BankPlus Trust Department Purchases New Shares in Renasant Co. (NASDAQ:RNST)

BankPlus Trust Department purchased a new stake in shares of Renasant Co. (NASDAQ:RNST) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 11,152 shares of the financial services provider’s stock, valued at approximately $399,000.

Several other hedge funds also recently made changes to their positions in RNST. KBC Group NV boosted its position in shares of Renasant by 32.0% during the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock valued at $80,000 after purchasing an additional 596 shares in the last quarter. Creative Planning bought a new stake in shares of Renasant during the third quarter valued at approximately $207,000. ZWJ Investment Counsel Inc. purchased a new position in Renasant during the fourth quarter valued at $208,000. Verition Fund Management LLC purchased a new position in Renasant during the third quarter valued at $210,000. Finally, CIBC Asset Management Inc purchased a new position in Renasant during the fourth quarter valued at $220,000. 77.31% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Renasant Stock Down 1.2 %

RNST stock opened at $36.24 on Tuesday. Renasant Co. has a 1-year low of $27.98 and a 1-year high of $39.63. The business has a fifty day moving average price of $36.73 and a 200-day moving average price of $35.22. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The stock has a market capitalization of $2.30 billion, a P/E ratio of 11.08 and a beta of 1.03.

Renasant Dividend Announcement

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

Insider Transactions at Renasant

In related news, CAO Kelly Hutcheson sold 1,310 shares of the company’s stock in a transaction on Friday, February 21st. The stock was 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 approximately $645,757.92. This represents a 6.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.82% of the company’s stock.

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.