Dynamic Technology Lab Private Ltd Takes Position in Renasant Co. $RNST

Key Points

• Dynamic Technology Lab Private Ltd has acquired 13,560 shares of Renasant Co. (NASDAQ: RNST), valued at approximately $460,000, during the first quarter of the year.
• Institutional investors currently hold 77.31% of Renasant's shares, with notable increases in positions by firms such as Ameriprise Financial and Bank of America during the last quarter.
• Renasant announced a quarterly dividend of $0.22 per share, representing a yield of 2.3% and a payout ratio of 34.65%.

Dynamic Technology Lab Private Ltd bought a new position in Renasant Co. (NASDAQ:RNST - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm bought 13,560 shares of the financial services provider's stock, valued at approximately $460,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Renasant by 22.0% in the 1st quarter. Vanguard Group Inc. now owns 8,789,556 shares of the financial services provider's stock worth $298,230,000 after acquiring an additional 1,582,105 shares during the last quarter. Westwood Holdings Group Inc. increased its stake in shares of Renasant by 20.6% in the 1st quarter. Westwood Holdings Group Inc. now owns 2,121,838 shares of the financial services provider's stock worth $71,994,000 after acquiring an additional 362,835 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Renasant by 4.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,825,410 shares of the financial services provider's stock worth $62,228,000 after acquiring an additional 82,170 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Renasant by 232.8% in the 1st quarter. Wellington Management Group LLP now owns 1,590,935 shares of the financial services provider's stock worth $53,980,000 after acquiring an additional 1,112,946 shares during the last quarter. Finally, Jennison Associates LLC increased its stake in shares of Renasant by 33.5% in the 1st quarter. Jennison Associates LLC now owns 1,567,120 shares of the financial services provider's stock worth $53,172,000 after acquiring an additional 393,319 shares during the last quarter. 77.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Hovde Group raised their price objective on Renasant from $35.00 to $39.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 23rd. Raymond James Financial reissued a "strong-buy" rating on shares of Renasant in a research report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $41.67.

Renasant Trading Up 1.4%

Renasant stock traded up $0.52 during midday trading on Friday, reaching $38.73. 854,101 shares of the stock traded hands, compared to its average volume of 716,290. The company has a 50-day simple moving average of $37.92 and a two-hundred day simple moving average of $35.20. Renasant Co. has a 12-month low of $26.97 and a 12-month high of $40.40. The firm has a market cap of $3.68 billion, a PE ratio of 11.84 and a beta of 0.93. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16.

Renasant Dividend Announcement

The company also recently announced 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. This represents a $0.88 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Tuesday, September 16th. Renasant's dividend payout ratio (DPR) is 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.