I grow this grass. Perfectly hardy. Easy to grow. Autumn though is not best time to dig up or split any grasses ....but. I do it anyway. It's mild where I am but have grasses in pots outside in the winter. It's not good to water in grasses when split or moved at this time of year either. The only grass I protect is stipa gigantea and this is only to keep it dry over winter. I suspend a sheet of glass over it. You could do this for your panicum if concerned about it. You need to make sure that you have a good rootball..keep intact...when moving at this time.