Townsquare Capital LLC acquired a new position in Renasant Co. (NASDAQ:RNST – Free Report) during the 1st quarter, HoldingsChannel.com reports. The firm acquired 7,472 shares of the financial services provider’s stock, valued at approximately $254,000.
Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Renasant by 22.0% during the 1st quarter. Vanguard Group Inc. now owns 8,789,556 shares of the financial services provider’s stock valued at $298,230,000 after purchasing an additional 1,582,105 shares during the last quarter. Westwood Holdings Group Inc. raised its position in Renasant by 20.6% during the 1st quarter. Westwood Holdings Group Inc. now owns 2,121,838 shares of the financial services provider’s stock valued at $71,994,000 after purchasing an additional 362,835 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Renasant by 4.7% during the 1st 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 purchasing an additional 82,170 shares during the last quarter. Jennison Associates LLC raised its position in Renasant by 33.5% during the 1st quarter. Jennison Associates LLC now owns 1,567,120 shares of the financial services provider’s stock valued at $53,172,000 after purchasing an additional 393,319 shares during the last quarter. Finally, Deprince Race & Zollo Inc. raised its position in Renasant by 63.9% during the 4th quarter. Deprince Race & Zollo Inc. now owns 1,283,577 shares of the financial services provider’s stock valued at $45,888,000 after purchasing an additional 500,193 shares during the last quarter. Hedge funds and other institutional investors own 77.31% of the company’s stock.
Wall Street Analyst Weigh In
RNST has been the subject of a number of recent analyst reports. Hovde Group upped their price target on Renasant from $35.00 to $39.00 and gave the company a “market perform” rating in a research report on Wednesday, July 23rd. Keefe, Bruyette & Woods lowered their price target on Renasant from $45.00 to $43.00 and set an “outperform” rating for the company in a research report on Tuesday, May 6th. Finally, Raymond James Financial reiterated a “strong-buy” rating on shares of Renasant in a report on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Renasant presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.67.
Renasant Stock Performance
RNST stock opened at $37.4360 on Wednesday. The stock has a market capitalization of $3.56 billion, a PE ratio of 11.45 and a beta of 0.94. Renasant Co. has a 12-month low of $26.97 and a 12-month high of $39.63. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The stock’s 50 day simple moving average is $36.84 and its 200 day simple moving average is $35.09.
Renasant Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.88 annualized dividend and a yield of 2.4%. Renasant’s dividend payout ratio is 34.65%.
Renasant Company 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.
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