Wellington Management Group LLP Makes New Investment in Renasant Co. (NASDAQ:RNST)

Wellington Management Group LLP acquired a new stake in Renasant Co. (NASDAQ:RNST) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 477,989 shares of the financial services provider’s stock, valued at approximately $17,088,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. FMR LLC raised its holdings in shares of Renasant by 1.1% in the 3rd quarter. FMR LLC now owns 97,133 shares of the financial services provider’s stock valued at $3,157,000 after purchasing an additional 1,086 shares in the last quarter. BNP Paribas Financial Markets raised its stake in Renasant by 24.3% in the third quarter. BNP Paribas Financial Markets now owns 34,151 shares of the financial services provider’s stock worth $1,110,000 after buying an additional 6,670 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Renasant by 7.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 141,136 shares of the financial services provider’s stock worth $4,587,000 after buying an additional 9,525 shares during the period. Verition Fund Management LLC bought a new stake in Renasant during the 3rd quarter valued at $210,000. Finally, HighTower Advisors LLC increased its holdings in shares of Renasant by 7.1% in the 3rd quarter. HighTower Advisors LLC now owns 11,126 shares of the financial services provider’s stock valued at $365,000 after acquiring an additional 734 shares during the period. 77.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other Renasant news, CAO Kelly Hutcheson sold 1,310 shares of the firm’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 completion of the transaction, the chief accounting officer now directly owns 17,586 shares of the company’s stock, valued at approximately $645,757.92. This trade represents a 6.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.81% of the stock is currently owned by company insiders.

Renasant Stock Down 2.8 %

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

Renasant Dividend Announcement

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

About Renasant

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.