Teacher Retirement System of Texas Takes Position in Renasant Co. (NASDAQ:RNST)

Teacher Retirement System of Texas purchased a new position in shares of Renasant Co. (NASDAQ:RNST - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 13,562 shares of the financial services provider's stock, valued at approximately $460,000.

Other large investors also recently made changes to their positions in the company. Deprince Race & Zollo Inc. boosted its stake 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 period. Bank of America Corp DE boosted its stake in Renasant by 376.5% during the 4th quarter. Bank of America Corp DE now owns 605,303 shares of the financial services provider's stock valued at $21,640,000 after purchasing an additional 478,266 shares during the period. Wellington Management Group LLP bought a new stake in Renasant during the 4th quarter valued at approximately $17,088,000. Marshall Wace LLP acquired a new position in Renasant in the 4th quarter valued at approximately $13,204,000. Finally, Raymond James Financial Inc. acquired a new position in Renasant in the 4th quarter valued at approximately $9,586,000. Institutional investors own 77.31% of the company's stock.

Analyst Upgrades and Downgrades

RNST has been the subject of several recent research reports. Hovde Group upped their price target on Renasant from $34.50 to $35.00 and gave the company a "market perform" rating in a report on Monday, April 28th. Keefe, Bruyette & Woods dropped their price target on 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 upgraded Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price objective on the stock in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $41.00.

Renasant Trading Down 0.8%

RNST stock traded down $0.32 during midday trading on Friday, hitting $38.75. 590,851 shares of the company's stock were exchanged, compared to its average volume of 697,955. The stock's fifty day moving average price is $36.16 and its 200-day moving average price is $34.99. Renasant Co. has a one year low of $26.97 and a one year high of $39.63. The company has a market cap of $3.68 billion, a PE ratio of 11.85 and a beta of 0.90. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.

Renasant (NASDAQ:RNST - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 EPS for the quarter, beating the consensus estimate of $0.60 by $0.06. The company had revenue of $170.59 million for the quarter, compared to the consensus estimate of $170.38 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%. During the same quarter in the prior year, the business earned $0.65 earnings per share. Research analysts predict that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date of this dividend was Monday, June 16th. Renasant's payout ratio is 27.33%.

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.