William Blair Investment Management LLC Purchases New Position in Renasant Co. (NASDAQ:RNST)

William Blair Investment Management LLC purchased a new stake in shares of Renasant Co. (NASDAQ:RNST) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,034,597 shares of the financial services provider’s stock, valued at approximately $36,987,000. William Blair Investment Management LLC owned approximately 1.63% of Renasant as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Mutual of America Capital Management LLC boosted its holdings in Renasant by 3.2% in the third quarter. Mutual of America Capital Management LLC now owns 9,560 shares of the financial services provider’s stock worth $311,000 after purchasing an additional 300 shares during the last quarter. HighTower Advisors LLC boosted its holdings in Renasant by 3.4% in the fourth quarter. HighTower Advisors LLC now owns 11,503 shares of the financial services provider’s stock worth $411,000 after purchasing an additional 377 shares during the last quarter. Arizona State Retirement System boosted its holdings in Renasant by 2.4% in the fourth quarter. Arizona State Retirement System now owns 18,445 shares of the financial services provider’s stock worth $659,000 after purchasing an additional 424 shares during the last quarter. Sheets Smith Wealth Management boosted its holdings in Renasant by 3.6% in the fourth quarter. Sheets Smith Wealth Management now owns 12,471 shares of the financial services provider’s stock worth $446,000 after purchasing an additional 438 shares during the last quarter. Finally, KBC Group NV boosted its holdings in Renasant by 32.0% in the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock worth $80,000 after purchasing an additional 596 shares during the last quarter. Institutional investors own 77.31% of the company’s stock.

Wall Street Analysts Forecast Growth

RNST has been the topic of several research reports. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $46.00 target price (up previously from $45.00) on shares of Renasant in a report on Thursday, January 30th. StockNews.com cut shares of Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Piper Sandler boosted their price objective on shares of Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Stephens boosted their price objective on shares of Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Finally, Raymond James reissued an “outperform” rating and set a $44.00 price objective (up previously from $40.00) on shares of Renasant in a research report on Thursday, January 30th. 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 MarketBeat, Renasant has a consensus rating of “Hold” and an average target price of $42.83.

Renasant Trading Up 1.0 %

Shares of Renasant stock opened at $34.82 on Tuesday. The company has a market capitalization of $2.22 billion, a P/E ratio of 10.65 and a beta of 1.02. 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 fifty day moving average of $36.48 and a 200 day moving average of $35.41. Renasant Co. has a fifty-two week low of $27.98 and a fifty-two week high of $39.63.

Renasant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.53%. The ex-dividend date is Monday, March 17th. Renasant’s dividend payout ratio is currently 26.91%.

Insider Buying and Selling

In related news, CAO Kelly Hutcheson sold 1,310 shares of the company’s stock in a transaction on 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 owns 17,586 shares of the company’s stock, valued at approximately $645,757.92. This represents a 6.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 2.82% of the stock is currently owned by insiders.

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.