KLP Kapitalforvaltning AS Takes Position in Renasant Co. (NASDAQ:RNST)

KLP Kapitalforvaltning AS purchased a new stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 13,700 shares of the financial services provider's stock, valued at approximately $492,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. HighTower Advisors LLC boosted its position in Renasant by 3.4% in the fourth quarter. HighTower Advisors LLC now owns 11,503 shares of the financial services provider's stock worth $411,000 after purchasing an additional 377 shares during the last quarter. Arizona State Retirement System boosted its holdings in shares of Renasant by 2.4% in 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 during the last quarter. Sheets Smith Wealth Management grew its position in Renasant by 3.6% during the fourth quarter. Sheets Smith Wealth Management now owns 12,471 shares of the financial services provider's stock valued at $446,000 after buying an additional 438 shares during the period. KBC Group NV increased its holdings in Renasant by 36.7% during the fourth quarter. KBC Group NV now owns 3,358 shares of the financial services provider's stock valued at $120,000 after buying an additional 901 shares during the last quarter. Finally, FMR LLC raised its position in Renasant by 1.1% in the third quarter. FMR LLC now owns 97,133 shares of the financial services provider's stock worth $3,157,000 after acquiring an additional 1,086 shares during the period. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RNST has been the subject of several analyst reports. Stephens upped their price objective on Renasant from $44.00 to $47.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. StockNews.com downgraded Renasant from a "hold" rating to a "sell" rating in a research note on Friday, January 31st. Raymond James cut their price objective on Renasant from $44.00 to $40.00 and set an "outperform" rating for the company in a research note on Wednesday, April 2nd. Piper Sandler raised their target price on shares of Renasant from $41.00 to $44.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. Finally, 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 report on Thursday, January 30th. 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's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $42.17.

Renasant Price Performance

RNST traded down $0.81 during trading on Tuesday, reaching $27.87. 1,376,681 shares of the company traded hands, compared to its average volume of 563,928. The company has a market cap of $1.77 billion, a P/E ratio of 8.52 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. Renasant Co. has a 12-month low of $27.44 and a 12-month high of $39.63. The firm has a fifty day simple moving average of $35.48 and a 200 day simple moving average of $35.35.

Renasant Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.22 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.88 dividend on an annualized basis and a yield of 3.16%. Renasant's dividend payout ratio is currently 26.91%.

Insiders Place Their Bets

In other news, CAO Kelly Hutcheson sold 1,310 shares of Renasant stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $36.72, for a total value 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.81% of the company's stock.

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.