State of New Jersey Common Pension Fund D Decreases Holdings in Renasant Co. (NASDAQ:RNST)

State of New Jersey Common Pension Fund D reduced its stake in Renasant Co. (NASDAQ:RNST) by 32.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 62,028 shares of the financial services provider’s stock after selling 29,696 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Renasant were worth $1,894,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of RNST. Norges Bank bought a new stake in shares of Renasant in the 4th quarter worth approximately $13,469,000. Westwood Holdings Group Inc. boosted its position in shares of Renasant by 13.0% during the first 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 in the last quarter. Edgestream Partners L.P. bought a new stake in shares of Renasant during the first quarter valued at approximately $4,124,000. Hsbc Holdings PLC bought a new stake in shares of Renasant during the fourth quarter valued at approximately $3,883,000. Finally, Frontier Capital Management Co. LLC boosted its position in shares of Renasant by 6.5% during the fourth quarter. Frontier Capital Management Co. LLC now owns 744,338 shares of the financial services provider’s stock valued at $25,069,000 after purchasing an additional 45,461 shares in the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on RNST. Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $34.00 to $40.00 in a research note on Monday, August 5th. Keefe, Bruyette & Woods raised Renasant from a “market perform” rating to an “outperform” rating and increased their target price for the company from $36.00 to $40.00 in a report on Friday, August 2nd. Stephens raised Renasant from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $34.00 to $41.00 in a report on Wednesday, July 31st. Truist Financial lowered their target price on Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a report on Friday. Finally, Hovde Group raised Renasant from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $38.00 to $39.00 in a research note 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $39.33.

Renasant Price Performance

Shares of RNST stock opened at $33.40 on Monday. Renasant Co. has a 52-week low of $22.99 and a 52-week high of $37.40. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a market capitalization of $2.16 billion, a P/E ratio of 13.58 and a beta of 1.02. The stock has a 50 day moving average price of $33.78 and a 200 day moving average price of $31.28.

Renasant (NASDAQ:RNST) last issued its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.03. The business had revenue of $163.79 million during the quarter, compared to analyst estimates of $166.05 million. Renasant had a return on equity of 6.98% and a net margin of 15.04%. Renasant’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.83 EPS. As a group, sell-side analysts predict that Renasant Co. will post 2.58 earnings per share for the current year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.88 annualized dividend and a yield of 2.63%. Renasant’s dividend payout ratio (DPR) is 35.77%.

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.