Invesco Ltd. Acquires 22,275 Shares of Renasant Co. $RNST

Key Points

• Invesco Ltd. increased its holdings in Renasant Co. by 4.9%, acquiring 22,275 additional shares in the first quarter, bringing its total to approximately $16.15 million.
• Recent analyst reports showed mixed ratings for Renasant, with Hovde Group raising its target price to $39.00 while Keefe, Bruyette & Woods lowered it to $43.00, indicating varying confidence in the stock.
• Renasant announced a quarterly dividend of $0.22 per share, reflecting an annualized payout of $0.88, which represents a dividend yield of 2.2%.

Invesco Ltd. boosted its stake in Renasant Co. (NASDAQ:RNST - Free Report) by 4.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 475,879 shares of the financial services provider's stock after purchasing an additional 22,275 shares during the quarter. Invesco Ltd. owned about 0.75% of Renasant worth $16,147,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Mascagni Wealth Management Inc. purchased a new stake in Renasant in the 4th quarter worth $44,000. CWM LLC lifted its stake in Renasant by 42.7% in the 1st quarter. CWM LLC now owns 1,330 shares of the financial services provider's stock worth $45,000 after purchasing an additional 398 shares in the last quarter. Smith Shellnut Wilson LLC ADV bought a new stake in shares of Renasant in the 4th quarter worth about $201,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Renasant in the 1st quarter worth about $209,000. Finally, Dark Forest Capital Management LP bought a new stake in shares of Renasant in the 4th quarter worth about $221,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Renasant Trading Down 0.6%

NASDAQ:RNST traded down $0.22 during mid-day trading on Thursday, hitting $39.25. 513,014 shares of the stock traded hands, compared to its average volume of 726,125. The stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of 12.00 and a beta of 0.94. Renasant Co. has a 52 week low of $26.97 and a 52 week high of $39.76. The firm's 50 day moving average is $37.37 and its two-hundred day moving average is $35.12. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

Renasant Dividend Announcement

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 paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Tuesday, September 16th. Renasant's dividend payout ratio is currently 34.65%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on RNST shares. Raymond James Financial restated a "strong-buy" rating on shares of Renasant in a report on Wednesday, July 23rd. Keefe, Bruyette & Woods reduced their target price on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. Finally, Hovde Group boosted 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. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company 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.