Renasant Co. (NASDAQ:RNST) Shares Sold by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership lessened its stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 89.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,448 shares of the financial services provider's stock after selling 271,809 shares during the quarter. Arrowstreet Capital Limited Partnership's holdings in Renasant were worth $1,124,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in RNST. KBC Group NV boosted its stake in shares of Renasant by 36.7% during the 4th quarter. KBC Group NV now owns 3,358 shares of the financial services provider's stock worth $120,000 after purchasing an additional 901 shares during the last quarter. ZWJ Investment Counsel Inc. acquired a new stake in Renasant during the fourth quarter worth approximately $208,000. Cibc World Markets Corp acquired a new stake in Renasant during the fourth quarter worth approximately $209,000. CIBC Asset Management Inc purchased a new stake in Renasant in the 4th quarter worth approximately $220,000. Finally, Verition Fund Management LLC acquired a new position in Renasant in the 3rd quarter valued at $210,000. Institutional investors and hedge funds own 77.31% of the company's stock.

Insiders Place Their Bets

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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.81% of the stock is owned by company insiders.

Renasant Stock Up 0.3 %

Shares of RNST traded up $0.08 during midday trading on Thursday, reaching $28.08. 181,183 shares of the company were exchanged, compared to its average volume of 584,039. Renasant Co. has a 1-year low of $26.97 and a 1-year high of $39.63. The stock has a 50-day moving average price of $34.02 and a 200-day moving average price of $35.13. 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 market cap of $1.79 billion, a price-to-earnings ratio of 8.61 and a beta of 0.93.

Renasant Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 3.13%. The ex-dividend date of this dividend was Monday, March 17th. Renasant's dividend payout ratio (DPR) is presently 26.91%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. StockNews.com downgraded Renasant from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $46.00 price objective (up previously from $45.00) on shares of Renasant in a research note on Thursday, January 30th. Stephens raised their target price on shares of 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 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. Finally, Raymond James lowered their price target on Renasant from $44.00 to $40.00 and set an "outperform" rating for the company in a research report on Wednesday, April 2nd. 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. According to MarketBeat, Renasant has an average rating of "Hold" and an average target price of $42.17.

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.