Louisiana State Employees Retirement System Purchases New Holdings in Renasant Corp $RNST

Louisiana State Employees Retirement System acquired a new position in Renasant Corp (NYSE:RNST) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 42,000 shares of the company’s stock, valued at approximately $1,517,000.

Other large investors also recently bought and sold shares of the company. State Street Corp lifted its position in shares of 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 acquiring an additional 595,609 shares in the last quarter. Channing Capital Management LLC increased its position in shares of 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 purchasing an additional 576,986 shares in the last quarter. 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 worth $14,552,000 after purchasing an additional 404,258 shares in the last quarter. Wellington Management Group LLP raised its stake in Renasant by 15.3% in the 3rd quarter. Wellington Management Group LLP now owns 2,962,781 shares of the company’s stock valued at $109,297,000 after purchasing an additional 394,249 shares during the last quarter. Finally, Jain Global LLC raised its stake in 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 purchasing an additional 390,733 shares during the last quarter. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Renasant Stock Performance

Shares of Renasant stock opened at $43.03 on Friday. Renasant Corp has a one year low of $33.04 and a one year high of $44.00. The company has a market cap of $3.97 billion, a price-to-earnings ratio of 17.85 and a beta of 0.96. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.89 and a current ratio of 0.90. The business’s 50 day moving average price is $41.01 and its 200 day moving average price is $38.83.

Renasant (NYSE:RNST) last released its quarterly earnings data on Tuesday, April 28th. The company reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.09. Renasant had a return on equity of 8.17% and a net margin of 14.47%.The company had revenue of $278.49 million for the quarter, compared to analyst estimates of $275.71 million. During the same quarter in the previous year, the company posted $0.65 earnings per share. On average, research analysts predict that Renasant Corp will post 3.73 EPS for the current year.

Renasant Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were issued a $0.24 dividend. This is an increase from Renasant’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, June 16th. Renasant’s payout ratio is currently 39.83%.

Insider Activity at Renasant

In other Renasant news, Director Connie L. Engel sold 1,257 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $40.90, for a total value of $51,411.30. Following the transaction, the director directly owned 15,449 shares in the company, valued at $631,864.10. The trade was a 7.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Albert J. Dale III sold 1,650 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $39.80, for a total transaction of $65,670.00. Following the completion of the sale, the director directly 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 15,611 shares of company stock valued at $618,889. 2.07% of the stock is owned by company insiders.

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. 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.