Empowered Funds LLC Raises Holdings in Renasant Co. $RNST

Key Points

• Empowered Funds LLC has increased its holdings in Renasant Co. (NASDAQ:RNST) by 52.5% during the first quarter, now owning approximately 306,262 shares worth about $10.39 million.
• Renasant recently announced a quarterly dividend of $0.22 per share, set to be paid on September 30th, representing an annualized yield of 2.3%.
• Analysts have set a consensus target price of $41.67 for Renasant stock, with ratings including one Strong Buy and two Hold ratings from recent reports.

Empowered Funds LLC grew its holdings in Renasant Co. (NASDAQ:RNST - Free Report) by 52.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 306,262 shares of the financial services provider's stock after acquiring an additional 105,438 shares during the quarter. Empowered Funds LLC owned 0.48% of Renasant worth $10,391,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Ameriprise Financial Inc. increased its position in shares of Renasant by 38.9% in the 4th quarter. Ameriprise Financial Inc. now owns 209,083 shares of the financial services provider's stock valued at $7,475,000 after acquiring an additional 58,526 shares during the period. Bank of America Corp DE increased its position in shares of Renasant by 376.5% in the 4th quarter. Bank of America Corp DE now owns 605,303 shares of the financial services provider's stock valued at $21,640,000 after acquiring an additional 478,266 shares during the period. Deutsche Bank AG increased its position in shares of Renasant by 61.9% in the 4th quarter. Deutsche Bank AG now owns 50,346 shares of the financial services provider's stock valued at $1,800,000 after acquiring an additional 19,240 shares during the period. Graham Capital Management L.P. acquired a new position in shares of Renasant in the 4th quarter valued at $625,000. Finally, Janus Henderson Group PLC increased its position in shares of Renasant by 19.2% in the 4th quarter. Janus Henderson Group PLC now owns 29,127 shares of the financial services provider's stock valued at $1,042,000 after acquiring an additional 4,700 shares during the period. Institutional investors and hedge funds own 77.31% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Raymond James Financial reissued a "strong-buy" rating on shares of Renasant in a research report on Wednesday, July 23rd. Hovde Group increased their price target on Renasant from $35.00 to $39.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 23rd. One research 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 company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $41.67.

Renasant Price Performance

Renasant stock traded up $0.52 during midday trading on Friday, reaching $38.73. The company had a trading volume of 854,101 shares, compared to its average volume of 716,290. The company has a market capitalization of $3.68 billion, a P/E ratio of 11.84 and a beta of 0.93. Renasant Co. has a 12-month low of $26.97 and a 12-month high of $40.40. The firm's fifty day simple moving average is $37.92 and its 200-day simple moving average is $35.21. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is 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.