William Blair Investment Management LLC Makes New $36.99 Million Investment in Renasant Co. (NASDAQ:RNST)

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

Several other hedge funds have also bought and sold shares of RNST. KBC Group NV lifted its stake in Renasant by 32.0% in the 3rd 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. Mutual of America Capital Management LLC raised its position in shares of Renasant by 3.2% during the 3rd quarter. Mutual of America Capital Management LLC now owns 9,560 shares of the financial services provider’s stock valued at $311,000 after buying an additional 300 shares in the last quarter. Thrivent Financial for Lutherans raised its position in shares of Renasant by 6.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 49,910 shares of the financial services provider’s stock valued at $1,622,000 after buying an additional 3,142 shares in the last quarter. Jennison Associates LLC purchased a new stake in shares of Renasant during the 3rd quarter valued at about $12,514,000. Finally, Intech Investment Management LLC purchased a new stake in shares of Renasant during the 3rd quarter valued at about $670,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Renasant Stock Performance

Renasant stock opened at $34.82 on Tuesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. Renasant Co. has a 1-year low of $27.98 and a 1-year high of $39.63. The firm has a market capitalization of $2.22 billion, a P/E ratio of 10.65 and a beta of 1.02. The company’s 50-day moving average is $36.48 and its 200 day moving average is $35.41.

Renasant Dividend Announcement

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

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Raymond James restated an “outperform” rating and set a $44.00 target price (up from $40.00) on shares of Renasant in a research report on Thursday, January 30th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $46.00 target price (up from $45.00) on shares of Renasant in a research report on Thursday, January 30th. Stephens upped their target price 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. Piper Sandler upped their target price 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. Finally, StockNews.com lowered shares of Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Renasant has an average rating of “Hold” and an average target price of $42.83.

Insider Buying and Selling

In other Renasant news, CAO Kelly Hutcheson sold 1,310 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $36.72, for a total value of $48,103.20. Following the transaction, the chief accounting officer now directly owns 17,586 shares in the company, valued at $645,757.92. This represents a 6.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.82% of the stock is currently owned by corporate insiders.

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.