Principal Financial Group Inc. Buys 8,710 Shares of Renasant Co. (NASDAQ:RNST)

Principal Financial Group Inc. grew its holdings in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 2.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 308,195 shares of the financial services provider's stock after acquiring an additional 8,710 shares during the period. Principal Financial Group Inc. owned 0.48% of Renasant worth $11,018,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in RNST. Mutual of America Capital Management LLC increased its holdings in Renasant by 3.2% in the third quarter. Mutual of America Capital Management LLC now owns 9,560 shares of the financial services provider's stock worth $311,000 after purchasing an additional 300 shares in the last quarter. Sheets Smith Wealth Management increased its position in shares of Renasant by 3.6% during the 4th quarter. Sheets Smith Wealth Management now owns 12,471 shares of the financial services provider's stock valued at $446,000 after purchasing an additional 438 shares during the last quarter. KBC Group NV boosted its holdings in shares of Renasant by 32.0% in the 3rd quarter. KBC Group NV now owns 2,457 shares of the financial services provider's stock worth $80,000 after buying an additional 596 shares during the last quarter. HighTower Advisors LLC increased its holdings in Renasant by 7.1% in the 3rd quarter. HighTower Advisors LLC now owns 11,126 shares of the financial services provider's stock worth $365,000 after acquiring an additional 734 shares during the last quarter. Finally, J.W. Cole Advisors Inc. increased its holdings in Renasant by 11.7% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 8,159 shares of the financial services provider's stock worth $265,000 after acquiring an additional 856 shares during the period. 77.31% of the stock is owned by institutional investors.

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Analysts Set New Price Targets

RNST has been the subject of a number of recent analyst reports. Piper Sandler boosted their price target on shares of Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. Raymond James reiterated an "outperform" rating and set a $44.00 price target (up previously from $40.00) on shares of Renasant in a research report on Thursday, January 30th. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $46.00 price objective (up from $45.00) on shares of Renasant in a research report on Thursday, January 30th. StockNews.com lowered shares of Renasant from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Finally, Stephens increased their price target on shares of Renasant from $44.00 to $47.00 and gave the stock an "overweight" rating 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 issued a buy rating to the company. According to MarketBeat.com, Renasant has a consensus rating of "Hold" and an average target price of $42.83.

Renasant Price Performance

Shares of RNST stock traded down $0.40 during trading hours on Tuesday, hitting $35.61. 243,755 shares of the company's stock were exchanged, compared to its average volume of 525,376. Renasant Co. has a 12-month low of $27.98 and a 12-month high of $39.63. The company has a market capitalization of $2.27 billion, a PE ratio of 10.91 and a beta of 1.03. The business's 50 day simple moving average is $36.79 and its 200-day simple moving average is $35.36. 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend is Monday, March 17th. Renasant's dividend payout ratio (DPR) is presently 26.91%.

Insider Buying and Selling

In other Renasant news, CAO Kelly Hutcheson sold 1,310 shares of the firm's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $36.72, for a total value of $48,103.20. Following the sale, the chief accounting officer now owns 17,586 shares of the company's stock, valued at $645,757.92. This trade represents a 6.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.82% of the stock is owned by corporate insiders.

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.