Murchinson Ltd. Buys New Stake 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. purchased a new stake in Renasant Co. (NASDAQ:RNST - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund purchased 94,974 shares of the financial services provider's stock, valued at approximately $3,222,000. Renasant comprises about 0.2% of Murchinson Ltd.'s portfolio, making the stock its 26th largest holding. Murchinson Ltd. owned approximately 0.15% of Renasant as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Renasant by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,167 shares of the financial services provider's stock worth $1,261,000 after buying an additional 1,621 shares during the last quarter. Bridgeway Capital Management LLC increased its holdings in shares of Renasant by 27.4% in the 1st quarter. Bridgeway Capital Management LLC now owns 482,796 shares of the financial services provider's stock worth $16,381,000 after buying an additional 103,692 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its holdings in shares of Renasant by 48.1% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 996,185 shares of the financial services provider's stock worth $33,801,000 after buying an additional 323,456 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of Renasant by 128.5% in the 1st quarter. Royal Bank of Canada now owns 52,238 shares of the financial services provider's stock worth $1,772,000 after buying an additional 29,380 shares during the last quarter. Finally, Graham Capital Management L.P. increased its holdings in shares of Renasant by 14.0% in the 1st quarter. Graham Capital Management L.P. now owns 19,922 shares of the financial services provider's stock worth $676,000 after buying an additional 2,441 shares during the last quarter. 77.31% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

RNST has been the subject of a number of recent analyst reports. 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 target on shares of Renasant from $35.00 to $39.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 23rd. One equities 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. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $41.67.

Renasant Trading Down 2.2%

RNST stock traded down $0.83 during mid-day trading on Thursday, reaching $37.81. The company had a trading volume of 457,235 shares, compared to its average volume of 709,859. 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 company has a market capitalization of $3.59 billion, a PE ratio of 11.59 and a beta of 0.93. The firm has a 50 day moving average of $37.91 and a 200 day moving average of $35.18. Renasant Co. has a 12 month low of $26.97 and a 12 month high of $40.40.

Renasant Dividend Announcement

The company 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 annualized dividend and a yield of 2.3%. The ex-dividend date is Tuesday, September 16th. Renasant's dividend payout ratio (DPR) is 34.65%.

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.