Louisiana State Employees Retirement System Buys Shares of 42,000 Renasant Corp $RNST

Louisiana State Employees Retirement System purchased a new stake in Renasant Corp (NYSE:RNST) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 42,000 shares of the company’s stock, valued at approximately $1,517,000.

Several other large investors have also modified their holdings of the business. State Street Corp lifted its position in Renasant by 14.1% in the second quarter. State Street Corp now owns 4,812,696 shares of the company’s stock valued at $172,920,000 after buying an additional 595,609 shares during the last quarter. Channing Capital Management LLC boosted its stake in Renasant by 35.0% during the fourth quarter. Channing Capital Management LLC now owns 2,225,536 shares of the company’s stock worth $78,383,000 after buying an additional 576,986 shares during the period. SG Americas Securities LLC increased its position in shares of Renasant by 4,534.6% during the fourth quarter. SG Americas Securities LLC now owns 413,173 shares of the company’s stock valued at $14,552,000 after acquiring an additional 404,258 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Renasant by 15.3% during the third quarter. Wellington Management Group LLP now owns 2,962,781 shares of the company’s stock valued at $109,297,000 after acquiring an additional 394,249 shares during the last quarter. Finally, Jain Global LLC raised its stake in shares of Renasant by 408.5% in the 3rd quarter. Jain Global LLC now owns 486,377 shares of the company’s stock valued at $17,942,000 after acquiring an additional 390,733 shares during the period. Institutional investors and hedge funds own 77.31% of the company’s stock.

Renasant Stock Performance

NYSE RNST opened at $43.03 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.90 and a quick ratio of 0.89. The company has a market cap of $3.97 billion, a P/E ratio of 17.85 and a beta of 0.96. The stock has a 50-day moving average of $41.01 and a two-hundred day moving average of $38.83. Renasant Corp has a 1-year low of $33.04 and a 1-year high of $44.00.

Renasant (NYSE:RNST) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.09. Renasant had a net margin of 14.47% and a return on equity of 8.17%. The business had revenue of $278.49 million for the quarter, compared to analysts’ expectations of $275.71 million. During the same quarter in the prior year, the company earned $0.65 earnings per share. As a group, analysts anticipate that Renasant Corp will post 3.73 EPS for the current year.

Renasant Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were issued a dividend of $0.24 per share. This is a boost from Renasant’s previous quarterly dividend of $0.23. The ex-dividend date was Tuesday, June 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. Renasant’s dividend payout ratio (DPR) is currently 39.83%.

Insiders Place Their Bets

In other Renasant news, Director Connie L. Engel sold 1,257 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $40.90, for a total value of $51,411.30. Following the completion of the transaction, the director owned 15,449 shares of the company’s stock, valued at $631,864.10. This trade represents a 7.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Albert J. Dale III sold 1,650 shares of the business’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $39.80, for a total transaction of $65,670.00. Following the completion of the transaction, the director owned 40,075 shares of the company’s stock, valued at approximately $1,594,985. This trade represents a 3.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 15,611 shares of company stock worth $618,889 in the last ninety days. 2.07% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on RNST. Wall Street Zen upgraded shares of Renasant from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. TD Cowen reiterated a “buy” rating on shares of Renasant in a report on Thursday, April 30th. Hovde Group boosted their target price on Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Renasant in a research note on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $45.50.

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. 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 equipment leasing services, as well as safe deposit and night depository facilities. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate–1-4 family mortgage; real estate–commercial mortgage; real estate–construction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.