New York State Teachers Retirement System Lowers Position in Renasant Co. (NASDAQ:RNST)

New York State Teachers Retirement System lessened its stake in Renasant Co. (NASDAQ:RNST) by 3.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,139 shares of the financial services provider’s stock after selling 700 shares during the period. New York State Teachers Retirement System’s holdings in Renasant were worth $678,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Park Place Capital Corp boosted its position in Renasant by 1.7% in the 4th quarter. Park Place Capital Corp now owns 113,158 shares of the financial services provider’s stock worth $3,811,000 after purchasing an additional 1,837 shares in the last quarter. Ballew Advisors Inc lifted its position in shares of Renasant by 43.8% during the 4th quarter. Ballew Advisors Inc now owns 11,131 shares of the financial services provider’s stock valued at $343,000 after buying an additional 3,389 shares in the last quarter. Brookstone Capital Management purchased a new position in shares of Renasant during the 4th quarter valued at approximately $211,000. Ignite Planners LLC lifted its position in shares of Renasant by 8.0% during the 4th quarter. Ignite Planners LLC now owns 18,622 shares of the financial services provider’s stock valued at $626,000 after buying an additional 1,382 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its position in shares of Renasant by 10.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 139,706 shares of the financial services provider’s stock valued at $3,659,000 after buying an additional 12,741 shares in the last quarter. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on RNST shares. StockNews.com upgraded Renasant from a “sell” rating to a “hold” rating in a research report on Tuesday, April 9th. Keefe, Bruyette & Woods increased their target price on Renasant from $34.00 to $35.00 and gave the company a “market perform” rating in a research report on Tuesday, January 30th. Stephens increased their target price on Renasant from $36.00 to $37.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 30th. Finally, Truist Financial reduced their price objective on Renasant from $35.00 to $33.00 and set a “hold” rating for the company in a research note on Monday, April 1st. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Renasant has an average rating of “Hold” and an average price target of $33.00.

Renasant Stock Up 1.8 %

NASDAQ RNST opened at $28.81 on Friday. The business has a fifty day moving average price of $30.51 and a 200 day moving average price of $29.73. Renasant Co. has a one year low of $22.99 and a one year high of $34.85. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.90 and a current ratio of 0.91. The company has a market cap of $1.62 billion, a P/E ratio of 11.15 and a beta of 1.03.

Renasant (NASDAQ:RNST) last issued its earnings results on Wednesday, January 24th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.12. Renasant had a return on equity of 7.98% and a net margin of 15.94%. The business had revenue of $230.79 million during the quarter, compared to the consensus estimate of $160.63 million. During the same period last year, the company earned $0.89 EPS. Research analysts anticipate that Renasant Co. will post 2.63 EPS for the current fiscal year.

Renasant Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend is Friday, June 14th. Renasant’s dividend payout ratio (DPR) is presently 34.11%.

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.