Public Sector Pension Investment Board Purchases 133,484 Shares of Renasant Co. $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 lifted its holdings in Renasant Co. (NASDAQ:RNST - Free Report) by 84.3% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 291,848 shares of the financial services provider's stock after buying an additional 133,484 shares during the period. Public Sector Pension Investment Board owned approximately 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 have also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Renasant by 22.0% in the 1st quarter. Vanguard Group Inc. now owns 8,789,556 shares of the financial services provider's stock worth $298,230,000 after buying an additional 1,582,105 shares during the last quarter. Westwood Holdings Group Inc. lifted its stake in Renasant by 20.6% in the first quarter. Westwood Holdings Group Inc. now owns 2,121,838 shares of the financial services provider's stock valued at $71,994,000 after purchasing an additional 362,835 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Renasant by 4.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,825,410 shares of the financial services provider's stock valued at $62,228,000 after purchasing an additional 82,170 shares during the last quarter. Jennison Associates LLC lifted its stake in Renasant by 33.5% in 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 last quarter. Finally, Deprince Race & Zollo Inc. lifted its stake in Renasant by 63.9% in 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 last quarter. Hedge funds and other institutional investors own 77.31% of the company's stock.

Renasant Stock Performance

RNST stock traded down $0.14 during midday trading on Monday, reaching $37.44. 156,960 shares of the company's stock traded hands, compared to its average volume of 736,190. The company has a 50-day moving average price of $36.80 and a two-hundred day moving average price of $35.09. 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 Co. has a 52 week low of $26.97 and a 52 week high of $39.63. The firm has a market capitalization of $3.56 billion, a PE ratio of 11.45 and a beta of 0.94.

Analyst Upgrades and Downgrades

RNST has been the topic of several research analyst reports. Keefe, Bruyette & Woods dropped their price objective on Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. Raymond James Financial reiterated a "strong-buy" rating on shares of Renasant in a research note on Wednesday, July 23rd. Finally, Hovde Group upped their price objective on Renasant from $35.00 to $39.00 and gave the company a "market perform" rating in a research note on Wednesday, July 23rd. One research analyst has rated the stock with a sell rating, two have assigned 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, Renasant presently has an average rating of "Moderate Buy" and an average price target of $41.67.

About Renasant

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.