Renasant Co. $RNST Shares Purchased by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. increased its stake in Renasant Co. by 22.0%, owning approximately 8.79 million shares worth $298.23 million as of its latest SEC filing.
• Renasant's current stock rating is an average of "Moderate Buy", with a target price of $41.67, according to multiple analysts.
• The company operates as a bank holding company for Renasant Bank, providing a range of financial services and has a market capitalization of $3.57 billion.

Vanguard Group Inc. grew its holdings in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 22.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,789,556 shares of the financial services provider's stock after purchasing an additional 1,582,105 shares during the quarter. Vanguard Group Inc. owned approximately 13.81% of Renasant worth $298,230,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in RNST. Bank of Montreal Can boosted its stake in Renasant by 4.1% in the 4th quarter. Bank of Montreal Can now owns 9,619 shares of the financial services provider's stock worth $344,000 after purchasing an additional 383 shares during the period. CWM LLC raised its stake in shares of Renasant by 42.7% in the first quarter. CWM LLC now owns 1,330 shares of the financial services provider's stock worth $45,000 after purchasing an additional 398 shares during the last quarter. Sheets Smith Wealth Management raised its position in Renasant by 4.9% during the first quarter. Sheets Smith Wealth Management now owns 13,081 shares of the financial services provider's stock valued at $444,000 after acquiring an additional 610 shares in the last quarter. Resolute Wealth Strategies LLC raised its position in Renasant by 0.9% during the first quarter. Resolute Wealth Strategies LLC now owns 77,181 shares of the financial services provider's stock valued at $2,619,000 after acquiring an additional 653 shares in the last quarter. Finally, HB Wealth Management LLC raised its position in Renasant by 2.3% during the first quarter. HB Wealth Management LLC now owns 29,677 shares of the financial services provider's stock valued at $1,007,000 after acquiring an additional 676 shares in the last quarter. 77.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on RNST shares. Raymond James Financial restated a "strong-buy" rating on shares of Renasant in a research report on Wednesday, July 23rd. Hovde Group increased their price objective on Renasant from $35.00 to $39.00 and gave the company a "market perform" rating in a report on Wednesday, July 23rd. Finally, Keefe, Bruyette & Woods dropped their price target on Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. 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 stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $41.67.

Renasant Stock Performance

NASDAQ:RNST traded down $0.2350 during mid-day trading on Thursday, reaching $37.3450. 92,855 shares of the stock were exchanged, compared to its average volume of 729,786. The company has a 50 day simple moving average of $36.87 and a 200-day simple moving average of $35.11. The stock has a market capitalization of $3.55 billion, a P/E ratio of 11.42 and a beta of 0.94. 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 1 year low of $26.97 and a 1 year high of $39.63.

Renasant Dividend Announcement

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. This represents a $0.88 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Tuesday, September 16th. Renasant's dividend payout ratio (DPR) is currently 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.