Caldwell Sutter Capital Inc. Invests $281,000 in Renasant Co. $RNST

Key Points

• Caldwell Sutter Capital Inc. has acquired a new position in Renasant Co. valued at approximately $281,000, purchasing 7,811 shares during the second quarter.
• Renasant has a strong institutional backing, with over 77% of its stock held by institutional investors and several funds increasing their stakes significantly in the first quarter.
• The company has announced a quarterly dividend of $0.22 per share, reflecting an annual yield of 2.3% and a payout ratio of 34.65%.

Caldwell Sutter Capital Inc. acquired a new position in shares of Renasant Co. (NASDAQ:RNST - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 7,811 shares of the financial services provider's stock, valued at approximately $281,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Quantbot Technologies LP bought a new stake in shares of Renasant during the 1st quarter worth about $28,000. Mascagni Wealth Management Inc. bought a new stake in shares of Renasant during the 4th quarter worth about $44,000. CWM LLC boosted 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 during the period. State of Wyoming bought a new stake in Renasant in the 1st quarter valued at about $51,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Renasant in the 1st quarter valued at about $54,000. Institutional investors own 77.31% of the company's stock.

Renasant Trading Up 0.3%

NASDAQ RNST traded up $0.10 on Tuesday, hitting $37.63. The company's stock had a trading volume of 162,892 shares, compared to its average volume of 708,753. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. Renasant Co. has a 1-year low of $26.97 and a 1-year high of $40.40. The company's 50-day moving average is $37.88 and its 200 day moving average is $35.32. The firm has a market cap of $3.58 billion, a PE ratio of 11.50 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. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.88 annualized dividend and a dividend yield of 2.3%. Renasant's dividend payout ratio is 34.65%.

Analyst Upgrades and Downgrades

RNST has been the subject of a number of recent research reports. Raymond James Financial reissued a "strong-buy" rating on shares of Renasant in a report on Wednesday, July 23rd. Hovde Group boosted their price objective on shares of Renasant from $35.00 to $39.00 and gave the company a "market perform" rating in a report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $42.60.

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.