13,562 Shares in Renasant Co. (NASDAQ:RNST) Purchased by Teacher Retirement System of Texas

Teacher Retirement System of Texas bought a new stake in Renasant Co. (NASDAQ:RNST) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 13,562 shares of the financial services provider’s stock, valued at approximately $460,000.

Other institutional investors also recently made changes to their positions in the company. Keybank National Association OH boosted its position in Renasant by 2.8% during the 1st quarter. Keybank National Association OH now owns 32,330 shares of the financial services provider’s stock valued at $1,097,000 after purchasing an additional 866 shares during the period. New York State Teachers Retirement System lifted its stake in Renasant by 38.9% in the first quarter. New York State Teachers Retirement System now owns 24,006 shares of the financial services provider’s stock valued at $815,000 after buying an additional 6,720 shares during the last quarter. Amalgamated Bank boosted its holdings in shares of Renasant by 31.5% during the first quarter. Amalgamated Bank now owns 24,216 shares of the financial services provider’s stock valued at $822,000 after acquiring an additional 5,802 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Renasant by 4.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,825,410 shares of the financial services provider’s stock worth $62,228,000 after acquiring an additional 82,170 shares during the last quarter. Finally, Park Place Capital Corp increased its holdings in shares of Renasant by 0.9% in the 1st quarter. Park Place Capital Corp now owns 100,857 shares of the financial services provider’s stock worth $3,422,000 after acquiring an additional 858 shares during the period. 77.31% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Raymond James Financial upgraded shares of Renasant from an “outperform” rating to a “strong-buy” rating and set a $40.00 target price for the company in a research report on Thursday, April 24th. Keefe, Bruyette & Woods decreased their price objective on Renasant from $45.00 to $43.00 and set an “outperform” rating for the company in a report on Tuesday, May 6th. Finally, Hovde Group lifted their target price on Renasant from $34.50 to $35.00 and gave the company a “market perform” rating in a research note on Monday, April 28th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $41.00.

Renasant Price Performance

NASDAQ RNST opened at $38.25 on Thursday. Renasant Co. has a 12 month low of $26.97 and a 12 month high of $39.63. The firm has a market capitalization of $3.63 billion, a PE ratio of 11.70 and a beta of 0.90. The company’s 50 day simple moving average is $35.96 and its 200 day simple moving average is $34.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94.

Renasant (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.06. The company had revenue of $170.59 million for the quarter, compared to the consensus estimate of $170.38 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%. During the same quarter in the previous year, the business earned $0.65 EPS. As a group, equities research analysts forecast that Renasant Co. will post 2.68 EPS for the current fiscal year.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend was Monday, June 16th. Renasant’s payout ratio is 27.33%.

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.