Wellington Management Group LLP Takes $17.09 Million Position in Renasant Co. (NASDAQ:RNST)

Wellington Management Group LLP purchased a new stake in Renasant Co. (NASDAQ:RNST - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 477,989 shares of the financial services provider's stock, valued at approximately $17,088,000. Wellington Management Group LLP owned about 0.75% of Renasant at the end of the most recent quarter.

Several other large investors have also bought and sold shares of RNST. FMR LLC boosted its holdings 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 buying an additional 1,086 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of Renasant by 24.3% in the third quarter. BNP Paribas Financial Markets now owns 34,151 shares of the financial services provider's stock valued at $1,110,000 after buying an additional 6,670 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Renasant by 7.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 141,136 shares of the financial services provider's stock worth $4,587,000 after acquiring an additional 9,525 shares during the period. Verition Fund Management LLC bought a new stake in Renasant in the 3rd quarter valued at about $210,000. Finally, HighTower Advisors LLC boosted its holdings in Renasant by 7.1% in the 3rd quarter. HighTower Advisors LLC now owns 11,126 shares of the financial services provider's stock worth $365,000 after buying an additional 734 shares during the period. 77.31% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Renasant

In other news, CAO Kelly Hutcheson sold 1,310 shares of the stock in a transaction on Friday, February 21st. The stock was 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 $645,757.92. This represents a 6.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.81% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on RNST shares. StockNews.com cut Renasant from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Piper Sandler raised their price target on shares of Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Stephens lifted their price objective on Renasant from $44.00 to $47.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. Raymond James decreased their target price on Renasant from $44.00 to $40.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $46.00 price target (up previously 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 assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $42.17.

Renasant Stock Up 0.7 %

Shares of RNST traded up $0.18 on Monday, hitting $27.86. 43,864 shares of the stock traded hands, compared to its average volume of 576,395. The business has a 50 day simple moving average of $34.69 and a 200 day simple moving average of $35.26. 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 Co. has a one year low of $26.97 and a one year high of $39.63. The company has a market capitalization of $1.77 billion, a PE ratio of 8.50 and a beta of 0.93.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date was Monday, March 17th. 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.