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

New York State Teachers Retirement System raised its stake in Renasant Co. (NASDAQ:RNST - Free Report) by 38.9% in the first quarter, according to the company in 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 buying an additional 6,720 shares during the period. 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 added to or reduced their stakes in RNST. Mascagni Wealth Management Inc. purchased a new position in Renasant in the fourth quarter valued at about $44,000. Covestor Ltd grew its position in shares of Renasant by 73.7% in the fourth quarter. Covestor Ltd now owns 1,838 shares of the financial services provider's stock valued at $66,000 after purchasing an additional 780 shares during the last quarter. Smith Shellnut Wilson LLC ADV purchased a new position in shares of Renasant during the 4th quarter worth approximately $201,000. Cibc World Markets Corp purchased a new position in shares of Renasant during the 4th quarter worth approximately $209,000. Finally, Dark Forest Capital Management LP purchased a new position in shares of Renasant during the 4th quarter worth approximately $221,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RNST. Hovde Group raised their price objective on shares of Renasant from $34.50 to $35.00 and gave the stock a "market perform" rating in a research note 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 price objective for the company in a research note on Thursday, April 24th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating for the company in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $41.00.

Renasant Trading Down 0.7%

NASDAQ RNST traded down $0.29 during mid-day trading on Friday, reaching $38.45. 576,605 shares of the stock were exchanged, compared to its average volume of 690,446. Renasant Co. has a 1-year low of $26.97 and a 1-year high of $39.63. The business's fifty day simple moving average is $35.65 and its 200 day simple moving average is $34.90. The stock has a market capitalization of $3.65 billion, a PE ratio of 11.76 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 announced its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.06. The company had revenue of $170.59 million for 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 quarter last year, the business earned $0.65 EPS. On average, research analysts anticipate that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 2.29%. Renasant's dividend payout ratio (DPR) is presently 27.33%.

Renasant Company 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.