CIBC Asset Management Inc Buys New Stake in Renasant Co. (NASDAQ:RNST)

CIBC Asset Management Inc bought a new stake in Renasant Co. (NASDAQ:RNST) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 6,151 shares of the financial services provider’s stock, valued at approximately $220,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. KBC Group NV boosted its stake in Renasant by 32.0% during the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock worth $80,000 after buying an additional 596 shares during the period. Creative Planning purchased a new position in Renasant during the third quarter worth $207,000. ZWJ Investment Counsel Inc. purchased a new position in Renasant during the fourth quarter worth $208,000. Verition Fund Management LLC purchased a new position in Renasant during the third quarter worth $210,000. Finally, Equitable Trust Co. purchased a new position in Renasant during the fourth quarter worth $248,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Renasant

In other news, CAO Kelly Hutcheson sold 1,310 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was 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 in the company, valued at approximately $645,757.92. The trade was a 6.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RNST. Stephens lifted their target price on Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Piper Sandler lifted their target price on Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Raymond James restated an “outperform” rating and issued a $44.00 price objective (up from $40.00) on shares of Renasant in a report on Thursday, January 30th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $46.00 price objective (up from $45.00) on shares of Renasant in a report on Thursday, January 30th. Finally, StockNews.com downgraded Renasant from a “hold” rating to a “sell” rating in a report on Friday, January 31st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Renasant has an average rating of “Hold” and an average price target of $42.83.

Renasant Stock Performance

Shares of Renasant stock opened at $36.30 on Wednesday. The company has a market capitalization of $2.31 billion, a PE ratio of 11.10 and a beta of 1.03. 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 company has a 50-day simple moving average of $36.72 and a two-hundred day simple moving average of $35.25. Renasant Co. has a one year low of $27.98 and a one year high of $39.63.

Renasant Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid 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 dividend yield of 2.42%. Renasant’s payout ratio 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.