Renasant Co. (NASDAQ:RNST) Shares Purchased by Victory Capital Management Inc.

Victory Capital Management Inc. raised its stake in shares of Renasant Co. (NASDAQ:RNST) by 0.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,973,413 shares of the financial services provider’s stock after buying an additional 18,047 shares during the period. Victory Capital Management Inc. owned approximately 6.25% of Renasant worth $142,050,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. State Street Corp increased its stake in 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 during the period. Geode Capital Management LLC increased its stake in Renasant by 12.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,428,038 shares of the financial services provider’s stock valued at $46,420,000 after buying an additional 153,086 shares during the period. Jennison Associates LLC increased its stake in Renasant by 204.9% during the 4th quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider’s stock valued at $41,963,000 after buying an additional 788,762 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Renasant by 11.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 817,844 shares of the financial services provider’s stock valued at $29,238,000 after buying an additional 83,100 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in Renasant by 61.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 652,292 shares of the financial services provider’s stock valued at $21,199,000 after buying an additional 249,331 shares during the period. Institutional investors and hedge funds own 77.31% of the company’s stock.

Renasant Stock Performance

Shares of RNST opened at $34.95 on Thursday. Renasant Co. has a one year low of $27.98 and a one year high of $39.63. The company has a 50-day moving average of $36.77 and a two-hundred day moving average of $35.37. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of 10.69 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 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.52%. The ex-dividend date of this dividend is Monday, March 17th. Renasant’s payout ratio is 26.91%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on RNST shares. 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 reaffirmed an “outperform” rating and issued a $44.00 price objective (up previously from $40.00) on shares of Renasant in a research note on Thursday, January 30th. Stephens lifted their price objective 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. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $46.00 price objective (up previously from $45.00) on shares of Renasant in a research note on Thursday, January 30th. Finally, Piper Sandler lifted their price objective 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. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $42.83.

Insiders Place Their Bets

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 completion of the transaction, the chief accounting officer now directly owns 17,586 shares in the company, valued at $645,757.92. This trade represents a 6.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate 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.