Charles Schwab Investment Management Inc. Has $29.24 Million Stock Holdings in Renasant Co. (NASDAQ:RNST)

Charles Schwab Investment Management Inc. raised its holdings in Renasant Co. (NASDAQ:RNST) by 11.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 817,844 shares of the financial services provider’s stock after acquiring an additional 83,100 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Renasant were worth $29,238,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. KBC Group NV lifted its stake in shares of Renasant by 32.0% in the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock worth $80,000 after buying an additional 596 shares during the last quarter. ZWJ Investment Counsel Inc. acquired a new stake in shares of Renasant in the fourth quarter worth $208,000. Verition Fund Management LLC acquired a new stake in shares of Renasant in the third quarter worth $210,000. CIBC Asset Management Inc acquired a new stake in shares of Renasant in the fourth quarter worth $220,000. Finally, Element Wealth LLC acquired a new stake in shares of Renasant in the fourth quarter worth $240,000. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Kelly Hutcheson sold 1,310 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $36.72, for a total transaction 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 approximately $645,757.92. This represents a 6.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.82% of the stock is owned by company insiders.

Renasant Stock Performance

Shares of NASDAQ:RNST opened at $34.82 on Tuesday. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of 10.65 and a beta of 1.02. The firm’s 50 day simple moving average is $36.48 and its 200 day simple moving average is $35.41. 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 Co. has a fifty-two week low of $27.98 and a fifty-two week high of $39.63.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors 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 dividend on an annualized basis and a yield of 2.53%. Renasant’s payout ratio is 26.91%.

Analyst Upgrades and Downgrades

RNST has been the subject of a number of analyst reports. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $46.00 price objective (up from $45.00) on shares of Renasant in a research note on Thursday, January 30th. Raymond James reiterated an “outperform” rating and set a $44.00 target price (up from $40.00) on shares of Renasant in a research note on Thursday, January 30th. Piper Sandler upped their target price 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. StockNews.com cut shares of Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Finally, Stephens upped their target price on shares of 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 assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $42.83.

Renasant Company 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.