Nuveen LLC Invests $11.88 Million in Renasant Co. $RNST

Key Points

• Nuveen LLC acquired a new stake in Renasant Co. by purchasing 350,080 shares valued at approximately $11.88 million during the first quarter.
• Renasant recently declared a quarterly dividend of $0.22 per share, set to be distributed on September 30th, which represents an annualized yield of 2.4%.
• Brokerages have varying ratings on Renasant, with consensus rating categorized as a "Moderate Buy" and an average price target of $41.67.

Nuveen LLC acquired a new stake in Renasant Co. (NASDAQ:RNST - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 350,080 shares of the financial services provider's stock, valued at approximately $11,878,000. Nuveen LLC owned approximately 0.55% of Renasant as of its most recent filing with the SEC.

A number of other large investors have also 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% in the 1st 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. Smith Shellnut Wilson LLC ADV purchased a new position in shares of Renasant in the fourth quarter valued at about $201,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Renasant during the first quarter valued at about $209,000. Finally, Dark Forest Capital Management LP purchased a new stake in shares of Renasant during the fourth quarter worth about $221,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

Renasant Stock Up 0.9%

NASDAQ RNST traded up $0.35 during trading hours on Wednesday, reaching $39.54. 423,116 shares of the company's stock traded hands, compared to its average volume of 727,433. Renasant Co. has a 52-week low of $26.97 and a 52-week high of $39.66. 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 firm has a 50-day simple moving average of $37.27 and a 200 day simple moving average of $35.11. The firm has a market cap of $3.76 billion, a PE ratio of 12.09 and a beta of 0.94.

Renasant Announces Dividend

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Raymond James Financial restated a "strong-buy" rating on shares of Renasant in a report on Wednesday, July 23rd. Hovde Group raised their price target on Renasant from $35.00 to $39.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 23rd. Finally, Keefe, Bruyette & Woods cut their price target 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. One equities research 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. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $41.67.

Renasant 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.