JPMorgan Chase & Co. Has $11.95 Million Stock Holdings in Renasant Co. (NASDAQ:RNST)

JPMorgan Chase & Co. increased its stake in Renasant Co. (NASDAQ:RNST - Free Report) by 27.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 334,354 shares of the financial services provider's stock after purchasing an additional 71,001 shares during the period. JPMorgan Chase & Co. owned 0.53% of Renasant worth $11,953,000 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. Verition Fund Management LLC bought a new stake in Renasant in the third quarter valued at $210,000. HighTower Advisors LLC increased its holdings in shares of 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 period. State Street Corp boosted its stake in Renasant by 26.5% during the 3rd quarter. State Street Corp now owns 3,369,915 shares of the financial services provider's stock valued at $109,522,000 after purchasing an additional 705,344 shares during the period. Barclays PLC boosted its stake in Renasant by 183.3% during the 3rd quarter. Barclays PLC now owns 137,217 shares of the financial services provider's stock valued at $4,461,000 after purchasing an additional 88,783 shares during the period. Finally, Geode Capital Management LLC grew its position in Renasant by 12.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,428,038 shares of the financial services provider's stock worth $46,420,000 after purchasing an additional 153,086 shares during the last quarter. Institutional investors and hedge funds own 77.31% of the company's stock.

Insider Buying and Selling at Renasant

In related news, CAO Kelly Hutcheson sold 1,310 shares of Renasant stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $36.72, for a total value of $48,103.20. Following the transaction, the chief accounting officer now owns 17,586 shares of the company's stock, valued at approximately $645,757.92. This trade represents a 6.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.81% of the stock is owned by corporate insiders.

Renasant Price Performance

Shares of RNST traded up $0.13 during mid-day trading on Friday, hitting $28.13. The company's stock had a trading volume of 3,126,142 shares, compared to its average volume of 598,729. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The firm has a 50-day moving average price of $33.60 and a 200 day moving average price of $35.07. Renasant Co. has a fifty-two week low of $26.97 and a fifty-two week high of $39.63. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of 8.60 and a beta of 0.93.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a $0.22 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.88 annualized dividend and a yield of 3.13%. Renasant's dividend payout ratio (DPR) is 26.91%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Piper Sandler boosted their price objective 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 reissued an "outperform" rating and set a $46.00 price target (up from $45.00) on shares of Renasant in a report on Thursday, January 30th. Stephens increased their target price 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. StockNews.com cut shares of Renasant from a "hold" rating to a "sell" rating in a research note on Friday, January 31st. Finally, Raymond James decreased their price objective 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. 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's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average 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.