Edgestream Partners L.P. Buys Shares of 30,241 Renasant Co. (NASDAQ:RNST)

Edgestream Partners L.P. purchased a new position in Renasant Co. (NASDAQ:RNST - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 30,241 shares of the financial services provider's stock, valued at approximately $1,081,000.

Several other hedge funds have also bought and sold shares of RNST. Mutual of America Capital Management LLC grew its position in shares of Renasant by 3.2% during the 3rd quarter. Mutual of America Capital Management LLC now owns 9,560 shares of the financial services provider's stock valued at $311,000 after acquiring an additional 300 shares during the period. Arizona State Retirement System grew its position in Renasant by 2.4% during the fourth quarter. Arizona State Retirement System now owns 18,445 shares of the financial services provider's stock worth $659,000 after buying an additional 424 shares in the last quarter. Sheets Smith Wealth Management increased its stake in Renasant by 3.6% in the 4th quarter. Sheets Smith Wealth Management now owns 12,471 shares of the financial services provider's stock worth $446,000 after acquiring an additional 438 shares during the last quarter. KBC Group NV raised its holdings in shares of Renasant by 32.0% in the 3rd quarter. KBC Group NV now owns 2,457 shares of the financial services provider's stock valued at $80,000 after acquiring an additional 596 shares in the last quarter. Finally, HighTower Advisors LLC boosted its position in shares of Renasant by 7.1% during the 3rd quarter. HighTower Advisors LLC now owns 11,126 shares of the financial services provider's stock valued at $365,000 after acquiring an additional 734 shares during the last quarter. Institutional investors and hedge funds own 77.31% of the company's stock.

Insider Activity

In other Renasant news, CAO Kelly Hutcheson sold 1,310 shares of the firm's stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 17,586 shares of the company's stock, valued at approximately $645,757.92. This trade represents a 6.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.82% of the stock is currently owned by company insiders.

Renasant Trading Down 0.1 %

NASDAQ:RNST opened at $33.36 on Wednesday. The company has a 50-day moving average price of $36.63 and a 200-day moving average price of $35.41. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of 10.20 and a beta of 1.02. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. Renasant Co. has a 12 month low of $27.98 and a 12 month high of $39.63.

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.64%. The ex-dividend date of this dividend is Monday, March 17th. Renasant's dividend payout ratio is currently 26.91%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on RNST shares. StockNews.com lowered shares of Renasant from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Hovde Group cut Renasant from an "outperform" rating to a "market perform" rating in a research note on Wednesday, November 13th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $46.00 price target (up previously from $45.00) on shares of Renasant in a research note on Thursday, January 30th. Stephens increased their price objective on Renasant from $44.00 to $47.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. Finally, Piper Sandler raised their price objective on Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. One investment 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 data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $42.83.

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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.

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