HighTower Advisors LLC Increases Stock Position in Renasant Co. (NASDAQ:RNST)

HighTower Advisors LLC increased its stake in shares of Renasant Co. (NASDAQ:RNST) by 3.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,503 shares of the financial services provider’s stock after purchasing an additional 377 shares during the period. HighTower Advisors LLC’s holdings in Renasant were worth $411,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RNST. State Street Corp grew its position in Renasant by 26.5% during the third quarter. State Street Corp now owns 3,369,915 shares of the financial services provider’s stock valued at $109,522,000 after buying an additional 705,344 shares during the period. JPMorgan Chase & Co. grew its position in shares of Renasant by 81.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 263,353 shares of the financial services provider’s stock valued at $8,559,000 after acquiring an additional 117,950 shares during the period. Principal Financial Group Inc. increased its stake in shares of Renasant by 2.9% in the 4th quarter. Principal Financial Group Inc. now owns 308,195 shares of the financial services provider’s stock worth $11,018,000 after purchasing an additional 8,710 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Renasant by 21.9% in the 3rd 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. Finally, Franklin Resources Inc. lifted its position in Renasant by 122.0% during the third quarter. Franklin Resources Inc. now owns 27,669 shares of the financial services provider’s stock valued at $910,000 after purchasing an additional 15,203 shares in the last quarter. Institutional investors own 77.31% of the company’s stock.

Insider Transactions at Renasant

In related 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 transaction of $48,103.20. Following the sale, the chief accounting officer now owns 17,586 shares of the company’s stock, valued at $645,757.92. This represents a 6.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.81% of the company’s stock.

Renasant Price Performance

Shares of NASDAQ:RNST opened at $33.84 on Tuesday. The firm has a market cap of $2.15 billion, a price-to-earnings ratio of 10.35 and a beta of 1.02. The firm has a fifty day moving average price of $36.40 and a 200 day moving average price of $35.52. Renasant Co. has a fifty-two week low of $27.98 and a fifty-two week high of $39.63. 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 was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.60%. Renasant’s payout ratio is 26.91%.

Analyst Upgrades and Downgrades

RNST has been the topic of several recent research reports. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $46.00 price objective (up previously from $45.00) on shares of Renasant in a research note on Thursday, January 30th. StockNews.com cut shares of Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Piper Sandler upped their price target on shares of Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Raymond James reissued an “outperform” rating and issued a $44.00 price objective (up from $40.00) on shares of Renasant in a research note on Thursday, January 30th. Finally, Stephens lifted their target price 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. One 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, the stock currently has an average rating of “Hold” and a consensus target price of $42.83.

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.