Public Employees Retirement System of Ohio Purchases New Shares in Renasant Corp $RNST

Key Points

• Public Employees Retirement System of Ohio purchased 72,665 shares of Renasant, valued at approximately $3.1 million, giving it a 0.08% stake. Institutional investors collectively own 77.31% of the company.
• Renasant reported quarterly EPS of $0.94, exceeding analyst expectations of $0.91, while revenue reached $573.62 million. Analysts expect full-year EPS of $3.79.
• The company declared a quarterly dividend of $0.24 per share, equivalent to an annualized $0.96 payout and a 2.3% yield. Analysts maintain a consensus “Buy” rating with an average price target of $47.67.

Public Employees Retirement System of Ohio purchased a new stake in Renasant Corp (NYSE:RNST - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 72,665 shares of the company's stock, valued at approximately $3,091,000. Public Employees Retirement System of Ohio owned approximately 0.08% of Renasant at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Renasant in the 2nd quarter valued at $566,683,000. Dimensional Fund Advisors LP increased its stake in shares of Renasant by 1.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,328,672 shares of the company's stock worth $192,521,000 after purchasing an additional 61,674 shares during the last quarter. State Street Corp raised its stake in Renasant by 14.1% in the 2nd quarter. State Street Corp now owns 4,812,696 shares of the company's stock valued at $172,920,000 after acquiring an additional 595,609 shares during the period. Wellington Management Group LLP raised its holdings in Renasant by 4.3% in the 4th quarter. Wellington Management Group LLP now owns 3,089,186 shares of the company's stock valued at $108,801,000 after acquiring an additional 126,405 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of Renasant by 0.6% during the third quarter. Invesco Ltd. now owns 2,229,966 shares of the company's stock worth $82,263,000 after buying an additional 14,301 shares in the last quarter. 77.31% of the stock is currently owned by institutional investors.

Renasant Price Performance

Shares of Renasant stock opened at $41.38 on Friday. The stock has a market capitalization of $3.78 billion, a price-to-earnings ratio of 12.39 and a beta of 0.97. Renasant Corp has a 52-week low of $33.04 and a 52-week high of $44.54. The company has a fifty day moving average of $42.65 and a 200-day moving average of $40.48. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.90 and a current ratio of 0.91.

Renasant (NYSE:RNST - Get Free Report) last posted its earnings results on Tuesday, July 28th. The company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.03. The firm had revenue of $573.62 million for the quarter, compared to analysts' expectations of $280.71 million. Renasant had a return on equity of 8.67% and a net margin of 19.94%.During the same period in the previous year, the firm earned $0.01 earnings per share. Equities research analysts expect that Renasant Corp will post 3.79 EPS for the current year.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Wednesday, September 16th. Renasant's payout ratio is presently 28.74%.

Insider Activity at Renasant

In related news, Director Edward Mcgraw sold 35,000 shares of Renasant stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $43.88, for a total transaction of $1,535,800.00. Following the transaction, the director directly owned 211,458 shares in the company, valued at approximately $9,278,777.04. The trade was a 14.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.07% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on RNST. Weiss Ratings upgraded Renasant from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. TD Cowen upped their target price on Renasant from $48.00 to $49.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Finally, Piper Sandler upped their target price on Renasant from $46.00 to $48.00 and gave the stock an "overweight" rating in a research report on Thursday, July 30th. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $47.67.

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. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate–1-4 family mortgage; real estate–commercial mortgage; real estate–construction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.

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