Commonwealth of Pennsylvania Public School Empls Retrmt SYS Grows Stock Holdings in Renasant Co. $RNST

Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Renasant Co. (NASDAQ:RNST) by 7.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 23,661 shares of the financial services provider’s stock after purchasing an additional 1,600 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Renasant were worth $850,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Envestnet Asset Management Inc. lifted its position in Renasant by 15.2% during the first quarter. Envestnet Asset Management Inc. now owns 37,318 shares of the financial services provider’s stock worth $1,266,000 after buying an additional 4,922 shares during the period. CWM LLC grew its holdings in Renasant by 42.7% in the 1st quarter. CWM LLC now owns 1,330 shares of the financial services provider’s stock valued at $45,000 after buying an additional 398 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Renasant during the 1st quarter valued at about $1,940,000. HB Wealth Management LLC lifted its holdings in shares of Renasant by 2.3% during the 1st quarter. HB Wealth Management LLC now owns 29,677 shares of the financial services provider’s stock worth $1,007,000 after acquiring an additional 676 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Renasant by 29.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,788 shares of the financial services provider’s stock worth $671,000 after acquiring an additional 4,531 shares during the period. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on RNST shares. Hovde Group raised shares of Renasant from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $40.00 to $41.00 in a research report on Thursday, October 30th. Cowen assumed coverage on Renasant in a report on Wednesday, September 24th. They set a “buy” rating for the company. Finally, TD Cowen cut their target price on Renasant from $45.00 to $44.00 and set a “buy” rating on the stock in a research report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $43.17.

Renasant Stock Up 0.3%

Shares of NASDAQ RNST opened at $34.85 on Tuesday. The stock has a fifty day moving average price of $35.45 and a 200 day moving average price of $36.37. 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 12-month low of $26.97 and a 12-month high of $40.40. The company has a market cap of $3.31 billion, a P/E ratio of 10.66 and a beta of 0.98.

Renasant (NASDAQ:RNST) last issued its quarterly earnings data on Tuesday, October 28th. The financial services provider reported $0.77 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). Renasant had a return on equity of 6.58% and a net margin of 17.91%.The company had revenue of $269.55 million for the quarter, compared to analyst estimates of $271.96 million. During the same quarter in the prior year, the firm earned $1.18 EPS. Research analysts anticipate that Renasant Co. will post 2.68 EPS for the current fiscal year.

Renasant Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 1st. Shareholders of record on Thursday, December 18th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.6%. This is a positive change from Renasant’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Thursday, December 18th. Renasant’s dividend payout ratio is 46.23%.

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.