477,989 Shares in Renasant Co. (NASDAQ:RNST) Acquired by Wellington Management Group LLP

Wellington Management Group LLP acquired a new stake in shares of Renasant Co. (NASDAQ:RNST) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 477,989 shares of the financial services provider’s stock, valued at approximately $17,088,000. Wellington Management Group LLP owned approximately 0.75% of Renasant at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of RNST. State Street Corp boosted its stake in Renasant by 26.5% during the third 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 last quarter. JPMorgan Chase & Co. boosted its position 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 acquiring an additional 117,950 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Renasant by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 308,195 shares of the financial services provider’s stock valued at $11,018,000 after purchasing an additional 8,710 shares in the last quarter. Franklin Resources Inc. increased its position in Renasant by 122.0% in the third quarter. Franklin Resources Inc. now owns 27,669 shares of the financial services provider’s stock worth $910,000 after purchasing an additional 15,203 shares during the last quarter. Finally, Equitable Trust Co. purchased a new stake in Renasant during the fourth quarter valued at $248,000. Institutional investors own 77.31% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on RNST shares. Raymond James dropped their price objective on shares of Renasant from $44.00 to $40.00 and set an “outperform” rating for the company in a research note on Wednesday, April 2nd. Stephens boosted their price objective on 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 from $45.00) on shares of Renasant in a research note on Thursday, January 30th. Piper Sandler boosted their target price on Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Finally, StockNews.com downgraded Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Renasant currently has an average rating of “Hold” and a consensus price target of $42.17.

Insider Activity

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 2.81% of the company’s stock.

Renasant Trading Down 2.8 %

Shares of NASDAQ RNST opened at $27.87 on Wednesday. Renasant Co. has a fifty-two week low of $27.44 and a fifty-two week high of $39.63. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The company has a market cap of $1.77 billion, a price-to-earnings ratio of 8.52 and a beta of 0.93. The business’s 50 day moving average price is $35.48 and its 200-day moving average price is $35.35.

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.22 per share. The ex-dividend date was Monday, March 17th. This represents a $0.88 annualized dividend and a dividend yield of 3.16%. Renasant’s dividend payout ratio (DPR) is 26.91%.

Renasant 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.