Charles Schwab Investment Management Inc. Buys 83,100 Shares of Renasant Co. (NASDAQ:RNST)

Charles Schwab Investment Management Inc. boosted its holdings in Renasant Co. (NASDAQ:RNST - Free Report) by 11.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 817,844 shares of the financial services provider's stock after purchasing an additional 83,100 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.29% of Renasant worth $29,238,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. KBC Group NV raised its stake 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 during the period. Mutual of America Capital Management LLC increased its position in shares of Renasant by 3.2% during the third quarter. Mutual of America Capital Management LLC now owns 9,560 shares of the financial services provider's stock worth $311,000 after acquiring an additional 300 shares in the last quarter. Thrivent Financial for Lutherans increased its position in shares of Renasant by 6.7% during the third quarter. Thrivent Financial for Lutherans now owns 49,910 shares of the financial services provider's stock worth $1,622,000 after acquiring an additional 3,142 shares in the last quarter. Jennison Associates LLC bought a new position in Renasant in the 3rd quarter valued at about $12,514,000. Finally, Intech Investment Management LLC purchased a new position in shares of Renasant during the third quarter valued at approximately $670,000. Institutional investors and hedge funds own 77.31% of the company's stock.

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Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Keefe, Bruyette & Woods reissued an "outperform" rating and set a $46.00 target price (up previously from $45.00) on shares of Renasant in a research report on Thursday, January 30th. Stephens upped 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 reiterated an "outperform" rating and set a $44.00 target price (up from $40.00) on shares of Renasant in a research note on Thursday, January 30th. Piper Sandler boosted their target price on shares of Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. Finally, StockNews.com lowered shares of Renasant from a "hold" rating to a "sell" rating in a research note on Friday, January 31st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $42.83.

Insider Activity

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 transaction of $48,103.20. Following the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.82% of the company's stock.

Renasant Trading Up 0.7 %

NASDAQ:RNST traded up $0.25 during midday trading on Friday, reaching $35.10. 685,650 shares of the stock traded hands, compared to its average volume of 463,319. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The company has a fifty day moving average of $36.47 and a 200 day moving average of $35.40. The stock has a market capitalization of $2.23 billion, a P/E ratio of 10.73 and a beta of 1.02. Renasant Co. has a 12 month low of $27.98 and a 12 month high of $39.63.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date is Monday, March 17th. Renasant's payout ratio is currently 26.91%.

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.