Dynamic Technology Lab Private Ltd Makes New $460,000 Investment 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 acquired a new position in shares of Renasant Co. (NASDAQ:RNST - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 13,560 shares of the financial services provider's stock, valued at approximately $460,000.

Other large investors also recently added to or reduced their stakes in the company. Quantbot Technologies LP bought a new stake in Renasant during the first quarter worth approximately $28,000. Mascagni Wealth Management Inc. bought a new stake in Renasant during the fourth quarter worth approximately $44,000. CWM LLC increased its stake in 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 acquiring an additional 398 shares during the last quarter. State of Wyoming bought a new stake in Renasant during the first quarter worth approximately $51,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Renasant during the first quarter worth approximately $54,000. 77.31% of the stock is owned by institutional investors.

Renasant Trading Up 1.6%

Shares of NASDAQ RNST traded up $0.59 during trading hours on Wednesday, reaching $38.09. The stock had a trading volume of 22,579 shares, compared to its average volume of 709,652. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The firm has a market cap of $3.62 billion, a price-to-earnings ratio of 11.65 and a beta of 0.93. The business's fifty day moving average price is $37.92 and its two-hundred day moving average price is $35.23. Renasant Co. has a 52-week low of $26.97 and a 52-week high of $40.40.

Renasant Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a $0.22 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.3%. Renasant's payout ratio is presently 34.65%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented 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 upped their target price on Renasant from $35.00 to $39.00 and gave the company a "market perform" rating in a research note on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Renasant has a consensus rating of "Moderate Buy" and an average price target 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.