Geode Capital Management LLC Buys 9,718 Shares of Renasant Co. (NASDAQ:RNST)

Geode Capital Management LLC boosted its holdings in Renasant Co. (NASDAQ:RNST - Free Report) by 0.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,437,756 shares of the financial services provider's stock after acquiring an additional 9,718 shares during the period. Geode Capital Management LLC owned 2.26% of Renasant worth $51,412,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. KBC Group NV boosted its holdings 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 buying an additional 901 shares during the period. ZWJ Investment Counsel Inc. bought a new position in shares of Renasant during the fourth quarter worth approximately $208,000. Cibc World Markets Corp acquired a new stake in Renasant during the 4th quarter worth approximately $209,000. Verition Fund Management LLC acquired a new position in Renasant in the 3rd quarter valued at $210,000. Finally, CIBC Asset Management Inc bought a new position in Renasant during the 4th quarter worth $220,000. 77.31% of the stock is owned by institutional investors.

Renasant Price Performance

Shares of RNST traded up $0.13 during mid-day trading on Friday, reaching $28.13. The company had a trading volume of 3,126,142 shares, compared to its average volume of 598,729. The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of 8.60 and a beta of 0.93. 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's 50 day simple moving average is $33.60 and its 200 day simple moving average is $35.07. Renasant Co. has a 1-year low of $26.97 and a 1-year high of $39.63.

Renasant Dividend Announcement

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

Insiders Place Their Bets

In other news, CAO Kelly Hutcheson sold 1,310 shares of the business's stock in a transaction dated 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 in the company, 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 accessible through the SEC website. Insiders own 2.81% of the company's stock.

Wall Street Analysts Forecast Growth

RNST has been the topic of several research reports. Raymond James decreased their price target on shares of Renasant from $44.00 to $40.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 2nd. Piper Sandler increased their price target 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 Renasant from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Stephens boosted their price target on Renasant from $44.00 to $47.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. Finally, Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $46.00 price objective (up from $45.00) on shares of Renasant in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $42.17.

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.