Victory Capital Management Inc. Purchases 18,047 Shares of Renasant Co. (NASDAQ:RNST)

Victory Capital Management Inc. lifted its position in Renasant Co. (NASDAQ:RNST - Free Report) by 0.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,973,413 shares of the financial services provider's stock after acquiring an additional 18,047 shares during the period. Victory Capital Management Inc. owned 6.25% of Renasant worth $142,050,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in RNST. Mutual of America Capital Management LLC lifted its position in Renasant by 3.2% during the 3rd quarter. Mutual of America Capital Management LLC now owns 9,560 shares of the financial services provider's stock valued at $311,000 after acquiring an additional 300 shares during the period. Sheets Smith Wealth Management increased its stake in shares of Renasant by 3.6% during the fourth quarter. Sheets Smith Wealth Management now owns 12,471 shares of the financial services provider's stock valued at $446,000 after purchasing an additional 438 shares in the last quarter. KBC Group NV lifted its holdings in shares of Renasant by 32.0% during the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider's stock valued at $80,000 after purchasing an additional 596 shares during the last quarter. HighTower Advisors LLC boosted its position 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 purchasing an additional 734 shares in the last quarter. Finally, FMR LLC grew its stake in shares of Renasant by 1.1% in the 3rd quarter. FMR LLC now owns 97,133 shares of the financial services provider's stock worth $3,157,000 after buying an additional 1,086 shares during the last quarter. Hedge funds and other institutional investors own 77.31% of the company's stock.

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Renasant Stock Performance

RNST traded down $0.05 during midday trading on Friday, hitting $34.74. 428,317 shares of the company traded hands, compared to its average volume of 542,666. The company's 50-day moving average is $36.72 and its 200 day moving average is $35.40. Renasant Co. has a 52 week low of $27.98 and a 52 week high of $39.63. The firm has a market capitalization of $2.21 billion, a PE ratio of 10.62 and a beta of 1.02. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

Renasant Announces Dividend

The company 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 $0.22 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.53%. Renasant's dividend payout ratio (DPR) is currently 26.91%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Piper Sandler lifted their price objective on Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. StockNews.com lowered Renasant from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Raymond James reissued an "outperform" rating and set a $44.00 price objective (up from $40.00) on shares of Renasant 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, Stephens increased their price target on shares of Renasant from $44.00 to $47.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $42.83.

Insider Buying and Selling

In other Renasant news, CAO Kelly Hutcheson sold 1,310 shares of the business's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $36.72, for a total transaction of $48,103.20. Following the completion of the sale, the chief accounting officer now directly owns 17,586 shares in the company, valued at $645,757.92. The trade was a 6.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.82% of the stock is currently owned by corporate 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.