268,122 Shares in Renasant Co. (NASDAQ:RNST) Acquired by Raymond James Financial Inc.

Raymond James Financial Inc. bought a new stake in Renasant Co. (NASDAQ:RNST - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 268,122 shares of the financial services provider's stock, valued at approximately $9,586,000. Raymond James Financial Inc. owned 0.42% of Renasant at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. KBC Group NV boosted its holdings in Renasant by 32.0% in the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider's stock worth $80,000 after acquiring an additional 596 shares in the last quarter. ZWJ Investment Counsel Inc. bought a new position in shares of Renasant in the 4th quarter worth $208,000. Verition Fund Management LLC acquired a new stake in Renasant in the 3rd quarter valued at $210,000. CIBC Asset Management Inc bought a new stake in Renasant during the 4th quarter valued at $220,000. Finally, Element Wealth LLC acquired a new position in Renasant during the fourth quarter worth $240,000. 77.31% of the stock is owned by institutional investors.

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 stock was sold at an average price of $36.72, for a total value of $48,103.20. Following the completion of the sale, the chief accounting officer now directly owns 17,586 shares of the company's stock, valued at $645,757.92. This trade represents a 6.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.82% of the stock is currently owned by corporate insiders.

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Analyst Upgrades and Downgrades

RNST has been the subject of several recent research reports. Raymond James reissued an "outperform" rating and set a $44.00 target price (up from $40.00) on shares of Renasant in a research report on Thursday, January 30th. StockNews.com lowered Renasant from a "hold" rating to a "sell" rating in a report on Friday, January 31st. Piper Sandler raised their target price on Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Stephens upped their price target on Renasant from $44.00 to $47.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Finally, Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $46.00 price target (up from $45.00) on shares of Renasant in a research report on Thursday, January 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $42.83.

Renasant Stock Performance

Shares of RNST stock traded down $0.03 during trading on Tuesday, hitting $35.75. The company's stock had a trading volume of 708,310 shares, compared to its average volume of 465,090. 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 company has a market cap of $2.28 billion, a PE ratio of 10.93 and a beta of 1.02. The business has a fifty day moving average of $36.53 and a 200-day moving average of $35.43. Renasant Co. has a 52 week low of $27.98 and a 52 week high of $39.63.

Renasant Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a dividend of $0.22 per share. The ex-dividend date is Monday, March 17th. This represents a $0.88 annualized dividend and a yield of 2.46%. Renasant's payout ratio is currently 26.91%.

Renasant Company 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.