Charles Schwab Investment Management Inc. Has $23.88 Million Stake in Renasant Co. (NASDAQ:RNST)

Charles Schwab Investment Management Inc. grew its position in Renasant Co. (NASDAQ:RNST - Free Report) by 21.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 734,744 shares of the financial services provider's stock after buying an additional 131,821 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.16% of Renasant worth $23,879,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Victory Capital Management Inc. lifted its stake in Renasant by 1.7% during the third quarter. Victory Capital Management Inc. now owns 3,955,366 shares of the financial services provider's stock worth $128,549,000 after purchasing an additional 65,777 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Renasant by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,887,606 shares of the financial services provider's stock worth $118,725,000 after purchasing an additional 22,821 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of Renasant by 21.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider's stock worth $56,775,000 after purchasing an additional 303,945 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Renasant by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 562,008 shares of the financial services provider's stock valued at $17,164,000 after purchasing an additional 11,828 shares during the period. Finally, Millennium Management LLC raised its position in Renasant by 189.3% during the 2nd quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider's stock worth $12,820,000 after purchasing an additional 274,685 shares during the last quarter. Institutional investors own 77.31% of the company's stock.

Insider Transactions at Renasant

In related news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the completion of the sale, the director now owns 24,057 shares of the company's stock, valued at approximately $914,166. This trade represents a 11.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.82% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on RNST shares. Hovde Group lowered Renasant from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 13th. Truist Financial decreased their target price on shares of Renasant from $38.00 to $37.00 and set a "hold" rating for the company in a research report on Friday, September 20th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $39.33.

Renasant Stock Up 0.7 %

NASDAQ RNST traded up $0.26 on Friday, hitting $37.41. 194,197 shares of the company were exchanged, compared to its average volume of 399,980. 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 $2.38 billion, a PE ratio of 12.10 and a beta of 1.02. The stock has a fifty day moving average of $34.92 and a 200-day moving average of $33.03. Renasant Co. has a 12 month low of $27.98 and a 12 month high of $39.47.

Renasant (NASDAQ:RNST - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.07. Renasant had a net margin of 16.83% and a return on equity of 6.70%. The company had revenue of $318.34 million for the quarter, compared to analysts' expectations of $184.73 million. During the same quarter in the prior year, the firm earned $0.75 EPS. As a group, analysts forecast that Renasant Co. will post 2.65 earnings per share for the current year.

Renasant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th will be issued a dividend of $0.22 per share. The ex-dividend date is Wednesday, December 18th. This represents a $0.88 annualized dividend and a dividend yield of 2.35%. Renasant's dividend payout ratio is 28.66%.

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.