 1,310 shares of the business’s 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 directly owns 17,586 shares in the company, valued at $645,757.92. The trade was a 6.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.82% of the stock is currently 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.