Charles Schwab Investment Management Inc. Increases Stock Position in Renasant Co. $RNST

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Renasant Co. by 3.6%, acquiring an additional 29,589 shares in the first quarter, bringing its total holdings to 847,433 shares worth approximately $28.75 million.
• Renasant's stock has a consensus rating of "Moderate Buy" along with a target price of $41.67, influenced by recent rating adjustments from various research firms.
• The company announced a quarterly dividend of $0.22 per share, with a yield of 2.4%, payable to shareholders on September 30th.

Charles Schwab Investment Management Inc. grew its position in Renasant Co. (NASDAQ:RNST - Free Report) by 3.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 847,433 shares of the financial services provider's stock after purchasing an additional 29,589 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.33% of Renasant worth $28,753,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of RNST. Mascagni Wealth Management Inc. bought a new stake in shares of Renasant in the 4th quarter valued at $44,000. CWM LLC boosted its stake in shares of 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 last quarter. Smith Shellnut Wilson LLC ADV bought a new stake in shares of Renasant in the 4th quarter valued at $201,000. Dark Forest Capital Management LP bought a new stake in shares of Renasant in the 4th quarter valued at $221,000. Finally, Balefire LLC bought a new stake in shares of Renasant in the 1st quarter valued at $252,000. 77.31% of the stock is owned by institutional investors.

Renasant Stock Up 6.1%

RNST traded up $2.2680 during trading on Friday, hitting $39.3380. 794,957 shares of the company's stock were exchanged, compared to its average volume of 731,903. 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 business's 50 day moving average is $36.98 and its two-hundred day moving average is $35.11. Renasant Co. has a fifty-two week low of $26.97 and a fifty-two week high of $39.63. The stock has a market cap of $3.74 billion, a P/E ratio of 12.03 and a beta of 0.94.

Renasant Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a dividend of $0.22 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.88 annualized dividend and a yield of 2.2%. Renasant's dividend payout ratio is presently 34.65%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on RNST shares. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Renasant in a research note on Wednesday, July 23rd. Hovde Group increased their target price on shares of Renasant from $35.00 to $39.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 23rd. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating for the company in a research note on Tuesday, May 6th. One equities 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 stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $41.67.

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.