Norges Bank Makes New $890,000 Investment in Renasant Co. (NASDAQ:RNST)

Norges Bank acquired a new stake in Renasant Co. (NASDAQ:RNST - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 24,906 shares of the financial services provider's stock, valued at approximately $890,000.

Other institutional investors have also modified their holdings of the company. KBC Group NV grew its stake in Renasant by 36.7% during 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 during the period. ZWJ Investment Counsel Inc. purchased a new stake in Renasant during the 4th quarter worth $208,000. Cibc World Markets Corp purchased a new stake in Renasant during the 4th quarter worth $209,000. Verition Fund Management LLC purchased a new position in Renasant in the third quarter valued at about $210,000. Finally, CIBC Asset Management Inc acquired a new position in shares of Renasant during the fourth quarter worth about $220,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Insider Transactions at Renasant

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 value of $48,103.20. Following the completion of the transaction, the chief accounting officer now directly owns 17,586 shares in the company, valued at $645,757.92. The trade was a 6.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.81% of the company's stock.

Renasant Stock Performance

NASDAQ:RNST traded up $0.07 during trading hours on Thursday, reaching $28.07. 181,183 shares of the stock were exchanged, compared to its average volume of 584,021. Renasant Co. has a 52 week low of $26.97 and a 52 week high of $39.63. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $1.79 billion, a P/E ratio of 8.61 and a beta of 0.93. The firm has a 50 day simple moving average of $34.02 and a 200-day simple moving average of $35.13.

Renasant Announces Dividend

The firm also recently announced 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. The ex-dividend date was Monday, March 17th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.14%. Renasant's dividend payout ratio (DPR) is 26.91%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on RNST shares. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $46.00 target price (up from $45.00) on shares of Renasant in a report on Thursday, January 30th. Piper Sandler boosted their target price on shares of Renasant from $41.00 to $44.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Raymond James lowered their price target on shares of Renasant from $44.00 to $40.00 and set an "outperform" rating for the company in a report on Wednesday, April 2nd. StockNews.com lowered shares of Renasant from a "hold" rating to a "sell" rating in a report on Friday, January 31st. Finally, Stephens raised their target price on Renasant from $44.00 to $47.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $42.17.

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.