Dimensional Fund Advisors LP increased its stake in shares of Renasant Corp (NYSE:RNST – Free Report) by 1.2% during the first quarter, Holdings Channel.com reports. The institutional investor owned 5,328,672 shares of the company’s stock after buying an additional 61,674 shares during the quarter. Dimensional Fund Advisors LP owned 0.06% of Renasant worth $192,521,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently made changes to their positions in RNST. UBS Group AG increased its holdings in shares of Renasant by 27.0% in the fourth quarter. UBS Group AG now owns 367,464 shares of the company’s stock valued at $12,942,000 after purchasing an additional 78,037 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Renasant by 178.5% during the first quarter. Principal Financial Group Inc. now owns 1,261,160 shares of the company’s stock worth $45,566,000 after purchasing an additional 808,316 shares during the last quarter. William Blair Investment Management LLC lifted its position in Renasant by 10.0% during the fourth quarter. William Blair Investment Management LLC now owns 948,159 shares of the company’s stock valued at $33,394,000 after purchasing an additional 85,961 shares during the period. Algebris UK Ltd. boosted its holdings in Renasant by 40.6% in the fourth quarter. Algebris UK Ltd. now owns 215,315 shares of the company’s stock valued at $7,587,000 after purchasing an additional 62,183 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in Renasant by 4,534.6% during the fourth quarter. SG Americas Securities LLC now owns 413,173 shares of the company’s stock worth $14,552,000 after acquiring an additional 404,258 shares during the period. 77.31% of the stock is owned by institutional investors and hedge funds.
Renasant Stock Up 1.0%
NYSE RNST opened at $43.44 on Friday. The business has a fifty day moving average price of $42.02 and a 200 day moving average price of $39.56. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.89 and a current ratio of 0.90. The company has a market cap of $4.01 billion, a P/E ratio of 18.02 and a beta of 0.96. Renasant Corp has a one year low of $33.04 and a one year high of $44.50.
Renasant Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a dividend of $0.24 per share. The ex-dividend date was Tuesday, June 16th. This is a positive change from Renasant’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. Renasant’s dividend payout ratio (DPR) is 39.83%.
Analysts Set New Price Targets
A number of equities research analysts have recently commented on RNST shares. TD Cowen reaffirmed a “buy” rating on shares of Renasant in a research note on Thursday, April 30th. Hovde Group upped their price target on Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Renasant in a research report on Friday, June 5th. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $45.50.
Get Our Latest Stock Analysis on Renasant
Insider Buying and Selling
In other Renasant news, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $39.50, for a total transaction of $501,808.00. Following the transaction, the insider owned 183,235 shares of the company’s stock, valued at approximately $7,237,782.50. The trade was a 6.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Albert J. Dale III sold 1,650 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $39.80, for a total transaction of $65,670.00. Following the completion of the sale, the director directly owned 40,075 shares of the company’s stock, valued at $1,594,985. This represents a 3.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 15,611 shares of company stock worth $618,889. 2.07% of the stock is owned by corporate 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. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate1-4 family mortgage; real estatecommercial mortgage; real estateconstruction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.
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