Empowered Funds LLC Buys 105,438 Shares of 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 stake in Renasant Co. (NASDAQ:RNST - Free Report) by 52.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 306,262 shares of the financial services provider's stock after purchasing an additional 105,438 shares during the period. Empowered Funds LLC owned approximately 0.48% of Renasant worth $10,391,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Renasant by 22.0% during the first quarter. Vanguard Group Inc. now owns 8,789,556 shares of the financial services provider's stock worth $298,230,000 after buying an additional 1,582,105 shares during the last quarter. Westwood Holdings Group Inc. lifted its position in shares of Renasant by 20.6% during the first quarter. Westwood Holdings Group Inc. now owns 2,121,838 shares of the financial services provider's stock worth $71,994,000 after purchasing an additional 362,835 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Renasant by 4.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,825,410 shares of the financial services provider's stock valued at $62,228,000 after buying an additional 82,170 shares during the period. Wellington Management Group LLP lifted its holdings in Renasant by 232.8% in the first quarter. Wellington Management Group LLP now owns 1,590,935 shares of the financial services provider's stock valued at $53,980,000 after buying an additional 1,112,946 shares during the period. Finally, Jennison Associates LLC lifted its holdings in Renasant by 33.5% in the first quarter. Jennison Associates LLC now owns 1,567,120 shares of the financial services provider's stock valued at $53,172,000 after buying an additional 393,319 shares during the period. 77.31% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on RNST shares. Hovde Group increased their price objective on shares of Renasant from $35.00 to $39.00 and gave the company a "market perform" rating in a report on Wednesday, July 23rd. Raymond James Financial reiterated a "strong-buy" rating on shares of Renasant in a report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $41.67.

Renasant Stock Down 0.6%

Shares of RNST stock traded down $0.25 during trading hours on Monday, hitting $38.47. 75,396 shares of the company were exchanged, compared to its average volume of 712,571. The business has a 50 day moving average of $37.92 and a two-hundred day moving average of $35.20. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. Renasant Co. has a 52 week low of $26.97 and a 52 week high of $40.40. The company has a market capitalization of $3.66 billion, a PE ratio of 11.76 and a beta of 0.93.

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given 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 dividend yield of 2.3%. Renasant's dividend payout ratio is currently 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.