Bank of America Corp DE Acquires 478,266 Shares of Renasant Co. (NASDAQ:RNST)

Bank of America Corp DE lifted its stake in Renasant Co. (NASDAQ:RNST - Free Report) by 376.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 605,303 shares of the financial services provider's stock after purchasing an additional 478,266 shares during the period. Bank of America Corp DE owned about 0.95% of Renasant worth $21,640,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Covestor Ltd increased its position in shares of Renasant by 73.7% during the fourth quarter. Covestor Ltd now owns 1,838 shares of the financial services provider's stock worth $66,000 after acquiring an additional 780 shares during the period. KBC Group NV increased its holdings in Renasant by 36.7% during the 4th 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 period. ZWJ Investment Counsel Inc. bought a new stake in Renasant during the 4th quarter valued at $208,000. Cibc World Markets Corp purchased a new stake in shares of Renasant in the 4th quarter worth $209,000. Finally, CIBC Asset Management Inc bought a new position in shares of Renasant during the 4th quarter worth $220,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Keefe, Bruyette & Woods decreased their price objective on Renasant from $45.00 to $43.00 and set an "outperform" rating for the company in a report on Tuesday, May 6th. Piper Sandler increased their target price on shares of Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. StockNews.com lowered shares of Renasant from a "hold" rating to a "sell" rating in a report on Friday, January 31st. Hovde Group lifted their target price on shares of Renasant from $34.50 to $35.00 and gave the stock a "market perform" rating in a research note on Monday, April 28th. Finally, Stephens raised their price objective on Renasant from $44.00 to $47.00 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 issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Renasant presently has an average rating of "Moderate Buy" and an average price target of $41.00.

Renasant Stock Up 0.0%

RNST stock opened at $35.87 on Tuesday. The company has a market cap of $2.28 billion, a price-to-earnings ratio of 10.97 and a beta of 0.86. The firm has a 50-day moving average of $32.33 and a two-hundred day moving average of $35.11. Renasant Co. has a 12 month low of $26.97 and a 12 month high of $39.63. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16.

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

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a dividend of $0.22 per share. The ex-dividend date is Monday, June 16th. This represents a $0.88 annualized dividend and a yield of 2.45%. Renasant's dividend payout ratio (DPR) is 27.33%.

Insider Buying and Selling 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 transaction, the chief accounting officer now directly owns 17,586 shares in the company, valued at approximately $645,757.92. This represents a 6.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.81% of the company's stock.

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.

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