Amundi Increases Stock Position in Renasant Co. (NASDAQ:RNST)

Amundi lifted its holdings in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 185.2% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 31,909 shares of the financial services provider's stock after purchasing an additional 20,720 shares during the quarter. Amundi owned about 0.05% of Renasant worth $1,114,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. KBC Group NV lifted its holdings in Renasant by 32.0% during the 3rd 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 in the last quarter. ZWJ Investment Counsel Inc. purchased a new position in Renasant in the fourth quarter valued at $208,000. CIBC Asset Management Inc acquired a new position in Renasant during the 4th quarter worth $220,000. Verition Fund Management LLC purchased a new stake in Renasant during the 3rd quarter worth about $210,000. Finally, Element Wealth LLC acquired a new stake in Renasant in the 4th quarter valued at about $240,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Analyst Ratings Changes

RNST has been the subject of a number of analyst reports. Piper Sandler boosted their price objective on Renasant from $41.00 to $44.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. StockNews.com downgraded shares of Renasant from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Stephens raised their price objective on shares of Renasant from $44.00 to $47.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $46.00 target price (up previously from $45.00) on shares of Renasant in a report on Thursday, January 30th. Finally, Raymond James reaffirmed an "outperform" rating and set a $44.00 price target (up from $40.00) on shares of Renasant in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $42.83.

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Renasant Stock Performance

Shares of RNST stock traded up $0.42 during mid-day trading on Wednesday, hitting $34.99. 543,909 shares of the stock were exchanged, compared to its average volume of 457,578. The stock's fifty day simple moving average is $36.47 and its two-hundred day simple moving average is $35.41. 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 12-month low of $27.98 and a 12-month high of $39.63. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of 10.70 and a beta of 1.02.

Renasant Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend is Monday, March 17th. Renasant's dividend payout ratio is currently 26.91%.

Insider Activity at Renasant

In other Renasant news, CAO Kelly Hutcheson sold 1,310 shares of Renasant stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $36.72, for a total value of $48,103.20. Following the transaction, the chief accounting officer now directly owns 17,586 shares in the company, valued at approximately $645,757.92. This trade represents a 6.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.82% of the stock is currently owned by insiders.

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.