LPL Financial LLC Has $3.84 Million Stock Position in Renasant Co. (NASDAQ:RNST)

LPL Financial LLC boosted its holdings in shares of Renasant Co. (NASDAQ:RNST) by 53.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 107,519 shares of the financial services provider’s stock after acquiring an additional 37,380 shares during the quarter. LPL Financial LLC owned 0.17% of Renasant worth $3,844,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of RNST. Victory Capital Management Inc. increased its position in Renasant by 0.5% in the 4th quarter. Victory Capital Management Inc. now owns 3,973,413 shares of the financial services provider’s stock worth $142,050,000 after buying an additional 18,047 shares during the period. State Street Corp raised its holdings in Renasant by 26.5% in 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 acquiring an additional 705,344 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Renasant by 12.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,428,038 shares of the financial services provider’s stock worth $46,420,000 after acquiring an additional 153,086 shares during the period. Jennison Associates LLC grew its holdings in shares of Renasant by 204.9% during the 4th quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider’s stock worth $41,963,000 after purchasing an additional 788,762 shares in the last quarter. Finally, William Blair Investment Management LLC bought a new stake in shares of Renasant during the fourth quarter valued at approximately $36,987,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Insider Buying and Selling

In other news, CAO Kelly Hutcheson sold 1,310 shares of the company’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 transaction of $48,103.20. Following the transaction, the chief accounting officer now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.81% of the stock is owned by corporate insiders.

Renasant Stock Down 7.3 %

Shares of RNST opened at $27.87 on Friday. The business’s 50 day simple moving average is $34.92 and its 200-day simple moving average is $35.26. Renasant Co. has a one year low of $26.97 and a one year high of $39.63. The company has a market capitalization of $1.77 billion, a P/E ratio of 8.52 and a beta of 0.93. 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 firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.22 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.16%. Renasant’s dividend payout ratio is 26.91%.

Wall Street Analysts Forecast Growth

RNST has been the topic of several analyst reports. StockNews.com lowered shares of Renasant from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Piper Sandler lifted their price objective on Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Stephens increased 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. Raymond James decreased their price target on Renasant from $44.00 to $40.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $46.00 price objective (up from $45.00) on shares of Renasant in a research note on Thursday, January 30th. One research 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’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $42.17.

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.