Louisiana State Employees Retirement System Makes New $946,000 Investment in Renasant Co. (NASDAQ:RNST)

Louisiana State Employees Retirement System acquired a new position in Renasant Co. (NASDAQ:RNST) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 28,100 shares of the financial services provider’s stock, valued at approximately $946,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Illinois Municipal Retirement Fund purchased a new position in Renasant in the third quarter worth $875,000. Resolute Wealth Strategies LLC raised its stake in shares of Renasant by 0.6% in the third quarter. Resolute Wealth Strategies LLC now owns 75,058 shares of the financial services provider’s stock valued at $1,966,000 after buying an additional 435 shares during the period. Deutsche Bank AG raised its stake in shares of Renasant by 13.9% in the third quarter. Deutsche Bank AG now owns 27,167 shares of the financial services provider’s stock valued at $712,000 after buying an additional 3,317 shares during the period. Public Employees Retirement System of Ohio raised its stake in shares of Renasant by 10.0% in the third quarter. Public Employees Retirement System of Ohio now owns 139,706 shares of the financial services provider’s stock valued at $3,659,000 after buying an additional 12,741 shares during the period. Finally, Brookstone Capital Management bought a new stake in shares of Renasant in the fourth quarter valued at $211,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Truist Financial lowered their target price on Renasant from $35.00 to $33.00 and set a “hold” rating on the stock in a research note on Monday, April 1st. StockNews.com lowered Renasant from a “hold” rating to a “sell” rating in a research note on Friday, April 19th. Keefe, Bruyette & Woods boosted their target price on Renasant from $34.00 to $35.00 and gave the company a “market perform” rating in a research note on Tuesday, January 30th. Finally, Stephens boosted their target price on Renasant from $36.00 to $37.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 30th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. According to data from MarketBeat.com, Renasant has an average rating of “Hold” and an average target price of $33.00.

Renasant Stock Performance

NASDAQ:RNST opened at $30.00 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.90 and a current ratio of 0.91. Renasant Co. has a 52-week low of $22.99 and a 52-week high of $34.85. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of 12.20 and a beta of 1.03. The business’s fifty day moving average is $30.31 and its 200 day moving average is $29.87.

Renasant (NASDAQ:RNST) last released its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.02. Renasant had a return on equity of 7.50% and a net margin of 14.67%. The company had revenue of $254.56 million for the quarter, compared to analyst estimates of $159.60 million. During the same period in the previous year, the company posted $0.82 EPS. Research analysts predict that Renasant Co. will post 2.63 EPS for the current year.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.22 per share. The ex-dividend date is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.93%. Renasant’s payout ratio is 35.77%.

Renasant Company 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.