Silvercrest Asset Management Group LLC Grows Stock Holdings in Renasant Co. (NASDAQ:RNST)

Silvercrest Asset Management Group LLC lifted its position in Renasant Co. (NASDAQ:RNST - Free Report) by 55.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 458,663 shares of the financial services provider's stock after acquiring an additional 164,534 shares during the period. Silvercrest Asset Management Group LLC owned 0.72% of Renasant worth $16,397,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Rafferty Asset Management LLC lifted its holdings in Renasant by 5.0% in the 4th quarter. Rafferty Asset Management LLC now owns 91,302 shares of the financial services provider's stock valued at $3,264,000 after purchasing an additional 4,348 shares in the last quarter. ProShare Advisors LLC lifted its stake in shares of Renasant by 46.4% in the fourth quarter. ProShare Advisors LLC now owns 18,851 shares of the financial services provider's stock worth $674,000 after buying an additional 5,971 shares in the last quarter. Quantinno Capital Management LP grew its stake in Renasant by 7.0% during the 4th quarter. Quantinno Capital Management LP now owns 12,045 shares of the financial services provider's stock valued at $431,000 after acquiring an additional 792 shares in the last quarter. Nuveen Asset Management LLC grew its stake in Renasant by 0.6% during the 4th quarter. Nuveen Asset Management LLC now owns 395,764 shares of the financial services provider's stock valued at $14,149,000 after acquiring an additional 2,405 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Renasant by 5.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,546 shares of the financial services provider's stock valued at $1,271,000 after acquiring an additional 1,862 shares during the last quarter. 77.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on RNST shares. Keefe, Bruyette & Woods lowered their target price on Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. Stephens upped their price objective on shares of Renasant from $44.00 to $47.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Piper Sandler boosted their target price on shares of Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Wall Street Zen downgraded shares of Renasant from a "hold" rating to a "sell" rating in a report on Friday, January 31st. Finally, Raymond James raised shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price target on the stock in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $41.00.

Insiders Place Their Bets

In other news, CAO Kelly Hutcheson sold 1,310 shares of Renasant stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $36.72, for a total value 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. This trade represents a 6.93% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.81% of the company's stock.

Renasant Trading Down 0.1%

Renasant stock traded down $0.04 during midday trading on Thursday, reaching $34.69. 125,887 shares of the stock traded hands, compared to its average volume of 647,520. The firm has a market cap of $2.21 billion, a PE ratio of 10.62 and a beta of 0.86. 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 company has a 50-day simple moving average of $32.38 and a two-hundred day simple moving average of $35.11. Renasant Co. has a 12-month low of $26.97 and a 12-month high of $39.63.

Renasant (NASDAQ:RNST - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.66 EPS for the quarter, beating the consensus estimate 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 quarter last year, the firm posted $0.65 earnings per share. Research analysts expect that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a $0.22 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.88 annualized dividend and a yield of 2.54%. Renasant's dividend payout ratio is presently 27.33%.

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.