Dimensional Fund Advisors LP Reduces Stock Position in Renasant Co. $RNST

Key Points

• Dimensional Fund Advisors LP has reduced its position in Renasant Co. by 2.5%, now owning approximately 6.15% of the company, valued at $132.9 million.
• Renasant recently announced a quarterly dividend of $0.22 per share, with a yield of 2.4%, set to be paid on September 30th.
• Renasant’s stock has received mixed analyst ratings, with a consensus target price of $41.67 and several firms adjusting their price targets recently.

Dimensional Fund Advisors LP lessened its holdings in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 2.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,917,544 shares of the financial services provider's stock after selling 102,455 shares during the quarter. Dimensional Fund Advisors LP owned about 6.15% of Renasant worth $132,920,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RNST. Mascagni Wealth Management Inc. bought a new stake in Renasant during the 4th quarter valued at approximately $44,000. CWM LLC raised its stake in Renasant by 42.7% during 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. Caitong International Asset Management Co. Ltd bought a new stake in Renasant during the 1st quarter valued at approximately $54,000. Smith Shellnut Wilson LLC ADV bought a new stake in Renasant during the 4th quarter valued at approximately $201,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Renasant during the 1st quarter valued at approximately $209,000. Institutional investors own 77.31% of the company's stock.

Renasant Trading Up 0.9%

Shares of Renasant stock traded up $0.35 on Wednesday, reaching $39.54. The company had a trading volume of 423,116 shares, compared to its average volume of 727,433. The firm has a market cap of $3.76 billion, a price-to-earnings ratio of 12.09 and a beta of 0.94. 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's 50-day moving average price is $37.27 and its two-hundred day moving average price is $35.11. Renasant Co. has a 1 year low of $26.97 and a 1 year high of $39.66.

Renasant Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors 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 dividend on an annualized basis and a yield of 2.2%. Renasant's payout ratio is presently 34.65%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Renasant in a research note on Wednesday, July 23rd. Hovde Group lifted their price objective on 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 reduced their price objective on Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Renasant currently has a consensus rating of "Moderate Buy" and an average price target of $41.67.

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.