Element Wealth LLC Buys Shares of 6,711 Renasant Co. (NASDAQ:RNST)

Element Wealth LLC purchased a new position in Renasant Co. (NASDAQ:RNST) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 6,711 shares of the financial services provider’s stock, valued at approximately $240,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Mutual of America Capital Management LLC grew its stake in shares of 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 in the last quarter. Sheets Smith Wealth Management grew its stake in shares of 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 in the last quarter. KBC Group NV grew its stake in shares of 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 in the last quarter. HighTower Advisors LLC grew its stake in shares of Renasant by 7.1% in the third quarter. HighTower Advisors LLC now owns 11,126 shares of the financial services provider’s stock worth $365,000 after purchasing an additional 734 shares in the last quarter. Finally, J.W. Cole Advisors Inc. grew its stake in shares of Renasant by 11.7% in the third quarter. J.W. Cole Advisors Inc. now owns 8,159 shares of the financial services provider’s stock worth $265,000 after purchasing an additional 856 shares in the last quarter. Institutional investors own 77.31% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on RNST shares. Stephens increased their price target on Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. StockNews.com lowered Renasant from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Raymond James restated an “outperform” rating and issued a $44.00 price objective (up previously from $40.00) on shares of Renasant in a report on Thursday, January 30th. Hovde Group lowered Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Finally, Piper Sandler upped 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. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $42.83.

Renasant Trading Down 2.0 %

Shares of NASDAQ RNST opened at $36.61 on Friday. Renasant Co. has a 12 month low of $27.98 and a 12 month high of $39.63. The company has a market cap of $2.33 billion, a price-to-earnings ratio of 11.19 and a beta of 1.03. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The business has a fifty day simple moving average of $36.75 and a 200-day simple moving average of $35.15.

Renasant Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Monday, March 17th. Renasant’s dividend payout ratio is 26.91%.

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.