First Trust Advisors LP Has $2.81 Million Position in Renasant Co. (NASDAQ:RNST)

First Trust Advisors LP lessened its holdings in Renasant Co. (NASDAQ:RNST - Free Report) by 16.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 78,684 shares of the financial services provider's stock after selling 15,039 shares during the period. First Trust Advisors LP owned approximately 0.12% of Renasant worth $2,813,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. William Blair Investment Management LLC acquired a new stake in shares of Renasant during the 4th quarter worth about $36,987,000. Jennison Associates LLC raised its stake in shares of Renasant by 204.9% in the fourth quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider's stock valued at $41,963,000 after acquiring an additional 788,762 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of Renasant in the fourth quarter valued at approximately $17,088,000. Marshall Wace LLP acquired a new position in shares of Renasant in the 4th quarter worth approximately $13,204,000. Finally, Raymond James Financial Inc. bought a new stake in Renasant during the 4th quarter worth approximately $9,586,000. Institutional investors own 77.31% of the company's stock.

Insider Activity

In related news, CAO Kelly Hutcheson sold 1,310 shares of the business'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 transaction of $48,103.20. Following the completion of the transaction, the chief accounting officer now owns 17,586 shares in the company, valued at approximately $645,757.92. The trade was a 6.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.81% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

RNST has been the topic of a number of recent analyst reports. Stephens boosted 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. 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 raised their price objective on shares of Renasant from $34.50 to $35.00 and gave the company a "market perform" rating in a research report on Monday, April 28th. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $46.00 target price (up from $45.00) on shares of Renasant in a research report on Thursday, January 30th. Finally, Piper Sandler raised their price target on shares of Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $41.50.

Renasant Stock Up 3.9 %

Shares of NASDAQ:RNST opened at $33.59 on Monday. The company has a 50 day moving average of $32.37 and a 200-day moving average of $35.04. Renasant Co. has a one year low of $26.97 and a one year high of $39.63. The stock has a market cap of $2.14 billion, a price-to-earnings ratio of 10.27 and a beta of 0.93. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94.

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

Renasant Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given 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 2.62%. Renasant's payout ratio is currently 27.33%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.