Renasant Co. (NASDAQ:RNST) Shares Purchased by Adage Capital Partners GP L.L.C.

Adage Capital Partners GP L.L.C. increased its stake in Renasant Co. (NASDAQ:RNST - Free Report) by 21.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 672,729 shares of the financial services provider's stock after purchasing an additional 117,385 shares during the quarter. Adage Capital Partners GP L.L.C. owned 1.06% of Renasant worth $24,050,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Dark Forest Capital Management LP purchased a new position in Renasant in the fourth quarter valued at about $221,000. Hsbc Holdings PLC increased its stake in Renasant by 56.5% in the 4th quarter. Hsbc Holdings PLC now owns 14,473 shares of the financial services provider's stock valued at $522,000 after purchasing an additional 5,225 shares in the last quarter. MetLife Investment Management LLC raised its holdings in Renasant by 6.8% during the fourth quarter. MetLife Investment Management LLC now owns 37,357 shares of the financial services provider's stock worth $1,336,000 after purchasing an additional 2,387 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its position in Renasant by 2.4% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 67,068 shares of the financial services provider's stock worth $2,399,000 after purchasing an additional 1,571 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in Renasant during the fourth quarter worth $1,555,000. Institutional investors and hedge funds own 77.31% of the company's stock.

Insider Buying and Selling

In other 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 completion of the sale, the chief accounting officer now directly owns 17,586 shares of the company's stock, valued at $645,757.92. The trade was a 6.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.81% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

RNST has been the subject of several research reports. Stephens lifted their price target on Renasant from $44.00 to $47.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. Keefe, Bruyette & Woods reissued an "outperform" rating and set a $46.00 price objective (up from $45.00) on shares of Renasant in a research note on Thursday, January 30th. Hovde Group lifted their price objective on Renasant from $34.50 to $35.00 and gave the stock a "market perform" rating in a research report on Monday. Piper Sandler increased their target price on Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Finally, Raymond James raised Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price target for the company in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $41.50.

Renasant Trading Up 0.2 %

Shares of RNST stock traded up $0.08 during mid-day trading on Tuesday, hitting $32.36. 726,442 shares of the company's stock were exchanged, compared to its average volume of 624,809. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of 9.90 and a beta of 0.93. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. Renasant Co. has a fifty-two week low of $26.97 and a fifty-two week high of $39.63. The stock has a 50-day simple moving average of $32.69 and a two-hundred day simple moving average of $35.07.

Renasant (NASDAQ:RNST - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.60 by $0.06. Renasant had a return on equity of 6.58% and a net margin of 17.91%. The firm had revenue of $170.59 million for the quarter, compared to analyst estimates of $170.38 million. During the same period last year, the company earned $0.65 EPS. Equities analysts expect that Renasant Co. will post 2.68 EPS for the current fiscal year.

Renasant Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a $0.22 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.88 dividend on an annualized basis and a yield of 2.72%. Renasant's payout ratio is 27.33%.

Renasant 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.