American Century Companies Inc. Grows Stock Position in Renasant Co. $RNST

Key Points

• American Century Companies Inc. increased its stake in Renasant Co. by 83.2% during Q1, owning approximately 0.87% of the company at a value of $18.81 million.
• Vanguard Group Inc. also boosted its position by 22.0%, owning nearly $298.23 million of Renasant stock after acquiring over 1.5 million shares.
• Renasant announced a quarterly dividend of $0.22, with an annualized yield of 2.2%, set to be paid on September 30th to stockholders of record from September 16th.

American Century Companies Inc. boosted its holdings in Renasant Co. (NASDAQ:RNST - Free Report) by 83.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 554,382 shares of the financial services provider's stock after buying an additional 251,719 shares during the quarter. American Century Companies Inc. owned 0.87% of Renasant worth $18,810,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of RNST. Vanguard Group Inc. raised its position in Renasant by 22.0% in the 1st quarter. Vanguard Group Inc. now owns 8,789,556 shares of the financial services provider's stock worth $298,230,000 after buying an additional 1,582,105 shares during the last quarter. Deprince Race & Zollo Inc. raised its position in Renasant by 63.9% in the 4th quarter. Deprince Race & Zollo Inc. now owns 1,283,577 shares of the financial services provider's stock worth $45,888,000 after buying an additional 500,193 shares during the last quarter. Bank of America Corp DE raised its position in Renasant by 376.5% in the 4th quarter. Bank of America Corp DE now owns 605,303 shares of the financial services provider's stock worth $21,640,000 after buying an additional 478,266 shares during the last quarter. Wellington Management Group LLP purchased a new position in Renasant in the 4th quarter worth about $17,088,000. Finally, Jennison Associates LLC increased its position in shares of Renasant by 33.5% during the 1st quarter. Jennison Associates LLC now owns 1,567,120 shares of the financial services provider's stock valued at $53,172,000 after purchasing an additional 393,319 shares during the last quarter. Hedge funds and other institutional investors own 77.31% of the company's stock.

Renasant Stock Down 0.3%

RNST stock traded down $0.14 during trading on Friday, reaching $39.10. 388,551 shares of the company traded hands, compared to its average volume of 724,079. Renasant Co. has a 12 month low of $26.97 and a 12 month high of $39.76. The business has a 50 day simple moving average of $37.46 and a 200 day simple moving average of $35.12. The company has a market capitalization of $3.72 billion, a price-to-earnings ratio of 11.96 and a beta of 0.94. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.

Renasant Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms have recently commented on RNST. Keefe, Bruyette & Woods reduced their price target on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating for the company in a research report on Tuesday, May 6th. Hovde Group upped 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, Raymond James Financial reaffirmed a "strong-buy" rating on shares of Renasant in a report on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target 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.