Renasant Co. $RNST Shares Bought by American Century Companies Inc.

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. raised its position in Renasant Co. (NASDAQ:RNST - Free Report) by 83.2% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 554,382 shares of the financial services provider's stock after purchasing an additional 251,719 shares during the period. 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 and other institutional investors also recently added to or reduced their stakes in RNST. Mascagni Wealth Management Inc. purchased a new position in Renasant in the 4th quarter valued at $44,000. CWM LLC lifted its holdings 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 purchasing an additional 398 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Renasant in the 1st quarter valued at $54,000. Smith Shellnut Wilson LLC ADV purchased a new position in Renasant in the 4th quarter valued at $201,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Renasant in the 1st quarter valued at $209,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Raymond James Financial restated a "strong-buy" rating on shares of Renasant in a report on Wednesday, July 23rd. Hovde Group lifted their price target on Renasant from $35.00 to $39.00 and gave the stock a "market perform" rating in a report on Wednesday, July 23rd. Finally, Keefe, Bruyette & Woods reduced their price target on Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. One research 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.com, Renasant currently has a consensus rating of "Moderate Buy" and a consensus target price of $41.67.

Renasant Trading Down 0.6%

RNST traded down $0.24 on Thursday, hitting $39.24. The company had a trading volume of 249,630 shares, compared to its average volume of 724,373. The firm has a market cap of $3.73 billion, a P/E ratio of 12.00 and a beta of 0.94. Renasant Co. has a 1 year low of $26.97 and a 1 year high of $39.76. The company's fifty day moving average price is $37.27 and its 200 day moving average price is $35.11. 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 disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.2%. The ex-dividend date is Tuesday, September 16th. Renasant's payout ratio is 34.65%.

About Renasant

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.