Westwood Holdings Group Inc. Purchases 362,835 Shares of Renasant Co. (NASDAQ:RNST)

Key Points

• Westwood Holdings Group Inc. increased its stake in Renasant Co. by 20.6% in Q1, owning approximately 3.33% of the company worth $71.99 million after purchasing an additional 362,835 shares.
• The stock of Renasant Co. opened at $36.35 with a market capitalization of $3.45 billion, and analysts have set an average price target of $41.67 with ratings ranging from sell to strong buy.
• Several other hedge funds also increased their investments in Renasant, contributing to a significant institutional ownership of 77.31% in the company's stock.

Westwood Holdings Group Inc. boosted its stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 20.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,121,838 shares of the financial services provider's stock after purchasing an additional 362,835 shares during the period. Westwood Holdings Group Inc. owned about 3.33% of Renasant worth $71,994,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. LPL Financial LLC grew its position in Renasant by 53.3% in the 4th quarter. LPL Financial LLC now owns 107,519 shares of the financial services provider's stock worth $3,844,000 after purchasing an additional 37,380 shares during the period. JPMorgan Chase & Co. grew its position in Renasant by 27.0% in the 4th quarter. JPMorgan Chase & Co. now owns 334,354 shares of the financial services provider's stock worth $11,953,000 after purchasing an additional 71,001 shares during the period. Norges Bank bought a new stake in Renasant in the 4th quarter worth approximately $890,000. Wellington Management Group LLP bought a new position in Renasant in the fourth quarter worth approximately $17,088,000. Finally, Geode Capital Management LLC raised its position in Renasant by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 1,437,756 shares of the financial services provider's stock worth $51,412,000 after acquiring an additional 9,718 shares during the period. Institutional investors own 77.31% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Hovde Group increased their price target on shares of Renasant from $35.00 to $39.00 and gave the stock 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. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $41.67.

Renasant Price Performance

Shares of RNST stock traded up $0.15 on Friday, hitting $35.77. 370,955 shares of the stock traded hands, compared to its average volume of 745,537. The firm has a market cap of $3.40 billion, a price-to-earnings ratio of 10.94 and a beta of 0.94. Renasant Co. has a 52 week low of $26.97 and a 52 week high of $39.63. The firm has a 50 day simple moving average of $36.57 and a two-hundred day simple moving average of $35.12. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94.

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.