Illinois Municipal Retirement Fund Decreases Stake in Renasant Co. (NASDAQ:RNST)

Illinois Municipal Retirement Fund lessened its stake in shares of Renasant Co. (NASDAQ:RNST) by 8.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 30,528 shares of the financial services provider’s stock after selling 2,867 shares during the period. Illinois Municipal Retirement Fund owned 0.05% of Renasant worth $1,028,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Covestor Ltd raised its holdings in shares of Renasant by 26.6% during the 3rd quarter. Covestor Ltd now owns 2,204 shares of the financial services provider’s stock worth $58,000 after acquiring an additional 463 shares during the period. Criterion Capital Advisors LLC acquired a new position in Renasant in the 4th quarter valued at about $113,000. Brookstone Capital Management acquired a new position in Renasant in the 4th quarter valued at about $211,000. Watershed Asset Management L.L.C. grew its position 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 acquiring an additional 680 shares in the last quarter. Finally, J.W. Cole Advisors Inc. acquired a new position in Renasant in the 4th quarter valued at about $240,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on RNST. StockNews.com upgraded shares of Renasant from a “sell” rating to a “hold” rating in a research note on Saturday. Stephens boosted their price objective on shares of Renasant from $36.00 to $37.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 30th. Keefe, Bruyette & Woods upped their price target on shares of Renasant from $34.00 to $35.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 30th. Finally, Truist Financial decreased their price objective on shares of Renasant from $35.00 to $33.00 and set a “hold” rating on the stock in a research report on Monday, April 1st. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $33.00.

Renasant Price Performance

NASDAQ:RNST opened at $29.85 on Monday. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 9.98 and a beta of 1.03. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18. The company’s 50-day moving average is $30.26 and its two-hundred day moving average is $29.95. Renasant Co. has a 12-month low of $22.99 and a 12-month high of $34.85.

Renasant (NASDAQ:RNST) last released its earnings results on Tuesday, April 23rd. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.02. The company had revenue of $254.56 million for the quarter, compared to analyst estimates of $159.60 million. Renasant had a net margin of 14.67% and a return on equity of 7.44%. During the same period in the prior year, the firm earned $0.82 EPS. Research analysts expect that Renasant Co. will post 2.62 EPS for the current year.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.22 per share. The ex-dividend date is Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 2.95%. Renasant’s payout ratio is currently 35.77%.

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.