Thrivent Financial for Lutherans Raises Position in Renasant Co. (NASDAQ:RNST)

Thrivent Financial for Lutherans grew its position in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 74.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,951 shares of the financial services provider's stock after purchasing an additional 37,041 shares during the period. Thrivent Financial for Lutherans owned approximately 0.14% of Renasant worth $3,109,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. KBC Group NV lifted its stake in Renasant by 36.7% during the fourth quarter. KBC Group NV now owns 3,358 shares of the financial services provider's stock worth $120,000 after purchasing an additional 901 shares during the last quarter. ZWJ Investment Counsel Inc. bought a new stake in Renasant in the fourth quarter valued at $208,000. Cibc World Markets Corp bought a new position in Renasant in the 4th quarter worth $209,000. Verition Fund Management LLC bought a new position in shares of Renasant in the 3rd quarter worth approximately $210,000. Finally, CIBC Asset Management Inc bought a new stake in shares of Renasant during the fourth quarter valued at approximately $220,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Renasant Trading Down 3.6 %

RNST stock traded down $1.28 during mid-day trading on Friday, reaching $33.75. 1,125,232 shares of the stock traded hands, compared to its average volume of 500,231. The business has a 50-day moving average price of $36.45 and a two-hundred day moving average price of $35.48. The stock has a market capitalization of $2.15 billion, a PE ratio of 10.32 and a beta of 1.02. 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 Co. has a one year low of $27.98 and a one year high of $39.63.

Remove Ads

Renasant Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.88 dividend on an annualized basis and a yield of 2.61%. Renasant's dividend payout ratio is currently 26.91%.

Analyst Ratings Changes

A number of brokerages have recently commented on RNST. Piper Sandler boosted their target price on shares of Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Raymond James reaffirmed an "outperform" rating and issued a $44.00 price target (up previously from $40.00) on shares of Renasant in a research report on Thursday, January 30th. Stephens increased their price objective 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. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $46.00 target price (up from $45.00) on shares of Renasant in a report on Thursday, January 30th. Finally, StockNews.com cut shares of Renasant from a "hold" rating to a "sell" rating in a report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $42.83.

Insider Transactions at Renasant

In other news, CAO Kelly Hutcheson sold 1,310 shares of the company's stock in a transaction that occurred 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 of the company's stock, valued at approximately $645,757.92. This represents a 6.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.81% of the company's stock.

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.