Public Sector Pension Investment Board Purchases 133,484 Shares of Renasant Co. (NASDAQ:RNST)

Key Points

• The Public Sector Pension Investment Board increased its stake in Renasant Co. by 84.3%, acquiring an additional 133,484 shares, bringing its total ownership to approximately 0.46% of the company worth $9.9 million.
• Several institutional investors showed strong interest in Renasant, with Vanguard Group increasing its stake by 22.0% and Jennison Associates by 33.5% in the first quarter.
• Analysts have varied opinions on Renasant's stock, with the consensus rating being a "Moderate Buy" and a consensus price target of $41.67 per share.

Public Sector Pension Investment Board boosted its stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 84.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 291,848 shares of the financial services provider's stock after purchasing an additional 133,484 shares during the period. Public Sector Pension Investment Board owned about 0.46% of Renasant worth $9,902,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RNST. Vanguard Group Inc. lifted its position in Renasant by 22.0% during the first quarter. Vanguard Group Inc. now owns 8,789,556 shares of the financial services provider's stock valued at $298,230,000 after purchasing an additional 1,582,105 shares during the period. Deprince Race & Zollo Inc. lifted its position in Renasant by 63.9% during the fourth quarter. Deprince Race & Zollo Inc. now owns 1,283,577 shares of the financial services provider's stock valued at $45,888,000 after purchasing an additional 500,193 shares during the period. Bank of America Corp DE lifted its position in Renasant by 376.5% during the fourth quarter. Bank of America Corp DE now owns 605,303 shares of the financial services provider's stock valued at $21,640,000 after purchasing an additional 478,266 shares during the period. Wellington Management Group LLP bought a new position in Renasant during the fourth quarter valued at approximately $17,088,000. Finally, Jennison Associates LLC lifted its position in Renasant by 33.5% during the first quarter. Jennison Associates LLC now owns 1,567,120 shares of the financial services provider's stock valued at $53,172,000 after purchasing an additional 393,319 shares during the period. Institutional investors own 77.31% of the company's stock.

Renasant Stock Performance

RNST traded down $0.54 during trading on Friday, hitting $37.58. The company's stock had a trading volume of 631,339 shares, compared to its average volume of 740,021. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. Renasant Co. has a one year low of $26.97 and a one year high of $39.63. The firm has a market cap of $3.57 billion, a PE ratio of 11.49 and a beta of 0.94. The business's 50 day simple moving average is $36.80 and its 200-day simple moving average is $35.14.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. 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 report on Tuesday, May 6th. Hovde Group increased their price objective on shares of Renasant from $35.00 to $39.00 and gave the company a "market perform" rating in a research report on Wednesday, July 23rd. Finally, Raymond James Financial restated a "strong-buy" rating on shares of Renasant in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Renasant currently has a consensus rating of "Moderate Buy" and an average target price of $41.67.

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. 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.