William Blair Investment Management LLC Has $32.86 Million Stock Position in Renasant Co. $RNST

Key Points

• William Blair Investment Management LLC has reduced its stake in Renasant Co. by 7.6%, owning approximately 0.96% of the company, worth about $32.86 million after selling 75,063 shares in the second quarter.
• Renasant recently received a rating upgrade from Hovde Group, raising the price target from $35 to $39, with a consensus rating of "Buy" and an average target price of $43.
• The company declared a quarterly dividend of $0.22, resulting in an annualized dividend of $0.88 and a yield of 2.6% for investors.

William Blair Investment Management LLC reduced its stake in Renasant Co. (NASDAQ:RNST - Free Report) by 7.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 914,512 shares of the financial services provider's stock after selling 75,063 shares during the quarter. William Blair Investment Management LLC owned about 0.96% of Renasant worth $32,858,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Quantbot Technologies LP bought a new position in shares of Renasant during the 1st quarter worth approximately $28,000. CWM LLC boosted its holdings in shares of Renasant by 42.7% during the 1st quarter. CWM LLC now owns 1,330 shares of the financial services provider's stock worth $45,000 after buying an additional 398 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Renasant by 49.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,489 shares of the financial services provider's stock worth $54,000 after buying an additional 493 shares in the last quarter. State of Wyoming bought a new position in shares of Renasant during the 1st quarter worth approximately $51,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Renasant during the 1st quarter worth approximately $54,000. 77.31% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

RNST has been the topic of a number of research analyst reports. Hovde Group increased their price target on Renasant from $35.00 to $39.00 and gave the stock a "market perform" rating in a report on Wednesday, July 23rd. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Renasant in a research report on Wednesday, July 23rd. TD Cowen began coverage on Renasant in a research report on Thursday, September 25th. They set a "buy" rating and a $45.00 target price on the stock. Finally, Cowen began coverage on Renasant in a research report on Wednesday, September 24th. They set a "buy" rating on the stock. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $43.00.

Renasant Trading Up 1.5%

NASDAQ RNST opened at $34.11 on Friday. The firm has a market capitalization of $3.24 billion, a P/E ratio of 10.43 and a beta of 0.89. The business has a fifty day simple moving average of $37.59 and a 200 day simple moving average of $35.56. Renasant Co. has a 12 month low of $26.97 and a 12 month high of $40.40. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Tuesday, September 16th. Renasant's dividend payout ratio is presently 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.

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