Strs Ohio Makes New Investment in Renasant Co. $RNST

Key Points

• Strs Ohio acquired 18,100 shares of Renasant Co. (NASDAQ:RNST) valued at approximately $614,000 in the first quarter, reflecting institutional interest in the financial services provider.
• Equities analysts have set a consensus target price of $42.60 for Renasant, with ratings including one "Strong Buy" and three "Buy" endorsements.
• Renasant announced a quarterly dividend of $0.22 per share, translating to a 2.3% yield, payable on September 30th.

Strs Ohio bought a new stake in Renasant Co. (NASDAQ:RNST - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 18,100 shares of the financial services provider's stock, valued at approximately $614,000.

A number of other large investors have also recently bought and sold shares of the company. Intech Investment Management LLC boosted its position in Renasant by 40.3% in the 1st quarter. Intech Investment Management LLC now owns 41,959 shares of the financial services provider's stock worth $1,424,000 after purchasing an additional 12,062 shares in the last quarter. Jane Street Group LLC purchased a new stake in Renasant in the 1st quarter worth approximately $390,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Renasant by 13.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 189,105 shares of the financial services provider's stock worth $6,416,000 after purchasing an additional 23,072 shares in the last quarter. Empowered Funds LLC boosted its position in Renasant by 52.5% in the 1st quarter. Empowered Funds LLC now owns 306,262 shares of the financial services provider's stock worth $10,391,000 after purchasing an additional 105,438 shares in the last quarter. Finally, Jones Financial Companies Lllp purchased a new stake in Renasant in the 1st quarter worth approximately $67,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Analyst Upgrades and Downgrades

RNST has been the topic of several recent research reports. Hovde Group upped their price objective on Renasant from $35.00 to $39.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 23rd. Raymond James Financial reiterated a "strong-buy" rating on shares of Renasant in a research report on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $42.60.

Renasant Price Performance

NASDAQ RNST traded down $0.01 during mid-day trading on Tuesday, hitting $37.52. The stock had a trading volume of 178,380 shares, compared to its average volume of 708,800. The firm's 50 day moving average is $37.88 and its 200 day moving average is $35.32. Renasant Co. has a twelve month low of $26.97 and a twelve month high of $40.40. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The stock has a market capitalization of $3.57 billion, a price-to-earnings ratio of 11.47 and a beta of 0.93.

Renasant Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.3%. Renasant's dividend payout ratio (DPR) is 34.65%.

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.