Renasant Co. $RNST Shares Acquired by Louisiana State Employees Retirement System

Key Points

• The Louisiana State Employees Retirement System increased its stake in Renasant Co. by 44.1% during the second quarter, owning a total of 43,100 shares valued at approximately $1.549 million.
• Renasant recently declared a quarterly dividend of $0.22 per share, with a dividend yield of 2.5%, and a payout ratio of 34.65%.
• Research analysts have given Renasant a consensus rating of "Buy" with a price target of $43.00, reflecting positive market sentiment.

Louisiana State Employees Retirement System lifted its stake in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 44.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 43,100 shares of the financial services provider's stock after buying an additional 13,200 shares during the quarter. Louisiana State Employees Retirement System's holdings in Renasant were worth $1,549,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quantbot Technologies LP acquired a new position in shares of Renasant during the first quarter worth about $28,000. CWM LLC grew its position in shares of Renasant by 42.7% during the first quarter. CWM LLC now owns 1,330 shares of the financial services provider's stock worth $45,000 after buying an additional 398 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Renasant by 49.5% during the second quarter. GAMMA Investing LLC now owns 1,489 shares of the financial services provider's stock worth $54,000 after buying an additional 493 shares in the last quarter. State of Wyoming acquired a new position in shares of Renasant during the first quarter worth about $51,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Renasant during the first quarter worth about $54,000. 77.31% of the stock is owned by institutional investors and hedge funds.

Renasant Price Performance

Renasant stock opened at $34.68 on Monday. Renasant Co. has a 12 month low of $26.97 and a 12 month high of $40.40. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The business has a 50 day simple moving average of $37.67 and a 200-day simple moving average of $35.53. The stock has a market capitalization of $3.29 billion, a PE ratio of 10.60 and a beta of 0.89.

Renasant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Tuesday, September 16th. Renasant's dividend payout ratio is 34.65%.

Analyst Upgrades and Downgrades

RNST has been the subject of a number of research analyst reports. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Renasant in a report on Wednesday, July 23rd. Cowen initiated coverage on Renasant in a report on Wednesday, September 24th. They issued a "buy" rating for the company. TD Cowen initiated coverage on Renasant in a report on Thursday, September 25th. They issued a "buy" rating and a $45.00 price target for the company. Finally, Hovde Group upped their price target on Renasant from $35.00 to $39.00 and gave the company a "market perform" rating in a report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Renasant currently has a consensus rating of "Buy" and a consensus price target of $43.00.

Renasant 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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