Renasant Co. $RNST Shares Bought by Citigroup Inc.

Key Points

• Citigroup Inc. increased its stake in Renasant Co. by 13.3% during the first quarter, now owning approximately 0.51% of the company, valued at about $10.95 million.
• The stock for Renasant Co. currently trades at $37.58, with a market capitalization of $3.57 billion and a PE ratio of 11.49.
• Analyst ratings for Renasant are mixed, with an average rating of "Moderate Buy" and a consensus price target of $41.67.

Citigroup Inc. increased its stake in Renasant Co. (NASDAQ:RNST - Free Report) by 13.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 322,813 shares of the financial services provider's stock after acquiring an additional 37,917 shares during the quarter. Citigroup Inc. owned approximately 0.51% of Renasant worth $10,953,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mascagni Wealth Management Inc. purchased a new stake in shares of Renasant during the fourth quarter worth $44,000. CWM LLC grew its holdings in shares of Renasant by 42.7% during the first quarter. CWM LLC now owns 1,330 shares of the financial services provider's stock worth $45,000 after buying an additional 398 shares in the last quarter. Smith Shellnut Wilson LLC ADV purchased a new stake in shares of Renasant during the fourth quarter worth $201,000. Dark Forest Capital Management LP purchased a new stake in shares of Renasant during the fourth quarter worth $221,000. Finally, Balefire LLC purchased a new stake in shares of Renasant during the first quarter worth $252,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Renasant Trading Down 1.3%

Shares of RNST traded down $0.4760 during mid-day trading on Thursday, reaching $37.1040. The stock had a trading volume of 360,337 shares, compared to its average volume of 731,507. The business's fifty day moving average is $36.89 and its 200 day moving average is $35.10. Renasant Co. has a 52-week low of $26.97 and a 52-week high of $39.63. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of 11.35 and a beta of 0.94.

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 2.4%. Renasant's dividend payout ratio is presently 34.65%.

Wall Street Analyst Weigh In

RNST has been the subject of a number of research reports. Hovde Group upped their target price on shares of Renasant from $35.00 to $39.00 and gave the stock a "market perform" rating in a report on Wednesday, July 23rd. Keefe, Bruyette & Woods dropped their target price on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating for the company in a report on Tuesday, May 6th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating on shares of Renasant in a report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Renasant presently has a consensus rating of "Moderate Buy" and a consensus price target of $41.67.

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.