Louisiana State Employees Retirement System Grows Stake in Renasant Co. (NASDAQ:RNST)

Louisiana State Employees Retirement System grew its holdings in shares of Renasant Co. (NASDAQ:RNST) by 8.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,700 shares of the financial services provider’s stock after purchasing an additional 2,400 shares during the period. Louisiana State Employees Retirement System owned approximately 0.05% of Renasant worth $998,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in RNST. Allspring Global Investments Holdings LLC increased its position in Renasant by 21.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock valued at $56,775,000 after buying an additional 303,945 shares in the last quarter. Millennium Management LLC raised its position in shares of Renasant by 189.3% in the 2nd quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider’s stock valued at $12,820,000 after purchasing an additional 274,685 shares during the last quarter. Westwood Holdings Group Inc. raised its position in shares of Renasant by 13.0% in the 1st quarter. Westwood Holdings Group Inc. now owns 2,151,074 shares of the financial services provider’s stock valued at $67,372,000 after purchasing an additional 247,354 shares during the last quarter. Edgestream Partners L.P. acquired a new stake in Renasant in the 1st quarter worth approximately $4,124,000. Finally, Renaissance Technologies LLC grew its position in Renasant by 78.3% during the 2nd quarter. Renaissance Technologies LLC now owns 77,628 shares of the financial services provider’s stock worth $2,371,000 after purchasing an additional 34,100 shares during the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on RNST. Piper Sandler upgraded shares of Renasant from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $34.00 to $40.00 in a research note on Monday, August 5th. Raymond James raised Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price objective on the stock in a report on Wednesday, July 31st. Truist Financial reduced their price objective on Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research note on Friday, September 20th. Keefe, Bruyette & Woods upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $36.00 to $40.00 in a report on Friday, August 2nd. Finally, Hovde Group raised shares of Renasant from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $38.00 to $39.00 in a research report on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $39.33.

Renasant Stock Down 1.1 %

Shares of RNST stock opened at $33.73 on Monday. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. Renasant Co. has a twelve month low of $24.77 and a twelve month high of $37.40. The stock has a 50 day moving average of $33.15 and a 200 day moving average of $31.91. The stock has a market cap of $2.18 billion, a P/E ratio of 10.99 and a beta of 1.01.

Renasant (NASDAQ:RNST) last posted its earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. The firm had revenue of $318.34 million during the quarter, compared to analyst estimates of $184.73 million. Renasant had a net margin of 16.83% and a return on equity of 6.70%. During the same period in the previous year, the firm earned $0.75 EPS. As a group, sell-side analysts expect that Renasant Co. will post 2.62 EPS for the current year.

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date of this dividend was Monday, September 16th. Renasant’s dividend payout ratio (DPR) is presently 28.66%.

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.