Renasant Co. (NASDAQ:RNST) Stock Position Boosted by Northern Trust Corp

Northern Trust Corp boosted its stake in Renasant Co. (NASDAQ:RNST - Free Report) by 7.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 763,996 shares of the financial services provider's stock after buying an additional 55,620 shares during the period. Northern Trust Corp owned 1.20% of Renasant worth $27,313,000 at the end of the most recent quarter.

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

Insider Transactions at Renasant

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RNST. StockNews.com downgraded shares of Renasant from a "hold" rating to a "sell" rating in a report on Friday, January 31st. Hovde Group upped their price target on shares of Renasant from $34.50 to $35.00 and gave the company a "market perform" rating in a report on Monday, April 28th. Stephens upped 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. Raymond James raised shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price objective for the company in a research note on Thursday, April 24th. Finally, Piper Sandler upped their price objective on shares of Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. One 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 company. Based on data from MarketBeat, Renasant currently has a consensus rating of "Moderate Buy" and a consensus target price of $41.00.

Renasant Price Performance

NASDAQ RNST opened at $33.82 on Monday. The company has a 50 day simple moving average of $32.13 and a 200-day simple moving average of $35.05. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The firm has a market capitalization of $2.15 billion, a price-to-earnings ratio of 10.34 and a beta of 0.86. Renasant Co. has a 52-week low of $26.97 and a 52-week high of $39.63.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.60 by $0.06. The business had revenue of $170.59 million during the quarter, compared to analyst estimates of $170.38 million. Renasant had a net margin of 17.91% and a return on equity of 6.58%. During the same period in the prior year, the firm earned $0.65 earnings per share. Equities research analysts predict that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date of this dividend is Monday, June 16th. Renasant's dividend payout ratio (DPR) is 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.

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