Cibc World Markets Corp Invests $209,000 in Renasant Co. (NASDAQ:RNST)

Cibc World Markets Corp acquired a new position in shares of Renasant Co. (NASDAQ:RNST) during the fourth quarter, HoldingsChannel reports. The firm acquired 5,846 shares of the financial services provider’s stock, valued at approximately $209,000.

Several other institutional investors have also added to or reduced their stakes in RNST. Mutual of America Capital Management LLC raised its stake in shares of Renasant by 3.2% in the 3rd quarter. Mutual of America Capital Management LLC now owns 9,560 shares of the financial services provider’s stock valued at $311,000 after purchasing an additional 300 shares during the period. HighTower Advisors LLC raised its position in 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 last quarter. Arizona State Retirement System lifted its stake in Renasant by 2.4% in the 4th quarter. Arizona State Retirement System now owns 18,445 shares of the financial services provider’s stock valued at $659,000 after acquiring an additional 424 shares in the last quarter. Sheets Smith Wealth Management boosted its position in 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 acquiring an additional 438 shares during the last quarter. Finally, KBC Group NV grew its stake in shares of 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 acquiring an additional 901 shares in the last quarter. 77.31% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RNST. Piper Sandler boosted their price objective on shares of Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Raymond James reissued an “outperform” rating and set a $44.00 price target (up from $40.00) on shares of Renasant in a research report on Thursday, January 30th. StockNews.com cut Renasant from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $46.00 target price (up previously from $45.00) on shares of Renasant in a report on Thursday, January 30th. Finally, Stephens raised their price target on Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $42.83.

Renasant Trading Down 0.7 %

Shares of NASDAQ:RNST opened at $35.45 on Thursday. The company has a 50-day simple moving average of $36.52 and a 200 day simple moving average of $35.45. The company has a market capitalization of $2.26 billion, a P/E ratio of 10.84 and a beta of 1.02. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. Renasant Co. has a 52-week low of $27.98 and a 52-week high of $39.63.

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.88 annualized dividend and a dividend yield of 2.48%. Renasant’s dividend payout ratio is currently 26.91%.

Insider Buying and Selling

In other Renasant news, CAO Kelly Hutcheson sold 1,310 shares of the company’s stock in a transaction 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 $645,757.92. The trade was a 6.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.81% of the stock is owned by insiders.

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.