Renasant Co. (NASDAQ:RNST) Stock Holdings Boosted by JPMorgan Chase & Co.

JPMorgan Chase & Co. boosted its stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 81.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 263,353 shares of the financial services provider's stock after acquiring an additional 117,950 shares during the quarter. JPMorgan Chase & Co. owned about 0.41% of Renasant worth $8,559,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of RNST. State Street Corp raised its stake in shares of Renasant by 26.5% during the 3rd quarter. State Street Corp now owns 3,369,915 shares of the financial services provider's stock worth $109,522,000 after buying an additional 705,344 shares during the last quarter. Quantbot Technologies LP purchased a new stake in Renasant during the 3rd quarter worth about $2,534,000. Charles Schwab Investment Management Inc. raised its stake in Renasant by 21.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 734,744 shares of the financial services provider's stock valued at $23,879,000 after purchasing an additional 131,821 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Renasant by 122.0% in the 3rd quarter. Franklin Resources Inc. now owns 27,669 shares of the financial services provider's stock valued at $910,000 after purchasing an additional 15,203 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Renasant by 7.8% during the third quarter. Principal Financial Group Inc. now owns 299,485 shares of the financial services provider's stock worth $9,733,000 after buying an additional 21,683 shares in the last quarter. Hedge funds and other institutional investors own 77.31% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on the company. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $45.00 price target on shares of Renasant in a report on Tuesday, December 31st. Hovde Group cut Renasant from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th. Finally, Truist Financial dropped their price target on Renasant from $38.00 to $37.00 and set a "hold" rating for the company in a research note on Friday, September 20th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $40.17.

Renasant Stock Up 3.9 %

RNST traded up $1.33 on Tuesday, reaching $35.36. The company's stock had a trading volume of 138,356 shares, compared to its average volume of 425,998. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. Renasant Co. has a 1 year low of $27.98 and a 1 year high of $39.47. The business's 50 day moving average is $36.46 and its 200 day moving average is $34.29. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of 11.52 and a beta of 1.03.

Renasant (NASDAQ:RNST - Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.07. Renasant had a net margin of 16.83% and a return on equity of 6.70%. The business had revenue of $318.34 million during the quarter, compared to the consensus estimate of $184.73 million. During the same quarter last year, the company earned $0.75 earnings per share. As a group, research analysts forecast that Renasant Co. will post 2.65 EPS for the current fiscal year.

Renasant Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $0.88 annualized dividend and a dividend yield of 2.49%. Renasant's payout ratio is 28.66%.

Insider Buying and Selling at Renasant

In other Renasant news, Director John Creekmore sold 3,000 shares of the firm's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the transaction, the director now owns 24,057 shares of the company's stock, valued at $914,166. This trade represents a 11.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.82% of the stock is currently owned by 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.