Commonwealth Equity Services LLC Sells 2,933 Shares of Renasant Co. (NASDAQ:RNST)

Commonwealth Equity Services LLC cut its position in shares of Renasant Co. (NASDAQ:RNST) by 8.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 33,119 shares of the financial services provider’s stock after selling 2,933 shares during the quarter. Commonwealth Equity Services LLC owned about 0.05% of Renasant worth $1,184,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its holdings in Renasant by 21.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 734,744 shares of the financial services provider’s stock worth $23,879,000 after purchasing an additional 131,821 shares during the period. Citigroup Inc. boosted its position in shares of Renasant by 59.9% in the 3rd quarter. Citigroup Inc. now owns 128,767 shares of the financial services provider’s stock worth $4,185,000 after purchasing an additional 48,234 shares in the last quarter. FMR LLC boosted its position in shares of Renasant by 1.1% in the 3rd quarter. FMR LLC now owns 97,133 shares of the financial services provider’s stock worth $3,157,000 after purchasing an additional 1,086 shares in the last quarter. BNP Paribas Financial Markets grew its stake in shares of Renasant by 24.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 34,151 shares of the financial services provider’s stock worth $1,110,000 after buying an additional 6,670 shares during the last quarter. Finally, Glenmede Trust Co. NA bought a new position in Renasant during the 3rd quarter valued at approximately $288,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $46.00 target price (up from $45.00) on shares of Renasant in a report on Thursday, January 30th. Raymond James reiterated an “outperform” rating and issued a $44.00 price target (up previously from $40.00) on shares of Renasant in a research note on Thursday, January 30th. Stephens raised their price objective on shares of Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Piper Sandler upped their target price on shares of Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Finally, StockNews.com downgraded shares of Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $42.83.

Insider Buying and Selling

In other Renasant news, CAO Kelly Hutcheson sold 1,310 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $36.72, for a total value of $48,103.20. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.81% of the stock is currently owned by corporate insiders.

Renasant Price Performance

RNST opened at $33.84 on Tuesday. The company’s 50-day simple moving average is $36.40 and its two-hundred day simple moving average is $35.52. 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 stock has a market capitalization of $2.15 billion, a P/E ratio of 10.35 and a beta of 1.02. Renasant Co. has a 52-week low of $27.98 and a 52-week high of $39.63.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a dividend of $0.22 per share. The ex-dividend date was Monday, March 17th. This represents a $0.88 dividend on an annualized basis and a yield of 2.60%. Renasant’s dividend payout ratio (DPR) is 26.91%.

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.