Vanguard Group Inc. Acquires 50,934 Shares of Renasant Co. (NASDAQ:RNST)

Vanguard Group Inc. increased its position in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 0.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,207,451 shares of the financial services provider's stock after buying an additional 50,934 shares during the quarter. Vanguard Group Inc. owned 11.34% of Renasant worth $257,666,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. HighTower Advisors LLC lifted its position in shares of Renasant by 3.4% during the 4th quarter. HighTower Advisors LLC now owns 11,503 shares of the financial services provider's stock worth $411,000 after buying an additional 377 shares during the period. Arizona State Retirement System increased its holdings in shares of Renasant by 2.4% during the fourth quarter. Arizona State Retirement System now owns 18,445 shares of the financial services provider's stock worth $659,000 after buying an additional 424 shares in the last quarter. Sheets Smith Wealth Management raised its stake in shares of Renasant by 3.6% in the fourth quarter. Sheets Smith Wealth Management now owns 12,471 shares of the financial services provider's stock valued at $446,000 after acquiring an additional 438 shares during the last quarter. KBC Group NV boosted its holdings in shares of Renasant by 36.7% in the 4th quarter. KBC Group NV now owns 3,358 shares of the financial services provider's stock worth $120,000 after acquiring an additional 901 shares in the last quarter. Finally, FMR LLC grew its position in Renasant by 1.1% during the 3rd quarter. FMR LLC now owns 97,133 shares of the financial services provider's stock worth $3,157,000 after acquiring an additional 1,086 shares during the last quarter. 77.31% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on RNST. Raymond James decreased their target price on Renasant from $44.00 to $40.00 and set an "outperform" rating on the stock in a report on Wednesday, April 2nd. StockNews.com cut shares of Renasant from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Stephens upped their target price on shares of Renasant from $44.00 to $47.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $46.00 price target (up previously from $45.00) on shares of Renasant in a report on Thursday, January 30th. Finally, Piper Sandler upped their price objective on Renasant from $41.00 to $44.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Renasant presently has an average rating of "Hold" and a consensus target price of $42.17.

Renasant Trading Up 8.3 %

NASDAQ RNST traded up $2.31 during trading hours on Wednesday, hitting $30.18. The company's stock had a trading volume of 1,578,488 shares, compared to its average volume of 569,591. Renasant Co. has a twelve month low of $26.95 and a twelve month high of $39.63. The firm has a market capitalization of $1.92 billion, a P/E ratio of 9.23 and a beta of 0.93. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The stock has a fifty day moving average of $35.48 and a 200 day moving average of $35.35.

Renasant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders 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 dividend yield of 2.92%. Renasant's dividend payout ratio is currently 26.91%.

Insider Buying and Selling

In other Renasant news, CAO Kelly Hutcheson sold 1,310 shares of the firm'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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.81% of the stock is owned by insiders.

Renasant Company 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.