18,100 Shares in Renasant Co. $RNST Purchased by Strs Ohio

Key Points

• Strs Ohio acquired 18,100 shares of Renasant Co. (NASDAQ:RNST) valued at approximately $614,000 in the first quarter, reflecting institutional interest in the financial services provider.
• Equities analysts have set a consensus target price of $42.60 for Renasant, with ratings including one "Strong Buy" and three "Buy" endorsements.
• Renasant announced a quarterly dividend of $0.22 per share, translating to a 2.3% yield, payable on September 30th.

Strs Ohio bought a new position in shares of Renasant Co. (NASDAQ:RNST - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 18,100 shares of the financial services provider's stock, valued at approximately $614,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RNST. Quantbot Technologies LP acquired a new stake in Renasant in the first quarter valued at approximately $28,000. Mascagni Wealth Management Inc. acquired a new stake in Renasant in the fourth quarter valued at approximately $44,000. CWM LLC grew its position in Renasant by 42.7% in the first quarter. CWM LLC now owns 1,330 shares of the financial services provider's stock valued at $45,000 after acquiring an additional 398 shares in the last quarter. State of Wyoming acquired a new stake in shares of Renasant during the first quarter worth approximately $51,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Renasant during the first quarter worth approximately $54,000. Institutional investors and hedge funds own 77.31% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on RNST shares. Raymond James Financial reissued a "strong-buy" rating on shares of Renasant in a research report on Wednesday, July 23rd. Hovde Group raised their price target on shares of Renasant from $35.00 to $39.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $42.60.

Renasant Stock Performance

RNST stock traded down $0.49 during mid-day trading on Friday, reaching $38.31. The company had a trading volume of 1,160,447 shares, compared to its average volume of 713,475. 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 stock has a market capitalization of $3.64 billion, a P/E ratio of 11.72 and a beta of 0.93. Renasant Co. has a one year low of $26.97 and a one year high of $40.40. The stock's 50-day simple moving average is $37.91 and its two-hundred day simple moving average is $35.30.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, September 16th. Renasant's dividend payout ratio (DPR) is 34.65%.

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.