Strs Ohio Lowers Stock Holdings in Renasant Co. (NASDAQ:RNST)

Strs Ohio cut its stake in shares of Renasant Co. (NASDAQ:RNST) by 12.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 26,600 shares of the financial services provider’s stock after selling 3,700 shares during the quarter. Strs Ohio’s holdings in Renasant were worth $895,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of RNST. SG Americas Securities LLC purchased a new position in Renasant during the third quarter worth about $865,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Renasant by 23.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,191 shares of the financial services provider’s stock valued at $319,000 after purchasing an additional 2,350 shares during the last quarter. Watershed Asset Management L.L.C. increased its holdings in Renasant by 8.2% in the 3rd quarter. Watershed Asset Management L.L.C. now owns 8,957 shares of the financial services provider’s stock valued at $235,000 after purchasing an additional 680 shares during the last quarter. Victory Capital Management Inc. raised its position in Renasant by 89.4% in the third quarter. Victory Capital Management Inc. now owns 4,535,641 shares of the financial services provider’s stock valued at $118,788,000 after purchasing an additional 2,140,613 shares during the period. Finally, Illinois Municipal Retirement Fund acquired a new position in Renasant during the third quarter worth $875,000. Institutional investors own 77.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RNST. Keefe, Bruyette & Woods lifted their target price on Renasant from $34.00 to $35.00 and gave the company a “market perform” rating in a research report on Tuesday, January 30th. Stephens upped their target price on shares of Renasant from $36.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 30th. StockNews.com cut shares of Renasant from a “hold” rating to a “sell” rating in a research report on Friday, April 19th. Finally, Truist Financial cut their price objective on Renasant from $35.00 to $33.00 and set a “hold” rating on the stock in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company. According to data from MarketBeat, Renasant presently has a consensus rating of “Hold” and a consensus price target of $33.00.

Renasant Stock Up 0.5 %

RNST stock opened at $30.66 on Thursday. The stock has a market cap of $1.72 billion, a P/E ratio of 11.88 and a beta of 1.03. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.19. Renasant Co. has a twelve month low of $22.99 and a twelve month high of $34.85. The company’s 50 day moving average is $30.36 and its two-hundred day moving average is $29.87.

Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.65 EPS for the quarter, topping the consensus estimate of $0.63 by $0.02. Renasant had a net margin of 15.94% and a return on equity of 7.98%. The firm had revenue of $254.56 million for the quarter, compared to analyst estimates of $159.60 million. During the same period last year, the business earned $0.82 EPS. Research analysts expect that Renasant Co. will post 2.63 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend is Friday, June 14th. Renasant’s payout ratio is currently 34.11%.

Renasant Company 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.