Bridgeway Capital Management LLC Grows Stock Position in Renasant Co. $RNST

Key Points

• Bridgeway Capital Management LLC increased its stake in Renasant Co. by 27.4%, acquiring an additional 103,692 shares during the first quarter, bringing its total holding to 482,796 shares valued at approximately $16.38 million.
• Equities research analysts have shown a positive outlook for Renasant, with a target price increase from $35.00 to $39.00 and a consensus rating of "Moderate Buy".
• Renasant recently announced a quarterly dividend of $0.22 per share, resulting in an annualized dividend yield of 2.3%, and is set to be paid on September 30th.

Bridgeway Capital Management LLC boosted its stake in Renasant Co. (NASDAQ:RNST - Free Report) by 27.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 482,796 shares of the financial services provider's stock after buying an additional 103,692 shares during the period. Bridgeway Capital Management LLC owned approximately 0.76% of Renasant worth $16,381,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Quantbot Technologies LP purchased a new position in Renasant in the first quarter valued at approximately $28,000. Mascagni Wealth Management Inc. purchased a new position in Renasant in the fourth quarter valued at approximately $44,000. CWM LLC boosted its holdings in shares of 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 during the period. State of Wyoming acquired a new stake in shares of Renasant in the first quarter valued at approximately $51,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Renasant in the first quarter valued at approximately $54,000. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Raymond James Financial reissued a "strong-buy" rating on shares of Renasant in a report on Wednesday, July 23rd. Hovde Group increased their price objective on Renasant from $35.00 to $39.00 and gave the company a "market perform" rating in a report on Wednesday, July 23rd. One equities research 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 stock has a consensus rating of "Moderate Buy" and an average target price of $41.67.

Renasant Stock Performance

NASDAQ:RNST traded down $0.13 during midday trading on Monday, reaching $39.35. The stock had a trading volume of 347,818 shares, compared to its average volume of 714,174. The firm has a fifty day simple moving average of $37.79 and a two-hundred day simple moving average of $35.12. Renasant Co. has a 12-month low of $26.97 and a 12-month high of $40.40. 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 cap of $3.74 billion, a P/E ratio of 12.03 and a beta of 0.93.

Renasant Dividend Announcement

The company 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 $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date 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.