Arrowstreet Capital Limited Partnership Has $1.12 Million Stake in Renasant Co. (NASDAQ:RNST)

Arrowstreet Capital Limited Partnership lowered its position in Renasant Co. (NASDAQ:RNST) by 89.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 31,448 shares of the financial services provider’s stock after selling 271,809 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Renasant were worth $1,124,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Renasant by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 7,207,451 shares of the financial services provider’s stock valued at $257,666,000 after purchasing an additional 50,934 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Renasant by 0.5% during the 4th quarter. Victory Capital Management Inc. now owns 3,973,413 shares of the financial services provider’s stock worth $142,050,000 after acquiring an additional 18,047 shares during the last quarter. State Street Corp raised its stake in Renasant by 26.5% in 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 acquiring an additional 705,344 shares during the period. Geode Capital Management LLC lifted its holdings in Renasant by 12.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,428,038 shares of the financial services provider’s stock valued at $46,420,000 after purchasing an additional 153,086 shares during the last quarter. Finally, Jennison Associates LLC lifted its stake in shares of Renasant by 204.9% during the 4th 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. Institutional investors own 77.31% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Raymond James reduced their target price on shares of Renasant from $44.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday, April 2nd. StockNews.com downgraded Renasant from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Piper Sandler boosted their price target on Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Keefe, Bruyette & Woods reaffirmed 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. Finally, Stephens boosted their target price on Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $42.17.

Insider Activity

In related 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 sale, the chief accounting officer now directly owns 17,586 shares in the company, valued at $645,757.92. This trade represents a 6.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.81% of the stock is currently owned by insiders.

Renasant Trading Down 0.4 %

NASDAQ RNST opened at $27.67 on Friday. Renasant Co. has a twelve month low of $26.97 and a twelve month high of $39.63. The business’s fifty day moving average is $34.69 and its 200 day moving average is $35.23. 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 company has a market cap of $1.76 billion, a price-to-earnings ratio of 8.46 and a beta of 0.93.

Renasant Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend was Monday, March 17th. Renasant’s dividend payout ratio (DPR) is currently 26.91%.

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.