Illinois Municipal Retirement Fund Sells 2,867 Shares of Renasant Co. (NASDAQ:RNST)

Illinois Municipal Retirement Fund lowered its stake in shares of Renasant Co. (NASDAQ:RNST) by 8.6% in the fourth quarter, Holdings Channel reports. The firm owned 30,528 shares of the financial services provider’s stock after selling 2,867 shares during the period. Illinois Municipal Retirement Fund’s holdings in Renasant were worth $1,028,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the stock. New York State Common Retirement Fund boosted its position in Renasant by 0.3% during the fourth quarter. New York State Common Retirement Fund now owns 314,417 shares of the financial services provider’s stock worth $10,590,000 after purchasing an additional 829 shares during the period. Criterion Capital Advisors LLC bought a new stake in Renasant during the fourth quarter worth approximately $113,000. J.W. Cole Advisors Inc. bought a new stake in Renasant during the fourth quarter worth approximately $240,000. Louisiana State Employees Retirement System bought a new stake in Renasant during the fourth quarter worth approximately $946,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Renasant by 5.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,202 shares of the financial services provider’s stock worth $849,000 after buying an additional 1,315 shares during the last quarter. Institutional investors own 77.31% of the company’s stock.

Analysts Set New Price Targets

RNST has been the subject of a number of research analyst reports. Stephens upped their price target on Renasant from $36.00 to $37.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 30th. Truist Financial cut their target price on Renasant from $35.00 to $33.00 and set a “hold” rating for the company in a research note on Monday, April 1st. Keefe, Bruyette & Woods upped 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, StockNews.com upgraded Renasant from a “sell” rating to a “hold” rating in a research note on Saturday. Five analysts have rated the stock with a hold rating, According to MarketBeat.com, Renasant currently has a consensus rating of “Hold” and a consensus target price of $33.00.

Renasant Stock Performance

Shares of NASDAQ RNST opened at $29.85 on Monday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18. The business has a fifty day simple moving average of $30.26 and a 200 day simple moving average of $29.95. Renasant Co. has a one year low of $22.99 and a one year high of $34.85. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of 9.98 and a beta of 1.03.

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, topping the consensus estimate of $0.63 by $0.02. Renasant had a return on equity of 7.44% and a net margin of 14.67%. The firm had revenue of $254.56 million during the quarter, compared to analyst estimates of $159.60 million. During the same period in the prior year, the company posted $0.82 earnings per share. Sell-side analysts expect that Renasant Co. will post 2.62 EPS for the current year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.95%. The ex-dividend date is Friday, June 14th. Renasant’s payout ratio is presently 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.