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

New York State Teachers Retirement System increased its holdings in Renasant Co. (NASDAQ:RNST - Free Report) by 38.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm 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 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Mascagni Wealth Management Inc. bought a new stake in Renasant in the 4th quarter valued at about $44,000. Covestor Ltd raised its position in shares of Renasant by 73.7% during the 4th quarter. Covestor Ltd now owns 1,838 shares of the financial services provider's stock worth $66,000 after buying an additional 780 shares in the last quarter. Smith Shellnut Wilson LLC ADV bought a new stake in shares of Renasant during the 4th quarter worth about $201,000. Cibc World Markets Corp bought a new stake in shares of Renasant during the 4th quarter worth about $209,000. Finally, Dark Forest Capital Management LP bought a new stake in shares of Renasant during the 4th quarter worth about $221,000. 77.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Hovde Group lifted 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. Keefe, Bruyette & Woods lowered their price objective on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. Finally, Raymond James Financial raised shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price objective on the stock in a research note on Thursday, April 24th. One investment 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's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $41.00.

Renasant Price Performance

NASDAQ RNST opened at $38.71 on Friday. 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 has a market capitalization of $3.68 billion, a PE ratio of 11.84 and a beta of 0.90. The company has a 50 day moving average price of $35.55 and a two-hundred day moving average price of $34.88. Renasant Co. has a 12-month low of $26.97 and a 12-month high of $39.63.

Renasant (NASDAQ:RNST - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.06. The business had revenue of $170.59 million during the quarter, compared to the consensus estimate 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 firm earned $0.65 EPS. As a group, equities analysts predict that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend was Monday, June 16th. Renasant's payout ratio is currently 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.

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