Renasant Co. $RNST Position Boosted by State of Alaska Department of Revenue

Key Points

• The State of Alaska Department of Revenue boosted its stake in Renasant Co. by 55.7% during the second quarter, owning approximately 0.06% of the company valued at $1.97 million.
• Renasant recently announced a quarterly dividend of $0.22, representing an annualized yield of 2.4%.
• Research analysts have rated Renasant with a consensus rating of "Buy" and an average target price of $43.00.

State of Alaska Department of Revenue increased its holdings in Renasant Co. (NASDAQ:RNST - Free Report) by 55.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,843 shares of the financial services provider's stock after buying an additional 19,621 shares during the quarter. State of Alaska Department of Revenue owned about 0.06% of Renasant worth $1,970,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Quantbot Technologies LP bought a new position in Renasant in the 1st quarter worth approximately $28,000. 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 buying an additional 398 shares in the last quarter. GAMMA Investing LLC grew its holdings in Renasant by 49.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,489 shares of the financial services provider's stock worth $54,000 after buying an additional 493 shares in the last quarter. State of Wyoming bought a new position in Renasant in the 1st quarter worth approximately $51,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in Renasant in the 1st quarter worth approximately $54,000. 77.31% of the stock is owned by institutional investors.

Analyst Ratings Changes

RNST has been the subject of a number of research analyst reports. TD Cowen initiated coverage on Renasant in a research report on Thursday, September 25th. They issued a "buy" rating and a $45.00 target price for the company. Raymond James Financial restated a "strong-buy" rating on shares of Renasant in a research report on Wednesday, July 23rd. Hovde Group upped 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. Finally, Cowen initiated coverage on Renasant in a research report on Wednesday, September 24th. They issued a "buy" rating for the company. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $43.00.

Renasant Stock Performance

Shares of Renasant stock opened at $36.45 on Friday. The stock has a market cap of $3.46 billion, a PE ratio of 11.15 and a beta of 0.89. The business has a fifty day simple moving average of $37.72 and a 200-day simple moving average of $35.47. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. Renasant Co. has a 12 month low of $26.97 and a 12 month high of $40.40.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was 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.

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