Amundi Acquires 20,720 Shares of Renasant Co. (NASDAQ:RNST)

Amundi boosted its holdings in Renasant Co. (NASDAQ:RNST) by 185.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,909 shares of the financial services provider’s stock after purchasing an additional 20,720 shares during the period. Amundi owned about 0.05% of Renasant worth $1,114,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. Edgestream Partners L.P. acquired a new stake in Renasant in the fourth quarter valued at $1,081,000. Raymond James Financial Inc. acquired a new stake in Renasant in the fourth quarter valued at $9,586,000. Arizona State Retirement System lifted its stake in Renasant by 2.4% in the fourth quarter. Arizona State Retirement System now owns 18,445 shares of the financial services provider’s stock valued at $659,000 after acquiring an additional 424 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Renasant by 0.5% in the fourth quarter. Victory Capital Management Inc. now owns 3,973,413 shares of the financial services provider’s stock valued at $142,050,000 after acquiring an additional 18,047 shares during the last quarter. Finally, Keybank National Association OH lifted its stake in Renasant by 10.5% in the fourth quarter. Keybank National Association OH now owns 31,464 shares of the financial services provider’s stock valued at $1,125,000 after acquiring an additional 2,977 shares during the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

Renasant Price Performance

NASDAQ:RNST opened at $34.61 on Wednesday. Renasant Co. has a 52 week low of $27.98 and a 52 week high of $39.63. The firm has a market cap of $2.20 billion, a price-to-earnings ratio of 10.58 and a beta of 1.02. The firm’s 50-day simple moving average is $36.47 and its 200 day simple moving average is $35.41. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date of this dividend is Monday, March 17th. Renasant’s dividend payout ratio is 26.91%.

Insider Buying and Selling

In other Renasant 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 value of $48,103.20. Following the transaction, the chief accounting officer now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.82% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Raymond James reiterated an “outperform” rating and issued a $44.00 price target (up previously from $40.00) on shares of Renasant in a research note on Thursday, January 30th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $46.00 target price (up previously from $45.00) on shares of Renasant in a research note on Thursday, January 30th. Piper Sandler raised their target price on shares of Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Stephens raised 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. Finally, StockNews.com cut shares of Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. 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 company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $42.83.

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.