Canada Pension Plan Investment Board Purchases New Stake in Renasant Co. (NASDAQ:RNST)

Canada Pension Plan Investment Board acquired a new stake in Renasant Co. (NASDAQ:RNST - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 43,500 shares of the financial services provider's stock, valued at approximately $1,555,000. Canada Pension Plan Investment Board owned 0.07% of Renasant as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. HighTower Advisors LLC lifted its holdings in shares of Renasant by 3.4% in the 4th quarter. HighTower Advisors LLC now owns 11,503 shares of the financial services provider's stock valued at $411,000 after buying an additional 377 shares during the period. Bank of Montreal Can lifted its holdings in Renasant by 4.1% in the fourth quarter. Bank of Montreal Can now owns 9,619 shares of the financial services provider's stock valued at $344,000 after acquiring an additional 383 shares during the period. Arizona State Retirement System boosted its position in shares of Renasant by 2.4% during the 4th quarter. Arizona State Retirement System now owns 18,445 shares of the financial services provider's stock worth $659,000 after purchasing an additional 424 shares in the last quarter. Sheets Smith Wealth Management boosted its position in shares of Renasant by 3.6% during the 4th quarter. Sheets Smith Wealth Management now owns 12,471 shares of the financial services provider's stock worth $446,000 after purchasing an additional 438 shares in the last quarter. Finally, Covestor Ltd increased its holdings in shares of Renasant by 73.7% in the 4th quarter. Covestor Ltd now owns 1,838 shares of the financial services provider's stock valued at $66,000 after purchasing an additional 780 shares in the last quarter. Hedge funds and other institutional investors own 77.31% of the company's stock.

Analyst Upgrades and Downgrades

RNST has been the topic of a number of research analyst reports. Raymond James raised shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price objective on the stock in a report on Thursday, April 24th. Hovde Group upped their price target on Renasant from $34.50 to $35.00 and gave the stock a "market perform" rating in a report on Monday. Stephens raised 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 downgraded Renasant from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Finally, Piper Sandler lifted their price target on Renasant from $41.00 to $44.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $41.50.

Renasant Trading Down 0.5 %

Shares of Renasant stock traded down $0.18 during mid-day trading on Tuesday, hitting $32.10. 133,065 shares of the stock were exchanged, compared to its average volume of 620,573. The company has a 50-day simple moving average of $32.69 and a 200 day simple moving average of $35.07. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of 9.82 and a beta of 0.93. Renasant Co. has a twelve month low of $26.97 and a twelve month high of $39.63.

Renasant (NASDAQ:RNST - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.06. The company had revenue of $170.59 million during the quarter, compared to the consensus estimate of $170.38 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%. During the same period in the previous year, the firm posted $0.65 EPS. Research analysts forecast that Renasant Co. will post 2.68 EPS for the current year.

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.88 annualized dividend and a dividend yield of 2.74%. Renasant's payout ratio is currently 27.33%.

Insider Activity at Renasant

In other news, CAO Kelly Hutcheson sold 1,310 shares of the company's stock in a transaction on 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. This represents a 6.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.81% of the stock is owned by insiders.

Renasant 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.