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

Teacher Retirement System of Texas purchased a new position in Renasant Co. (NASDAQ:RNST - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 13,562 shares of the financial services provider's stock, valued at approximately $460,000.

A number of other hedge funds also recently modified their holdings of the stock. Amalgamated Bank raised its holdings in Renasant by 31.5% during the 1st quarter. Amalgamated Bank now owns 24,216 shares of the financial services provider's stock valued at $822,000 after acquiring an additional 5,802 shares during the period. New York State Teachers Retirement System raised its holdings in Renasant by 38.9% during the 1st quarter. New York State Teachers Retirement System now owns 24,006 shares of the financial services provider's stock valued at $815,000 after acquiring an additional 6,720 shares during the period. Bank of America Corp DE raised its holdings 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 acquiring an additional 478,266 shares during the period. Ameriprise Financial Inc. raised its holdings in Renasant by 38.9% during the 4th quarter. Ameriprise Financial Inc. now owns 209,083 shares of the financial services provider's stock valued at $7,475,000 after acquiring an additional 58,526 shares during the period. Finally, Nuveen Asset Management LLC raised its holdings in Renasant by 0.6% during the 4th quarter. Nuveen Asset Management LLC now owns 395,764 shares of the financial services provider's stock valued at $14,149,000 after acquiring an additional 2,405 shares during the period. Institutional investors own 77.31% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Hovde Group boosted their target price on shares of Renasant from $34.50 to $35.00 and gave the company a "market perform" rating in a report on Monday, April 28th. Raymond James Financial raised shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 target price on the stock in a report on Thursday, April 24th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $41.00.

Renasant Trading Down 0.8%

Shares of Renasant stock traded down $0.32 during trading on Friday, reaching $38.75. 590,843 shares of the stock were exchanged, compared to its average volume of 694,284. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The stock's fifty day moving average is $36.07 and its 200 day moving average is $34.98. The firm has a market cap of $3.68 billion, a price-to-earnings ratio of 11.85 and a beta of 0.90. Renasant Co. has a 1 year low of $26.97 and a 1 year high of $39.63.

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

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a $0.22 dividend. The ex-dividend date of this dividend was Monday, June 16th. This represents a $0.88 annualized dividend and a yield of 2.27%. Renasant's dividend payout ratio (DPR) is presently 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.