Swiss National Bank Purchases 2,800 Shares of Renasant Co. (NASDAQ:RNST)

Swiss National Bank lifted its position in shares of Renasant Co. (NASDAQ:RNST) by 2.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 125,000 shares of the financial services provider’s stock after acquiring an additional 2,800 shares during the quarter. Swiss National Bank owned approximately 0.20% of Renasant worth $4,469,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its holdings in Renasant by 0.5% during the 4th quarter. Victory Capital Management Inc. now owns 3,973,413 shares of the financial services provider’s stock valued at $142,050,000 after acquiring an additional 18,047 shares during the period. State Street Corp lifted its holdings in Renasant by 26.5% during the 3rd 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. Geode Capital Management LLC boosted its stake in Renasant by 12.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,428,038 shares of the financial services provider’s stock worth $46,420,000 after purchasing an additional 153,086 shares during the period. Jennison Associates LLC grew its holdings in Renasant by 204.9% during the 4th quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider’s stock valued at $41,963,000 after buying an additional 788,762 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Renasant by 11.3% during 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 buying an additional 83,100 shares during the period. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Renasant Stock Performance

NASDAQ RNST opened at $35.75 on Wednesday. Renasant Co. has a 52-week low of $27.98 and a 52-week high of $39.63. The company has a fifty day moving average of $36.53 and a 200-day moving average of $35.45. The company has a market capitalization of $2.28 billion, a P/E ratio of 10.93 and a beta of 1.02. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.

Renasant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend is Monday, March 17th. Renasant’s payout ratio is currently 26.91%.

Analyst Upgrades and Downgrades

RNST has been the subject of a number of analyst reports. Raymond James restated an “outperform” rating and issued a $44.00 price objective (up from $40.00) on shares of Renasant in a research report on Thursday, January 30th. Stephens boosted their price target on shares of Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $46.00 price target (up previously from $45.00) on shares of Renasant in a report on Thursday, January 30th. StockNews.com lowered Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Finally, Piper Sandler upped their target price on Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. One investment 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. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $42.83.

Insider Activity

In other news, CAO Kelly Hutcheson sold 1,310 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $36.72, for a total value of $48,103.20. Following the completion of the sale, the chief accounting officer now owns 17,586 shares of the company’s stock, valued at approximately $645,757.92. This represents a 6.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.82% of the company’s stock.

Renasant 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.