Teza Capital Management LLC Takes $516,000 Position in Renasant Co. (NASDAQ:RNST)

Teza Capital Management LLC bought a new position in Renasant Co. (NASDAQ:RNST - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 14,432 shares of the financial services provider's stock, valued at approximately $516,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RNST. Covestor Ltd raised its stake in shares of Renasant by 73.7% in the fourth quarter. Covestor Ltd now owns 1,838 shares of the financial services provider's stock worth $66,000 after purchasing an additional 780 shares during the last quarter. KBC Group NV increased its holdings in Renasant by 36.7% in the 4th quarter. KBC Group NV now owns 3,358 shares of the financial services provider's stock worth $120,000 after buying an additional 901 shares during the period. ZWJ Investment Counsel Inc. purchased a new position in Renasant during the 4th quarter worth approximately $208,000. Cibc World Markets Corp purchased a new position in Renasant during the 4th quarter worth approximately $209,000. Finally, CIBC Asset Management Inc acquired a new stake in Renasant during the 4th quarter valued at approximately $220,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Renasant Price Performance

Shares of Renasant stock opened at $35.87 on Tuesday. The firm has a market cap of $2.28 billion, a PE ratio of 10.97 and a beta of 0.86. Renasant Co. has a twelve month low of $26.97 and a twelve month high of $39.63. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The business has a 50-day moving average price of $32.33 and a 200 day moving average price of $35.11.

Renasant (NASDAQ:RNST - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.66 EPS for the quarter, beating analysts' consensus estimates of $0.60 by $0.06. Renasant had a return on equity of 6.58% and a net margin of 17.91%. The business had revenue of $170.59 million during the quarter, compared to analysts' expectations of $170.38 million. During the same period in the previous year, the business earned $0.65 earnings per share. Sell-side analysts predict that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend is Monday, June 16th. Renasant's dividend payout ratio is presently 27.33%.

Insiders Place Their Bets

In other news, CAO Kelly Hutcheson sold 1,310 shares of the business's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $36.72, for a total transaction of $48,103.20. Following the completion of the sale, the chief accounting officer now owns 17,586 shares of the company's stock, valued at $645,757.92. The trade was a 6.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.81% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Piper Sandler raised their target price on shares of Renasant from $41.00 to $44.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Hovde Group increased their price target on Renasant from $34.50 to $35.00 and gave the stock a "market perform" rating in a research report on Monday, April 28th. Raymond James upgraded Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price objective for the company in a research note on Thursday, April 24th. Keefe, Bruyette & Woods lowered their target price on Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. Finally, StockNews.com cut Renasant from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Renasant presently has a consensus rating of "Moderate Buy" and an average target price of $41.00.

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.

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