Edgestream Partners L.P. Acquires New Stake in Renasant Co. (NASDAQ:RNST)

Edgestream Partners L.P. purchased a new stake in shares of Renasant Co. (NASDAQ:RNST) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 30,241 shares of the financial services provider’s stock, valued at approximately $1,081,000.

Other large investors have also recently modified their holdings of the company. Mutual of America Capital Management LLC increased its stake in Renasant by 3.2% during the 3rd quarter. Mutual of America Capital Management LLC now owns 9,560 shares of the financial services provider’s stock valued at $311,000 after purchasing an additional 300 shares in the last quarter. Arizona State Retirement System boosted its stake in Renasant by 2.4% during the 4th quarter. Arizona State Retirement System now owns 18,445 shares of the financial services provider’s stock valued at $659,000 after purchasing an additional 424 shares during the last quarter. Sheets Smith Wealth Management increased its holdings in shares of Renasant by 3.6% in the 4th quarter. Sheets Smith Wealth Management now owns 12,471 shares of the financial services provider’s stock worth $446,000 after purchasing an additional 438 shares in the last quarter. KBC Group NV raised its stake in shares of Renasant by 32.0% in the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock worth $80,000 after purchasing an additional 596 shares during the last quarter. Finally, HighTower Advisors LLC boosted its position in shares of 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 buying an additional 734 shares during the last quarter. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Renasant Trading Down 0.1 %

Renasant stock opened at $33.36 on Wednesday. Renasant Co. has a 12-month low of $27.98 and a 12-month high of $39.63. The firm has a market capitalization of $2.12 billion, a price-to-earnings ratio of 10.20 and a beta of 1.02. The firm has a 50 day moving average of $36.63 and a 200 day moving average of $35.41. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16.

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.64%. The ex-dividend date is Monday, March 17th. Renasant’s dividend payout ratio (DPR) is presently 26.91%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RNST. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $46.00 price target (up previously from $45.00) on shares of Renasant in a report on Thursday, January 30th. Hovde Group cut Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Piper Sandler raised their price target on Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Raymond James reiterated an “outperform” rating and set a $44.00 price objective (up previously from $40.00) on shares of Renasant in a research report on Thursday, January 30th. Finally, StockNews.com cut Renasant from a “hold” rating to a “sell” rating in a research report 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 assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $42.83.

Insider Transactions at Renasant

In related news, CAO Kelly Hutcheson sold 1,310 shares of Renasant 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 completion of the sale, the chief accounting officer now owns 17,586 shares in the company, valued at $645,757.92. This trade represents a 6.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 2.82% of the company’s stock.

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.