Element Wealth LLC Invests $240,000 in Renasant Co. (NASDAQ:RNST)

Element Wealth LLC bought a new position in shares of Renasant Co. (NASDAQ:RNST) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 6,711 shares of the financial services provider’s stock, valued at approximately $240,000.

A number of other hedge funds and other institutional investors have also modified their holdings of RNST. Creative Planning purchased a new stake in shares of Renasant during the third quarter worth about $207,000. Louisiana State Employees Retirement System increased its position in shares of Renasant by 8.5% during the third quarter. Louisiana State Employees Retirement System now owns 30,700 shares of the financial services provider’s stock worth $998,000 after acquiring an additional 2,400 shares during the last quarter. State of Alaska Department of Revenue increased its position in shares of Renasant by 9.7% during the third quarter. State of Alaska Department of Revenue now owns 36,270 shares of the financial services provider’s stock worth $1,178,000 after acquiring an additional 3,193 shares during the last quarter. J.W. Cole Advisors Inc. increased its position in shares of Renasant by 11.7% during the third quarter. J.W. Cole Advisors Inc. now owns 8,159 shares of the financial services provider’s stock worth $265,000 after acquiring an additional 856 shares during the last quarter. Finally, Amalgamated Bank increased its position in shares of Renasant by 7.2% during the third quarter. Amalgamated Bank now owns 18,414 shares of the financial services provider’s stock worth $598,000 after acquiring an additional 1,240 shares during the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Renasant Stock Down 2.0 %

NASDAQ:RNST opened at $36.61 on Friday. The firm has a market capitalization of $2.33 billion, a PE ratio of 11.19 and a beta of 1.03. The stock has a 50 day moving average of $36.75 and a 200-day moving average of $35.15. Renasant Co. has a 52 week low of $27.98 and a 52 week high of $39.63. 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 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 (DPR) is presently 26.91%.

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. 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.