Renasant Co. $RNST Shares Purchased by Balefire LLC

Key Points

• Balefire LLC increased its stock holdings in Renasant Co. by 199% during Q2, holding 22,234 shares valued at approximately $799,000.
• Several institutional investors have also recently acquired stakes in Renasant, with institutional ownership now at 77.31% of the company's stock.
• Renasant announced a quarterly dividend of $0.22 per share with a dividend yield of 2.3%, to be paid on September 30th.

Balefire LLC boosted its position in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 199.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,234 shares of the financial services provider's stock after acquiring an additional 14,799 shares during the period. Balefire LLC's holdings in Renasant were worth $799,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RNST. Vanguard Group Inc. boosted its holdings in shares of Renasant by 22.0% in the 1st quarter. Vanguard Group Inc. now owns 8,789,556 shares of the financial services provider's stock valued at $298,230,000 after buying an additional 1,582,105 shares in the last quarter. Westwood Holdings Group Inc. lifted its holdings in shares of Renasant by 20.6% in the 1st quarter. Westwood Holdings Group Inc. now owns 2,121,838 shares of the financial services provider's stock valued at $71,994,000 after purchasing an additional 362,835 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Renasant by 4.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,825,410 shares of the financial services provider's stock valued at $62,228,000 after purchasing an additional 82,170 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Renasant by 232.8% in the 1st quarter. Wellington Management Group LLP now owns 1,590,935 shares of the financial services provider's stock valued at $53,980,000 after purchasing an additional 1,112,946 shares during the period. Finally, Jennison Associates LLC grew its stake in Renasant by 33.5% during the 1st quarter. Jennison Associates LLC now owns 1,567,120 shares of the financial services provider's stock worth $53,172,000 after buying an additional 393,319 shares during the last quarter. Institutional investors and hedge funds own 77.31% of the company's stock.

Renasant Price Performance

Shares of NASDAQ RNST traded down $0.49 during 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. Renasant Co. has a twelve month low of $26.97 and a twelve month high of $40.40. The stock has a market capitalization of $3.64 billion, a PE ratio of 11.72 and a beta of 0.93. The stock has a 50-day moving average price of $37.91 and a two-hundred day moving average price of $35.30. 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 Announces Dividend

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on RNST shares. Hovde Group raised 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. Raymond James Financial restated a "strong-buy" rating on shares of Renasant in a research note on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $42.60.

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.