American Century Companies Inc. Has $10.82 Million Stock Position in Renasant Co. (NASDAQ:RNST)

American Century Companies Inc. boosted its holdings in Renasant Co. (NASDAQ:RNST) by 137.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 302,663 shares of the financial services provider’s stock after buying an additional 175,392 shares during the period. American Century Companies Inc.’s holdings in Renasant were worth $10,820,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. William Blair Investment Management LLC acquired a new position in shares of Renasant during the 4th quarter valued at $36,987,000. Jennison Associates LLC increased its holdings in Renasant by 204.9% during the fourth quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider’s stock worth $41,963,000 after buying an additional 788,762 shares during the last quarter. State Street Corp lifted its stake in shares of Renasant by 26.5% during the 3rd quarter. State Street Corp now owns 3,369,915 shares of the financial services provider’s stock valued at $109,522,000 after buying an additional 705,344 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new position in Renasant during the 3rd quarter valued at about $15,009,000. Finally, Raymond James Financial Inc. bought a new position in shares of Renasant in the fourth quarter worth $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 firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $36.72, for a total transaction of $48,103.20. Following the sale, the chief accounting officer now owns 17,586 shares of the company’s stock, valued at $645,757.92. This trade represents a 6.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 2.81% of the company’s stock.

Renasant Trading Down 0.3 %

NASDAQ:RNST opened at $33.98 on Thursday. Renasant Co. has a 52 week low of $27.98 and a 52 week high of $39.63. The stock has a market cap of $2.16 billion, a price-to-earnings ratio of 10.39 and a beta of 1.02. The company’s 50 day moving average price is $36.30 and its 200-day moving average price is $35.51. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date was Monday, March 17th. Renasant’s payout ratio is 26.91%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Stephens lifted their price objective on shares of Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Piper Sandler lifted their price objective on Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. StockNews.com lowered shares of Renasant from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Raymond James dropped their price target on Renasant from $44.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $42.17.

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.