Philadelphia Financial Management of San Francisco LLC Has $6.11 Million Holdings in Renasant Co. $RNST

Key Points

• Philadelphia Financial Management of San Francisco LLC decreased its stake in Renasant Co. by 29.6%, selling 75,589 shares during the first quarter and reducing its ownership to 180,039 shares valued at approximately $6.1 million.
• The company recently announced a **quarterly dividend** of $0.22 per share, reflecting an annualized yield of 2.2%, with the ex-dividend date set for September 16th.
• Renasant has received a consensus rating of **"Moderate Buy"** from analysts, with price targets updated to an average of $41.67 following positive reports from Hovde Group and Raymond James Financial.

Philadelphia Financial Management of San Francisco LLC decreased its position in Renasant Co. (NASDAQ:RNST - Free Report) by 29.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 180,039 shares of the financial services provider's stock after selling 75,589 shares during the quarter. Philadelphia Financial Management of San Francisco LLC owned 0.28% of Renasant worth $6,109,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in RNST. Quantbot Technologies LP bought a new position in Renasant during the 1st quarter valued at about $28,000. Mascagni Wealth Management Inc. bought a new position in shares of Renasant in the fourth quarter valued at approximately $44,000. CWM LLC boosted its holdings in shares of 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 in the last quarter. State of Wyoming acquired a new position in shares of Renasant in the 1st quarter worth approximately $51,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Renasant during the 1st quarter worth approximately $54,000. Institutional investors and hedge funds own 77.31% of the company's stock.

Renasant Trading Down 0.1%

Renasant stock traded down $0.03 during trading hours on Wednesday, reaching $38.67. 551,362 shares of the company's stock traded hands, compared to its average volume of 711,460. The firm has a market capitalization of $3.67 billion, a price-to-earnings ratio of 11.83 and a beta of 0.93. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. Renasant Co. has a fifty-two week low of $26.97 and a fifty-two week high of $40.40. The firm's 50 day moving average is $37.89 and its 200-day moving average is $35.16.

Renasant Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued 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 is currently 34.65%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Hovde Group boosted their price objective on Renasant from $35.00 to $39.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 23rd. Raymond James Financial reiterated a "strong-buy" rating on shares of Renasant in a research report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average 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.