Townsquare Capital LLC Takes Position in Renasant Co. $RNST

Key Points

• Townsquare Capital LLC has acquired 7,472 shares of Renasant Co., valued at approximately $254,000, as part of their new investment position reported in their Form 13F filing.
• Analysts have varied opinions on Renasant, with Hovde Group raising their price target to $39.00 and maintaining a "market perform" rating, while other firms have issued ratings ranging from "strong buy" to "hold."
• Renasant recently announced a quarterly dividend of $0.22, payable on September 30th, indicating an annualized yield of 2.4% and a payout ratio of 34.65%.

Townsquare Capital LLC bought a new position in Renasant Co. (NASDAQ:RNST - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 7,472 shares of the financial services provider's stock, valued at approximately $254,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Mascagni Wealth Management Inc. purchased a new position in Renasant in the fourth quarter worth about $44,000. CWM LLC grew its position in Renasant by 42.7% in the 1st 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 during the last quarter. Smith Shellnut Wilson LLC ADV purchased a new position in Renasant in the 4th quarter worth about $201,000. Dark Forest Capital Management LP bought a new stake in shares of Renasant during the fourth quarter valued at approximately $221,000. Finally, Balefire LLC bought a new stake in Renasant during the 1st quarter valued at $252,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

Renasant Price Performance

Shares of NASDAQ RNST traded up $2.2680 during mid-day trading on Friday, reaching $39.3380. The company's stock had a trading volume of 794,957 shares, compared to its average volume of 731,903. Renasant Co. has a 1-year low of $26.97 and a 1-year high of $39.63. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The stock has a market capitalization of $3.74 billion, a P/E ratio of 12.03 and a beta of 0.94. The stock has a 50-day moving average of $36.98 and a two-hundred day moving average of $35.11.

Renasant Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, September 16th. Renasant's payout ratio is presently 34.65%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on RNST shares. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Renasant in a research report on Wednesday, July 23rd. Hovde Group boosted their price target on Renasant from $35.00 to $39.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 23rd. Finally, Keefe, Bruyette & Woods cut their target price on Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $41.67.

Renasant Company 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.