Renasant Co. (NASDAQ:RNST) Position Trimmed by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D cut its holdings in Renasant Co. (NASDAQ:RNST) by 6.5% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 58,016 shares of the financial services provider’s stock after selling 4,012 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Renasant were worth $1,886,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. Allspring Global Investments Holdings LLC boosted its stake in Renasant by 21.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock valued at $56,775,000 after acquiring an additional 303,945 shares during the period. Millennium Management LLC grew its stake in Renasant by 189.3% during the 2nd quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider’s stock worth $12,820,000 after buying an additional 274,685 shares during the last quarter. Westwood Holdings Group Inc. increased its position in Renasant by 13.0% in the first quarter. Westwood Holdings Group Inc. now owns 2,151,074 shares of the financial services provider’s stock worth $67,372,000 after buying an additional 247,354 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Renasant by 78.3% during the second quarter. Renaissance Technologies LLC now owns 77,628 shares of the financial services provider’s stock valued at $2,371,000 after acquiring an additional 34,100 shares during the period. Finally, Quest Partners LLC bought a new position in shares of Renasant during the second quarter worth about $767,000. Institutional investors own 77.31% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Piper Sandler upgraded shares of 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 report on Monday, August 5th. Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a research report on Wednesday, July 31st. Keefe, Bruyette & Woods upgraded Renasant from a “market perform” rating to an “outperform” rating and raised their target price for the company from $36.00 to $40.00 in a research report on Friday, August 2nd. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $34.00 to $41.00 in a research report on Wednesday, July 31st. Finally, Truist Financial decreased their price target on Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research note on Friday, September 20th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Renasant currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.33.

Renasant Stock Down 0.4 %

Shares of RNST stock opened at $36.76 on Tuesday. Renasant Co. has a 1 year low of $26.28 and a 1 year high of $38.77. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The business’s fifty day moving average is $33.62 and its 200-day moving average is $32.39. The stock has a market cap of $2.34 billion, a PE ratio of 12.12 and a beta of 1.01.

Renasant (NASDAQ:RNST) last released its earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Renasant had a return on equity of 6.70% and a net margin of 16.83%. The firm had revenue of $318.34 million for the quarter, compared to analyst estimates of $184.73 million. During the same period in the previous year, the company earned $0.75 earnings per share. Equities analysts expect that Renasant Co. will post 2.64 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be issued a $0.22 dividend. The ex-dividend date is Wednesday, December 18th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.39%. Renasant’s payout ratio is currently 28.66%.

Insider Buying and Selling

In other Renasant news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the transaction, the director now owns 24,057 shares in the company, valued at approximately $914,166. The trade was a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.82% of the company’s stock.

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.