Equitable Trust Co. Purchases Shares of 6,934 Renasant Co. (NASDAQ:RNST)

Equitable Trust Co. purchased a new position in shares of Renasant Co. (NASDAQ:RNST) during the fourth quarter, HoldingsChannel reports. The firm purchased 6,934 shares of the financial services provider’s stock, valued at approximately $248,000.

Several other institutional investors also recently modified their holdings of the business. State Street Corp raised its position in Renasant by 26.5% during the 3rd quarter. State Street Corp now owns 3,369,915 shares of the financial services provider’s stock worth $109,522,000 after purchasing an additional 705,344 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Renasant by 81.1% during the third quarter. JPMorgan Chase & Co. now owns 263,353 shares of the financial services provider’s stock worth $8,559,000 after acquiring an additional 117,950 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of Renasant in the third quarter worth approximately $2,534,000. Charles Schwab Investment Management Inc. boosted its holdings in Renasant by 21.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 734,744 shares of the financial services provider’s stock valued at $23,879,000 after acquiring an additional 131,821 shares during the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of Renasant by 122.0% during the 3rd quarter. Franklin Resources Inc. now owns 27,669 shares of the financial services provider’s stock valued at $910,000 after acquiring an additional 15,203 shares during the period. Institutional investors own 77.31% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on RNST shares. StockNews.com cut 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 target price (up previously from $40.00) on shares of Renasant in a report on Thursday, January 30th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $46.00 price target (up previously from $45.00) on shares of Renasant in a research note on Thursday, January 30th. Hovde Group downgraded Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Finally, Piper Sandler lifted their target price on Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. One 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, Renasant currently has an average rating of “Hold” and an average price target of $42.83.

Renasant Price Performance

Renasant stock opened at $39.06 on Wednesday. The stock has a market cap of $2.48 billion, a P/E ratio of 11.94 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 company’s 50 day moving average price is $36.56 and its two-hundred day moving average price is $34.93. Renasant Co. has a 52 week low of $27.98 and a 52 week high of $39.63.

Renasant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th were paid a $0.22 dividend. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $0.88 dividend on an annualized basis and a yield of 2.25%. Renasant’s dividend payout ratio (DPR) is presently 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.