LPL Financial LLC Raises Position in Renasant Co. (NASDAQ:RNST)

LPL Financial LLC raised its holdings in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 53.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 107,519 shares of the financial services provider's stock after buying an additional 37,380 shares during the quarter. LPL Financial LLC owned about 0.17% of Renasant worth $3,844,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. KBC Group NV boosted its stake in Renasant by 36.7% in the fourth 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 in the last quarter. ZWJ Investment Counsel Inc. bought a new position in shares of Renasant during the 4th quarter valued at $208,000. Cibc World Markets Corp bought a new stake in Renasant in the fourth quarter worth $209,000. Verition Fund Management LLC purchased a new stake in Renasant during the third quarter valued at about $210,000. Finally, CIBC Asset Management Inc bought a new position in shares of Renasant during the fourth quarter valued at about $220,000. 77.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Stephens increased their target price on Renasant from $44.00 to $47.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Raymond James reduced their price target on 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 boosted 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. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $46.00 price objective (up previously from $45.00) on shares of Renasant in a research report on Thursday, January 30th. Finally, StockNews.com cut Renasant from a "hold" rating to a "sell" rating in a research note on Friday, January 31st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Renasant presently has a consensus rating of "Hold" and a consensus price target of $42.17.

Insider Transactions at Renasant

In related news, CAO Kelly Hutcheson sold 1,310 shares of the 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 completion of the sale, the chief accounting officer now owns 17,586 shares in the company, valued at approximately $645,757.92. This trade represents a 6.93 % decrease in their ownership of the stock. The transaction 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.

Renasant Stock Performance

RNST stock traded down $0.12 during trading on Wednesday, reaching $27.80. The stock had a trading volume of 54,252 shares, compared to its average volume of 581,532. Renasant Co. has a 52 week low of $26.97 and a 52 week high of $39.63. The firm has a market cap of $1.77 billion, a PE ratio of 8.50 and a beta of 0.93. 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 stock's 50 day moving average is $34.23 and its two-hundred day moving average is $35.18.

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 dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend was Monday, March 17th. Renasant's dividend payout ratio is presently 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.