Renasant Co. (NASDAQ:RNST) Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its position in shares of Renasant Co. (NASDAQ:RNST) by 27.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 334,354 shares of the financial services provider’s stock after purchasing an additional 71,001 shares during the quarter. JPMorgan Chase & Co.’s holdings in Renasant were worth $11,953,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of RNST. Verition Fund Management LLC bought a new stake in shares of Renasant in the 3rd quarter valued at approximately $210,000. HighTower Advisors LLC increased its stake in Renasant by 7.1% during the third quarter. HighTower Advisors LLC now owns 11,126 shares of the financial services provider’s stock valued at $365,000 after purchasing an additional 734 shares during the last quarter. State Street Corp increased its stake in Renasant by 26.5% during the third quarter. State Street Corp now owns 3,369,915 shares of the financial services provider’s stock valued at $109,522,000 after purchasing an additional 705,344 shares during the last quarter. Barclays PLC raised its holdings in shares of Renasant by 183.3% during the third quarter. Barclays PLC now owns 137,217 shares of the financial services provider’s stock worth $4,461,000 after purchasing an additional 88,783 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Renasant by 12.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,428,038 shares of the financial services provider’s stock worth $46,420,000 after buying an additional 153,086 shares during the last quarter. Institutional investors own 77.31% of the company’s stock.

Insider Buying and Selling

In other Renasant news, CAO Kelly Hutcheson sold 1,310 shares of the business’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 directly owns 17,586 shares in the company, valued at approximately $645,757.92. The trade was a 6.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.81% of the company’s stock.

Renasant Stock Down 0.4 %

Shares of Renasant stock opened at $27.67 on Monday. 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 1-year low of $26.97 and a 1-year high of $39.63. The business’s fifty day moving average price is $34.69 and its two-hundred day moving average price is $35.26. The company has a market capitalization of $1.76 billion, a P/E ratio of 8.46 and a beta of 0.93.

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date was Monday, March 17th. Renasant’s dividend payout ratio is currently 26.91%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RNST. StockNews.com cut shares of Renasant from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Stephens raised their price target on Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Piper Sandler upped their price objective on Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $46.00 target price (up from $45.00) on shares of Renasant in a research note on Thursday, January 30th. Finally, Raymond James lowered their price target 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $42.17.

Renasant 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.