Fisher Asset Management LLC raised its stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 47.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 414,108 shares of the financial services provider's stock after acquiring an additional 134,000 shares during the period. Fisher Asset Management LLC owned approximately 0.65% of Renasant worth $14,804,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp increased its holdings in Renasant by 26.5% in 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 last quarter. JPMorgan Chase & Co. grew its stake in shares of Renasant by 81.1% in the third quarter. JPMorgan Chase & Co. now owns 263,353 shares of the financial services provider's stock worth $8,559,000 after acquiring an additional 117,950 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of Renasant during the third quarter worth $2,534,000. Principal Financial Group Inc. boosted its holdings in Renasant by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 308,195 shares of the financial services provider's stock valued at $11,018,000 after purchasing an additional 8,710 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Renasant by 21.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 734,744 shares of the financial services provider's stock worth $23,879,000 after purchasing an additional 131,821 shares in the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.
Renasant Stock Performance
Renasant stock traded down $0.05 during midday trading on Friday, hitting $34.74. 428,317 shares of the company's stock were exchanged, compared to its average volume of 542,666. Renasant Co. has a 12-month low of $27.98 and a 12-month high of $39.63. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of 10.62 and a beta of 1.02. The firm's 50 day simple moving average is $36.74 and its 200 day simple moving average is $35.37. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.
Renasant Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.53%. The ex-dividend date is Monday, March 17th. Renasant's dividend payout ratio (DPR) is presently 26.91%.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on RNST. Stephens lifted their price objective on Renasant from $44.00 to $47.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. StockNews.com cut shares of Renasant from a "hold" rating to a "sell" rating in a report on Friday, January 31st. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $46.00 price target (up from $45.00) on shares of Renasant in a research note on Thursday, January 30th. Piper Sandler increased their price objective on Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Finally, Raymond James restated an "outperform" rating and set a $44.00 target price (up previously from $40.00) on shares of Renasant in a research note on Thursday, January 30th. One investment 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's stock. According to data from MarketBeat.com, Renasant has an average rating of "Hold" and a consensus target price of $42.83.
Read Our Latest Analysis on Renasant
Insider Buying and Selling
In other 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 completion of the sale, the chief accounting officer now owns 17,586 shares in the company, valued at approximately $645,757.92. This trade represents a 6.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.82% of the company's stock.
Renasant Profile
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Free Report)
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.
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