Murchinson Ltd. Acquires New Holdings in Renasant Co. $RNST

Key Points

• Murchinson Ltd. has acquired 94,974 shares of Renasant Co. valued at approximately $3,222,000, making it the 26th largest position in their portfolio.
• Renasant recently declared a quarterly dividend of $0.22 per share, representing an annualized yield of 2.2%.
• Institutional investors own 77.31% of Renasant's stock, with Vanguard Group Inc. and Wellington Management Group LLP notably increasing their holdings in the first quarter.

Murchinson Ltd. acquired a new position in shares of Renasant Co. (NASDAQ:RNST - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 94,974 shares of the financial services provider's stock, valued at approximately $3,222,000. Renasant comprises 0.2% of Murchinson Ltd.'s investment portfolio, making the stock its 26th biggest holding. Murchinson Ltd. owned approximately 0.15% of Renasant at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Northern Trust Corp raised its holdings in Renasant by 7.9% in the fourth quarter. Northern Trust Corp now owns 763,996 shares of the financial services provider's stock valued at $27,313,000 after acquiring an additional 55,620 shares in the last quarter. Comerica Bank grew its position in shares of Renasant by 55.3% during the 4th quarter. Comerica Bank now owns 35,708 shares of the financial services provider's stock valued at $1,277,000 after buying an additional 12,709 shares during the last quarter. Ameriprise Financial Inc. increased its position in Renasant by 38.9% in the fourth quarter. Ameriprise Financial Inc. now owns 209,083 shares of the financial services provider's stock worth $7,475,000 after buying an additional 58,526 shares during the period. Bank of America Corp DE grew its position in Renasant by 376.5% in the 4th quarter. Bank of America Corp DE now owns 605,303 shares of the financial services provider's stock worth $21,640,000 after purchasing an additional 478,266 shares during the last quarter. Finally, Deutsche Bank AG increased its stake in Renasant by 61.9% during the 4th quarter. Deutsche Bank AG now owns 50,346 shares of the financial services provider's stock valued at $1,800,000 after buying an additional 19,240 shares during the period. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Renasant Price Performance

RNST stock traded down $0.03 during trading on Wednesday, hitting $38.67. The company had a trading volume of 551,362 shares, compared to its average volume of 711,460. The company has a fifty day moving average price of $37.89 and a two-hundred day moving average price of $35.16. 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 Co. has a fifty-two week low of $26.97 and a fifty-two week high of $40.40. The company has a market cap of $3.67 billion, a P/E ratio of 11.83 and a beta of 0.93.

Renasant Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts recently weighed in on RNST shares. Hovde Group raised 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. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Renasant in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price 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.