Renasant Co. (NASDAQ:RNST) Shares Bought by New York State Teachers Retirement System

New York State Teachers Retirement System boosted its holdings in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 38.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,006 shares of the financial services provider's stock after purchasing an additional 6,720 shares during the quarter. New York State Teachers Retirement System's holdings in Renasant were worth $815,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Amalgamated Bank boosted its position in Renasant by 31.5% during the first quarter. Amalgamated Bank now owns 24,216 shares of the financial services provider's stock worth $822,000 after purchasing an additional 5,802 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in Renasant by 4.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,825,410 shares of the financial services provider's stock worth $62,228,000 after purchasing an additional 82,170 shares in the last quarter. Park Place Capital Corp boosted its position in Renasant by 0.9% during the first quarter. Park Place Capital Corp now owns 100,857 shares of the financial services provider's stock worth $3,422,000 after purchasing an additional 858 shares in the last quarter. Balefire LLC purchased a new position in Renasant during the first quarter worth approximately $252,000. Finally, Sheets Smith Wealth Management boosted its position in Renasant by 4.9% during the first quarter. Sheets Smith Wealth Management now owns 13,081 shares of the financial services provider's stock worth $444,000 after purchasing an additional 610 shares in the last quarter. Hedge funds and other institutional investors own 77.31% of the company's stock.

Renasant Price Performance

Shares of NASDAQ:RNST traded up $0.71 during midday trading on Monday, hitting $39.23. The company had a trading volume of 546,279 shares, compared to its average volume of 692,760. Renasant Co. has a twelve month low of $26.97 and a twelve month high of $39.63. 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 cap of $3.73 billion, a price-to-earnings ratio of 12.00 and a beta of 0.90. The business's 50-day simple moving average is $35.65 and its 200-day simple moving average is $34.89.

Renasant (NASDAQ:RNST - Get Free Report) last posted its quarterly 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. Renasant had a return on equity of 6.58% and a net margin of 17.91%. The firm had revenue of $170.59 million during the quarter, compared to analysts' expectations of $170.38 million. During the same quarter last year, the firm earned $0.65 earnings per share. On average, research analysts predict that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors 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 dividend yield of 2.24%. Renasant's dividend payout ratio is presently 27.33%.

Wall Street Analyst Weigh In

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

Renasant 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.