Commonwealth of Pennsylvania Public School Empls Retrmt SYS Sells 638 Shares of Renasant Co. (NASDAQ:RNST)

Posted by Defense World Staff on Aug 19th, 2023

Commonwealth of Pennsylvania Public School Empls Retrmt SYS trimmed its position in Renasant Co. (NASDAQ:RNST – Free Report) by 1.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 59,244 shares of the financial services provider’s stock after selling 638 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS owned about 0.11% of Renasant worth $1,812,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its stake in Renasant by 0.9% during the second quarter. Price T Rowe Associates Inc. MD now owns 47,696 shares of the financial services provider’s stock worth $1,374,000 after acquiring an additional 404 shares during the last quarter. Arizona State Retirement System increased its stake in Renasant by 2.7% during the first quarter. Arizona State Retirement System now owns 16,212 shares of the financial services provider’s stock worth $496,000 after acquiring an additional 425 shares during the last quarter. FMR LLC increased its stake in Renasant by 1.9% during the second quarter. FMR LLC now owns 24,654 shares of the financial services provider’s stock worth $710,000 after acquiring an additional 459 shares during the last quarter. SummerHaven Investment Management LLC increased its stake in Renasant by 2.0% during the first quarter. SummerHaven Investment Management LLC now owns 27,065 shares of the financial services provider’s stock worth $828,000 after acquiring an additional 520 shares during the last quarter. Finally, Magnolia Capital Advisors LLC increased its stake in Renasant by 2.0% during the fourth quarter. Magnolia Capital Advisors LLC now owns 26,872 shares of the financial services provider’s stock worth $1,010,000 after acquiring an additional 532 shares during the last quarter. 75.08% of the stock is owned by institutional investors.

Renasant Stock Up 0.7 %

Shares of NASDAQ RNST opened at $29.55 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.88 and a current ratio of 0.90. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of 9.92 and a beta of 1.10. The stock has a 50 day moving average price of $29.01 and a 200 day moving average price of $30.17. Renasant Co. has a 52-week low of $23.47 and a 52-week high of $41.77.

Renasant (NASDAQ:RNST – Get Free Report) last announced its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.08. The firm had revenue of $214.39 million during the quarter, compared to analyst estimates of $170.80 million. Renasant had a return on equity of 8.69% and a net margin of 20.47%. During the same quarter in the previous year, the business earned $0.72 earnings per share. Sell-side analysts expect that Renasant Co. will post 2.9 earnings per share for the current year.

Renasant Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.98%. Renasant’s payout ratio is 29.53%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RNST. Stephens boosted their price objective on Renasant from $30.00 to $34.00 in a research note on Thursday, July 27th. StockNews.com assumed coverage on Renasant in a research note on Thursday. They set a “sell” rating on the stock. Truist Financial upped their target price on Renasant from $29.00 to $34.00 and gave the company a “hold” rating in a research note on Thursday, July 27th. Finally, Piper Sandler upped their target price on Renasant from $30.00 to $32.00 in a research note on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat.com, Renasant presently has an average rating of “Hold” and an average target price of $34.80.

Read Our Latest Analysis on RNST

Renasant Company Profile

(Free Report)

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. It operates through three segments: Community Banks, Insurance, and Wealth Management. 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.