Renasant Co. $RNST Position Increased by Northern Trust Corp

Key Points

• Northern Trust Corp increased its stake in Renasant Co. by 39.5%, acquiring an additional 301,748 shares and bringing its total holdings to approximately 1.07 million shares worth around $36.16 million.
• Vanguard Group also significantly bolstered its interest in Renasant, increasing its holdings by 22% during the same period, now owning over 8.79 million shares worth about $298.23 million.
• Renasant announced a quarterly dividend of $0.22 per share, set to be paid on September 30th, which corresponds to an annualized yield of 2.3%.

Northern Trust Corp lifted its stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 39.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,065,744 shares of the financial services provider's stock after buying an additional 301,748 shares during the quarter. Northern Trust Corp owned 1.67% of Renasant worth $36,161,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RNST. Mascagni Wealth Management Inc. purchased a new stake in shares of Renasant during the fourth quarter valued at approximately $44,000. CWM LLC grew its holdings in Renasant by 42.7% during the 1st quarter. CWM LLC now owns 1,330 shares of the financial services provider's stock valued at $45,000 after purchasing an additional 398 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Renasant during the 1st quarter worth $54,000. Smith Shellnut Wilson LLC ADV acquired a new position in Renasant in the 4th quarter worth $201,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Renasant in the 1st quarter worth $209,000. 77.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RNST has been the topic of a number of analyst reports. Hovde Group lifted their target price 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 restated a "strong-buy" rating on shares of Renasant 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 assigned a Hold rating to the company's stock. According to MarketBeat, Renasant presently has a consensus rating of "Moderate Buy" and an average price target of $41.67.

Renasant Stock Performance

Shares of RNST traded up $0.72 during mid-day trading on Thursday, hitting $39.79. The stock had a trading volume of 338,542 shares, compared to its average volume of 717,045. Renasant Co. has a fifty-two week low of $26.97 and a fifty-two week high of $39.81. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The company has a market cap of $3.78 billion, a PE ratio of 12.17 and a beta of 0.93. The company's fifty day simple moving average is $37.72 and its two-hundred day simple moving average is $35.14.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.88 annualized dividend and a dividend yield of 2.2%. Renasant's payout ratio is 34.65%.

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.