Rafferty Asset Management LLC Sells 11,073 Shares of Renasant Co. $RNST

Key Points

• Rafferty Asset Management LLC reduced its stake in Renasant Co. by 12.1%, owning 80,229 shares valued at approximately $2.72 million as of the end of the last reporting period.
• In contrast, Vanguard Group Inc. increased its position by 22.0%, now owning nearly 8.79 million shares valued at about $298.23 million.
• Renasant has declared a quarterly dividend of $0.22 per share, with a dividend yield of 2.3% and a payout ratio of 34.65%.

Rafferty Asset Management LLC lessened its position in Renasant Co. (NASDAQ:RNST - Free Report) by 12.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 80,229 shares of the financial services provider's stock after selling 11,073 shares during the period. Rafferty Asset Management LLC owned 0.13% of Renasant worth $2,722,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Quantbot Technologies LP bought a new stake in Renasant in the 1st quarter worth $28,000. Mascagni Wealth Management Inc. bought a new stake in Renasant in the 4th quarter worth $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. Caitong International Asset Management Co. Ltd bought a new stake in Renasant in the 1st quarter worth $54,000. Finally, Smith Shellnut Wilson LLC ADV bought a new stake in Renasant in the 4th quarter worth $201,000. Institutional investors own 77.31% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on RNST shares. Hovde Group boosted their price target on shares of Renasant from $35.00 to $39.00 and gave the company a "market perform" rating in a research report 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 research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $41.67.

Renasant Stock Up 1.8%

NASDAQ:RNST traded up $0.72 during mid-day trading on Thursday, hitting $39.79. 338,542 shares of the company's stock were exchanged, compared to its average volume of 717,045. Renasant Co. has a one year low of $26.97 and a one year high of $39.81. 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 business has a fifty day moving average price of $37.72 and a 200 day moving average price of $35.14. The company has a market cap of $3.78 billion, a PE ratio of 12.17 and a beta of 0.93.

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 paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.88 annualized dividend and a yield of 2.2%. Renasant's payout ratio is presently 34.65%.

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.