Capital Advisory Group Advisory Services LLC Purchases Shares of 8,082 Renasant Co. $RNST

Key Points

• Capital Advisory Group Advisory Services LLC has made a new investment of $290,000 in Renasant Co., acquiring 8,082 shares of the financial services provider's stock during the second quarter.
• Renasant is experiencing a positive outlook, with analysts giving it a consensus rating of "Moderate Buy" and a target price of $41.67, following upgrades from firms like Hovde Group and Raymond James Financial.
• The company announced a quarterly dividend of $0.22 per share, which will give an annualized yield of 2.3%, reflecting a payout ratio of 34.65%.

Capital Advisory Group Advisory Services LLC purchased a new position in Renasant Co. (NASDAQ:RNST - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 8,082 shares of the financial services provider's stock, valued at approximately $290,000.

Several other large investors also recently added to or reduced their stakes in RNST. Quantbot Technologies LP purchased a new stake in shares of Renasant in the first quarter valued at approximately $28,000. Mascagni Wealth Management Inc. purchased a new stake in shares of 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 purchasing an additional 398 shares during the period. State of Wyoming purchased a new stake in shares of Renasant in the first quarter valued at approximately $51,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Renasant in the first quarter valued at approximately $54,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RNST. Raymond James Financial reiterated a "strong-buy" rating on shares of Renasant in a report on Wednesday, July 23rd. Hovde Group raised their target price on shares of Renasant from $35.00 to $39.00 and gave the company a "market perform" rating in a research report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $42.60.

Renasant Price Performance

Shares of Renasant stock traded down $0.49 during trading hours on Friday, reaching $38.31. 1,160,447 shares of the company's stock were exchanged, compared to its average volume of 713,475. Renasant Co. has a 1 year low of $26.97 and a 1 year high of $40.40. The company has a market capitalization of $3.64 billion, a P/E ratio of 11.72 and a beta of 0.93. The business has a fifty day moving average of $37.91 and a two-hundred day moving average of $35.30. 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a $0.22 dividend. 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 is presently 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.