Public Employees Retirement System of Ohio Reduces Stock Holdings in Renasant Co. (NASDAQ:RNST)

Public Employees Retirement System of Ohio reduced its holdings in shares of Renasant Co. (NASDAQ:RNST) by 2.0% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 109,226 shares of the financial services provider’s stock after selling 2,285 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Renasant were worth $3,550,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. State Street Corp increased its holdings in shares of Renasant by 26.5% during the third quarter. State Street Corp now owns 3,369,915 shares of the financial services provider’s stock valued at $109,522,000 after acquiring an additional 705,344 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC acquired a new position in Renasant during the 3rd quarter valued at approximately $15,009,000. Jennison Associates LLC purchased a new position in shares of Renasant in the third quarter worth $12,514,000. Stieven Capital Advisors L.P. purchased a new position in shares of Renasant in the third quarter worth $11,981,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Renasant by 21.1% during 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 buying an additional 303,945 shares during the last quarter. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Renasant

In other Renasant news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction 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 completion of the transaction, the director now owns 24,057 shares of the company’s stock, 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 Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.82% of the company’s stock.

Renasant Price Performance

NASDAQ:RNST opened at $36.48 on Monday. The firm’s fifty day moving average is $35.54 and its two-hundred day moving average is $33.34. The firm has a market cap of $2.32 billion, a price-to-earnings ratio of 11.88 and a beta of 1.02. Renasant Co. has a one year low of $27.98 and a one year high of $39.47. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.

Renasant (NASDAQ:RNST) last issued its earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. The firm had revenue of $318.34 million for the quarter, compared to the consensus estimate of $184.73 million. Renasant had a return on equity of 6.70% and a net margin of 16.83%. During the same quarter in the prior year, the business earned $0.75 earnings per share. Research analysts expect that Renasant Co. will post 2.65 EPS for the current year.

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend is Wednesday, December 18th. Renasant’s dividend payout ratio (DPR) is 28.66%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on RNST shares. Truist Financial reduced their target price on Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research note on Friday, September 20th. Hovde Group downgraded Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $39.33.

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. 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.