HighTower Advisors LLC Boosts Stake in Renasant Co. (NASDAQ:RNST)

HighTower Advisors LLC raised its holdings in shares of Renasant Co. (NASDAQ:RNST) by 3.4% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 11,503 shares of the financial services provider’s stock after purchasing an additional 377 shares during the period. HighTower Advisors LLC’s holdings in Renasant were worth $411,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. KBC Group NV increased its position in shares of Renasant by 36.7% in the 4th quarter. KBC Group NV now owns 3,358 shares of the financial services provider’s stock valued at $120,000 after acquiring an additional 901 shares during the period. ZWJ Investment Counsel Inc. acquired a new position in Renasant in the 4th quarter valued at $208,000. Verition Fund Management LLC purchased a new stake in Renasant during the 3rd quarter valued at about $210,000. CIBC Asset Management Inc purchased a new stake in Renasant in the 4th quarter valued at $220,000. Finally, Element Wealth LLC purchased a new stake in shares of Renasant in the 4th quarter valued at approximately $240,000. Institutional investors own 77.31% of the company’s stock.

Renasant Stock Performance

NASDAQ RNST opened at $33.84 on Tuesday. The stock has a market cap of $2.15 billion, a price-to-earnings ratio of 10.35 and a beta of 1.02. Renasant Co. has a fifty-two week low of $27.98 and a fifty-two week high of $39.63. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The business has a fifty day moving average of $36.40 and a 200-day moving average of $35.52.

Renasant Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were 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 was Monday, March 17th. 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 Renasant 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 transaction, the chief accounting officer now directly owns 17,586 shares of the company’s stock, valued at $645,757.92. The trade was a 6.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.81% of the company’s stock.

Wall Street Analyst Weigh In

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

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.