Swiss National Bank Buys 2,800 Shares of Renasant Co. (NASDAQ:RNST)

Swiss National Bank raised its stake in Renasant Co. (NASDAQ:RNST) by 2.3% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 125,000 shares of the financial services provider’s stock after purchasing an additional 2,800 shares during the quarter. Swiss National Bank’s holdings in Renasant were worth $4,469,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in RNST. Mutual of America Capital Management LLC boosted its holdings in shares of Renasant by 3.2% during the third quarter. Mutual of America Capital Management LLC now owns 9,560 shares of the financial services provider’s stock worth $311,000 after purchasing an additional 300 shares during the period. Thrivent Financial for Lutherans lifted its holdings in Renasant by 6.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 49,910 shares of the financial services provider’s stock worth $1,622,000 after buying an additional 3,142 shares during the period. Intech Investment Management LLC bought a new stake in shares of Renasant in the 3rd quarter worth approximately $670,000. Charles Schwab Investment Management Inc. increased its stake in shares of Renasant by 21.9% during the third 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 during the period. Finally, Citigroup Inc. raised its holdings in shares of Renasant by 59.9% during the third quarter. Citigroup Inc. now owns 128,767 shares of the financial services provider’s stock valued at $4,185,000 after acquiring an additional 48,234 shares in the last quarter. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Insider Buying and Selling

In related news, CAO Kelly Hutcheson sold 1,310 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $36.72, for a total value of $48,103.20. Following the completion of the transaction, the chief accounting officer now directly owns 17,586 shares in the company, valued at $645,757.92. The trade was a 6.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.82% of the stock is currently owned by company insiders.

Renasant Stock Performance

Shares of RNST opened at $35.75 on Wednesday. Renasant Co. has a 52 week low of $27.98 and a 52 week high of $39.63. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The stock has a market cap of $2.28 billion, a P/E ratio of 10.93 and a beta of 1.02. The business’s 50 day moving average price is $36.53 and its 200-day moving average price is $35.45.

Renasant Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a dividend of $0.22 per share. The ex-dividend date is Monday, March 17th. This represents a $0.88 annualized dividend and a dividend yield of 2.46%. Renasant’s payout ratio is presently 26.91%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Piper Sandler boosted their price objective on shares of Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. StockNews.com cut shares of Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Raymond James restated an “outperform” rating and issued a $44.00 price objective (up from $40.00) on shares of Renasant in a report on Thursday, January 30th. Stephens upped their target price on Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $46.00 target price (up previously from $45.00) on shares of Renasant in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Renasant currently has a consensus rating of “Hold” and an average target price of $42.83.

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.