OLD Mission Capital LLC Makes New Investment in Renasant Co. (NASDAQ:RNST)

OLD Mission Capital LLC acquired a new stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 42,040 shares of the financial services provider's stock, valued at approximately $1,503,000. OLD Mission Capital LLC owned approximately 0.07% of Renasant at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. William Blair Investment Management LLC acquired a new position in shares of Renasant during the 4th quarter worth $36,987,000. Jennison Associates LLC raised its stake in Renasant by 204.9% during the fourth quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider's stock worth $41,963,000 after acquiring an additional 788,762 shares in the last quarter. State Street Corp lifted its holdings in shares of Renasant by 26.5% in the third quarter. State Street Corp now owns 3,369,915 shares of the financial services provider's stock worth $109,522,000 after acquiring an additional 705,344 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of Renasant in the fourth quarter worth about $17,088,000. Finally, Philadelphia Financial Management of San Francisco LLC bought a new stake in shares of Renasant during the 3rd quarter valued at approximately $15,009,000. 77.31% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Renasant 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 directly owns 17,586 shares in the company, valued at approximately $645,757.92. This trade represents a 6.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 2.81% of the stock is owned by insiders.

Renasant Trading Down 1.0 %

NASDAQ:RNST traded down $0.30 on Monday, reaching $29.06. 412,049 shares of the stock traded hands, compared to its average volume of 553,330. 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 1-year low of $16.12 and a 1-year high of $39.63. The company's 50 day moving average is $36.04 and its 200-day moving average is $35.49. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of 8.82 and a beta of 0.93.

Renasant Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was Monday, March 17th. Renasant's dividend payout ratio (DPR) is presently 26.91%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RNST. Raymond James dropped their price target 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 lifted their price target on Renasant from $41.00 to $44.00 and gave the company 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. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $46.00 target price (up from $45.00) on shares of Renasant in a research report on Thursday, January 30th. Finally, Stephens upped their price target on shares of Renasant from $44.00 to $47.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. One research 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 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.