Sterling Capital Management LLC Purchases 8,136 Shares of Renasant Co. (NASDAQ:RNST)

Sterling Capital Management LLC lifted its position in shares of Renasant Co. (NASDAQ:RNST) by 32.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,576 shares of the financial services provider’s stock after acquiring an additional 8,136 shares during the period. Sterling Capital Management LLC owned approximately 0.05% of Renasant worth $1,200,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in RNST. Covestor Ltd lifted its stake in Renasant by 73.7% during the 4th quarter. Covestor Ltd now owns 1,838 shares of the financial services provider’s stock valued at $66,000 after acquiring an additional 780 shares during the period. Invesco Ltd. raised its holdings in shares of Renasant by 83.8% during the fourth quarter. Invesco Ltd. now owns 453,604 shares of the financial services provider’s stock valued at $16,216,000 after purchasing an additional 206,873 shares during the last quarter. Bank of Montreal Can lifted its position in Renasant by 4.1% during the fourth quarter. Bank of Montreal Can now owns 9,619 shares of the financial services provider’s stock valued at $344,000 after purchasing an additional 383 shares during the period. Russell Investments Group Ltd. boosted its holdings in Renasant by 43.4% in the fourth quarter. Russell Investments Group Ltd. now owns 154,133 shares of the financial services provider’s stock worth $5,510,000 after purchasing an additional 46,682 shares during the last quarter. Finally, Wells Fargo & Company MN grew its position in Renasant by 18.8% in the 4th quarter. Wells Fargo & Company MN now owns 42,760 shares of the financial services provider’s stock worth $1,529,000 after purchasing an additional 6,771 shares during the period. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. StockNews.com downgraded Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Keefe, Bruyette & Woods restated an “outperform” rating and set a $46.00 price target (up from $45.00) on shares of Renasant in a research note on Thursday, January 30th. Raymond James reduced their price target on shares of Renasant from $44.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday, April 2nd. Piper Sandler raised their price objective on shares of Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Finally, Stephens upped their target price on shares of Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. One investment 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.com, the company presently has an average rating of “Hold” and a consensus target price of $42.17.

Renasant Stock Up 0.6 %

RNST opened at $27.98 on Wednesday. The company has a market capitalization of $1.78 billion, a PE ratio of 8.56 and a beta of 0.93. The firm has a 50-day simple moving average of $34.23 and a two-hundred day simple moving average of $35.18. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. Renasant Co. has a 52 week low of $26.97 and a 52 week high of $39.63.

Renasant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a $0.22 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.88 annualized dividend and a yield of 3.15%. Renasant’s dividend payout ratio is currently 26.91%.

Insiders Place Their Bets

In other news, CAO Kelly Hutcheson sold 1,310 shares of the company’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 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.81% of the stock is currently owned by insiders.

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.