Invesco Ltd. Purchases 22,275 Shares of Renasant Co. $RNST

Invesco Ltd. grew its holdings in shares of Renasant Co. (NASDAQ:RNST) by 4.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 475,879 shares of the financial services provider’s stock after purchasing an additional 22,275 shares during the quarter. Invesco Ltd. owned approximately 0.75% of Renasant worth $16,147,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Mascagni Wealth Management Inc. purchased a new stake in Renasant during the fourth quarter valued at approximately $44,000. CWM LLC grew its position 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 valued at $45,000 after acquiring an additional 398 shares during the period. Smith Shellnut Wilson LLC ADV purchased a new stake in shares of Renasant in the 4th quarter worth $201,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Renasant in the 1st quarter worth $209,000. Finally, Dark Forest Capital Management LP purchased a new position in Renasant during the fourth quarter valued at $221,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Analyst Ratings Changes

RNST has been the subject of a number of analyst reports. Hovde Group upped their price target on Renasant from $35.00 to $39.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 23rd. Keefe, Bruyette & Woods reduced their target price on shares of Renasant from $45.00 to $43.00 and set an “outperform” rating for the company in a report on Tuesday, May 6th. Finally, Raymond James Financial restated a “strong-buy” rating on shares of Renasant in a research note on Wednesday, July 23rd. One equities research 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $41.67.

Renasant Stock Performance

NASDAQ RNST opened at $39.3380 on Friday. The business has a 50 day simple moving average of $36.98 and a two-hundred day simple moving average of $35.11. Renasant Co. has a 1-year low of $26.97 and a 1-year high of $39.63. The stock has a market capitalization of $3.74 billion, a PE ratio of 12.03 and a beta of 0.94. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a $0.22 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.2%. Renasant’s 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.