BankPlus Trust Department Acquires New Position in Renasant Co. (NASDAQ:RNST)

BankPlus Trust Department acquired a new stake in shares of Renasant Co. (NASDAQ:RNST) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 11,152 shares of the financial services provider’s stock, valued at approximately $399,000.

Other large investors also recently modified their holdings of the company. State Street Corp raised its holdings 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. JPMorgan Chase & Co. raised its holdings in shares of Renasant by 81.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 263,353 shares of the financial services provider’s stock valued at $8,559,000 after buying an additional 117,950 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Renasant during the 3rd quarter valued at about $2,534,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Renasant by 21.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 734,744 shares of the financial services provider’s stock valued at $23,879,000 after buying an additional 131,821 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Renasant by 122.0% during the 3rd quarter. Franklin Resources Inc. now owns 27,669 shares of the financial services provider’s stock valued at $910,000 after buying an additional 15,203 shares in the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.

Renasant Price Performance

Shares of RNST stock opened at $36.24 on Tuesday. The firm has a market cap of $2.30 billion, a P/E ratio of 11.08 and a beta of 1.03. Renasant Co. has a fifty-two week low of $27.98 and a fifty-two week high of $39.63. The business’s 50 day moving average price is $36.73 and its 200-day moving average price is $35.22. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a $0.22 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.43%. Renasant’s dividend payout ratio is currently 26.91%.

Insider Transactions at Renasant

In other news, CAO Kelly Hutcheson sold 1,310 shares of Renasant stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $36.72, for a total value 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. This trade represents a 6.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.82% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Stephens raised their price objective on Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Hovde Group lowered Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. StockNews.com lowered Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Piper Sandler raised their price target on Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Finally, Raymond James restated an “outperform” rating and set a $44.00 price target (up from $40.00) on shares of Renasant in a research report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average 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.