Empowered Funds LLC Purchases 9,747 Shares of Renasant Co. (NASDAQ:RNST)

Empowered Funds LLC lifted its holdings in shares of Renasant Co. (NASDAQ:RNST) by 5.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 200,824 shares of the financial services provider’s stock after acquiring an additional 9,747 shares during the quarter. Empowered Funds LLC owned 0.32% of Renasant worth $7,179,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. 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. KBC Group NV grew its holdings in Renasant by 36.7% during the fourth quarter. KBC Group NV now owns 3,358 shares of the financial services provider’s stock valued at $120,000 after purchasing an additional 901 shares during the period. Park Place Capital Corp increased its position in Renasant by 12.7% in the fourth quarter. Park Place Capital Corp now owns 99,999 shares of the financial services provider’s stock worth $3,575,000 after buying an additional 11,247 shares during the last quarter. Sheets Smith Wealth Management raised its stake in shares of Renasant by 3.6% in the fourth quarter. Sheets Smith Wealth Management now owns 12,471 shares of the financial services provider’s stock valued at $446,000 after buying an additional 438 shares during the period. Finally, ZWJ Investment Counsel Inc. purchased a new position in shares of Renasant during the 4th quarter valued at $208,000. 77.31% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on RNST. Piper Sandler lifted their price objective on Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Stephens lifted their target price on shares of Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Hovde Group cut shares of Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Raymond James reiterated an “outperform” rating and issued a $44.00 price objective (up from $40.00) on shares of Renasant in a research note on Thursday, January 30th. Finally, StockNews.com downgraded Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Renasant presently has an average rating of “Hold” and a consensus target price of $42.83.

Renasant Stock Performance

NASDAQ RNST opened at $38.04 on Tuesday. The company’s 50 day simple moving average is $36.55 and its two-hundred day simple moving average is $34.92. The stock has a market capitalization of $2.42 billion, a PE ratio of 11.63 and a beta of 1.03. 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 $27.98 and a 1 year high of $39.63.

Renasant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.31%. The ex-dividend date was Wednesday, December 18th. Renasant’s dividend payout ratio is 26.91%.

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.