Vanguard Group Inc. Raises Stock Holdings in Renasant Co. (NASDAQ:RNST)

Vanguard Group Inc. increased its stake in Renasant Co. (NASDAQ:RNST) by 0.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,207,451 shares of the financial services provider’s stock after purchasing an additional 50,934 shares during the period. Vanguard Group Inc. owned approximately 11.34% of Renasant worth $257,666,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. KBC Group NV increased 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 worth $120,000 after buying an additional 901 shares during the last quarter. ZWJ Investment Counsel Inc. bought a new position in Renasant in the fourth quarter valued at $208,000. Cibc World Markets Corp purchased a new stake in Renasant during the fourth quarter valued at about $209,000. CIBC Asset Management Inc bought a new stake in Renasant during the fourth quarter worth about $220,000. Finally, Verition Fund Management LLC purchased a new position in shares of Renasant in the 3rd quarter worth about $210,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RNST has been the topic of a number of research reports. Raymond James decreased their price objective on Renasant from $44.00 to $40.00 and set an “outperform” rating on the stock in a report on Wednesday. StockNews.com downgraded shares of Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Stephens upped 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 lifted their target price 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. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $46.00 price target (up from $45.00) on shares of Renasant in a research report on Thursday, January 30th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $42.17.

Renasant Stock Performance

Shares of NASDAQ:RNST opened at $29.37 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average price of $36.04 and a 200-day moving average price of $35.46. The company has a market cap of $1.87 billion, a price-to-earnings ratio of 8.98 and a beta of 1.02. Renasant Co. has a 12 month low of $27.98 and a 12 month high of $39.63.

Renasant Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date was Monday, March 17th. Renasant’s payout ratio is 26.91%.

Insiders Place Their Bets

In other Renasant news, CAO Kelly Hutcheson sold 1,310 shares of the business’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 transaction, the chief accounting officer now directly owns 17,586 shares of the company’s stock, valued at approximately $645,757.92. The trade was a 6.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.81% of the company’s stock.

Renasant Company 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.