Teachers Retirement System of The State of Kentucky Acquires 51,161 Shares of Renasant Co. (NASDAQ:RNST)

Teachers Retirement System of The State of Kentucky lifted its position in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 292.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 68,655 shares of the financial services provider's stock after purchasing an additional 51,161 shares during the period. Teachers Retirement System of The State of Kentucky owned 0.11% of Renasant worth $2,330,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Mascagni Wealth Management Inc. acquired a new stake in shares of Renasant during the 4th quarter worth approximately $44,000. CWM LLC lifted its position in shares of Renasant by 42.7% during the 1st quarter. CWM LLC now owns 1,330 shares of the financial services provider's stock worth $45,000 after buying an additional 398 shares during the last quarter. Covestor Ltd boosted its stake in Renasant by 73.7% in the fourth quarter. Covestor Ltd now owns 1,838 shares of the financial services provider's stock valued at $66,000 after buying an additional 780 shares in the last quarter. Smith Shellnut Wilson LLC ADV bought a new position in Renasant in the fourth quarter valued at about $201,000. Finally, Cibc World Markets Corp acquired a new position in Renasant during the fourth quarter worth about $209,000. 77.31% of the stock is owned by institutional investors.

Renasant Trading Down 1.7%

Shares of RNST stock traded down $0.63 on Thursday, hitting $36.38. The company had a trading volume of 671,146 shares, compared to its average volume of 754,319. Renasant Co. has a twelve month low of $26.97 and a twelve month high of $39.63. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The firm has a market cap of $3.46 billion, a P/E ratio of 11.12 and a beta of 0.90. The stock's 50-day moving average is $36.29 and its two-hundred day moving average is $35.04.

Renasant (NASDAQ:RNST - Get Free Report) last released its quarterly earnings results 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. Renasant had a net margin of 17.91% and a return on equity of 6.58%. The firm had revenue of $170.59 million during the quarter, compared to analyst estimates of $170.38 million. During the same quarter last year, the business earned $0.65 EPS. On average, equities research analysts anticipate that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $0.88 dividend on an annualized basis and a yield of 2.42%. Renasant's dividend payout ratio (DPR) is currently 34.65%.

Analyst Upgrades and Downgrades

RNST has been the topic of several research reports. Hovde Group lifted their price target on shares of Renasant from $35.00 to $39.00 and gave the company a "market perform" rating in a report on Wednesday. Keefe, Bruyette & Woods cut their price objective on Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. Finally, Raymond James Financial restated a "strong-buy" rating on shares of Renasant in a research report on Wednesday. One analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Renasant presently has a consensus rating of "Moderate Buy" and a consensus price target of $41.67.

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.