Renasant Co. $RNST Shares Acquired by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP significantly increased its stake in Renasant Co., acquiring an additional 1,112,946 shares, bringing its total ownership to 1,590,935 shares, valued at approximately $53.98 million.
• Several other institutional investors have also modified their stakes in Renasant, with Northern Trust Corp increasing its holdings by 39.5% and American Century Companies Inc. by 83.2% during the first quarter.
• Renasant recently announced a quarterly dividend of $0.22, providing an annualized yield of 2.2% and a payout ratio of 34.65%, with the ex-dividend date set for September 16th.

Wellington Management Group LLP raised its position in Renasant Co. (NASDAQ:RNST - Free Report) by 232.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,590,935 shares of the financial services provider's stock after acquiring an additional 1,112,946 shares during the period. Wellington Management Group LLP owned approximately 2.50% of Renasant worth $53,980,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its stake in shares of Renasant by 49.0% in the 1st quarter. Principal Financial Group Inc. now owns 459,124 shares of the financial services provider's stock worth $15,578,000 after acquiring an additional 150,929 shares during the period. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Renasant by 292.4% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 68,655 shares of the financial services provider's stock worth $2,330,000 after acquiring an additional 51,161 shares during the period. Amalgamated Bank lifted its stake in shares of Renasant by 31.5% in the 1st quarter. Amalgamated Bank now owns 24,216 shares of the financial services provider's stock worth $822,000 after acquiring an additional 5,802 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Renasant by 11.8% in the 1st quarter. Bank of New York Mellon Corp now owns 606,884 shares of the financial services provider's stock worth $20,592,000 after acquiring an additional 63,956 shares during the period. Finally, New York State Teachers Retirement System lifted its stake in shares of Renasant by 38.9% in the 1st quarter. New York State Teachers Retirement System now owns 24,006 shares of the financial services provider's stock worth $815,000 after acquiring an additional 6,720 shares during the period. Institutional investors and hedge funds own 77.31% of the company's stock.

Renasant Price Performance

RNST traded down $0.14 during midday trading on Friday, reaching $39.10. 388,551 shares of the company's stock were exchanged, compared to its average volume of 724,079. 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 stock has a market capitalization of $3.72 billion, a PE ratio of 11.96 and a beta of 0.94. The business's 50-day moving average price is $37.46 and its 200 day moving average price is $35.12. Renasant Co. has a 1-year low of $26.97 and a 1-year high of $39.76.

Renasant Dividend Announcement

The company 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 $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, September 16th. Renasant's payout ratio is currently 34.65%.

Wall Street Analysts Forecast Growth

RNST has been the subject of several recent analyst reports. Hovde Group raised their target price on shares of Renasant from $35.00 to $39.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 23rd. Keefe, Bruyette & Woods decreased their price objective on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. Finally, Raymond James Financial reissued a "strong-buy" rating on shares of Renasant in a report on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $41.67.

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.