Renasant Co. (NASDAQ:RNST) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D cut its stake in Renasant Co. (NASDAQ:RNST) by 6.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 58,016 shares of the financial services provider’s stock after selling 4,012 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.09% of Renasant worth $1,886,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of RNST. Amalgamated Bank raised its stake in Renasant by 7.2% during the third quarter. Amalgamated Bank now owns 18,414 shares of the financial services provider’s stock worth $598,000 after purchasing an additional 1,240 shares during the period. J.W. Cole Advisors Inc. raised its position in shares of Renasant by 11.7% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 8,159 shares of the financial services provider’s stock worth $265,000 after buying an additional 856 shares during the period. State of Alaska Department of Revenue boosted its holdings in Renasant by 9.7% in the third quarter. State of Alaska Department of Revenue now owns 36,270 shares of the financial services provider’s stock valued at $1,178,000 after acquiring an additional 3,193 shares during the last quarter. Louisiana State Employees Retirement System grew its position in Renasant by 8.5% during the third quarter. Louisiana State Employees Retirement System now owns 30,700 shares of the financial services provider’s stock valued at $998,000 after acquiring an additional 2,400 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in 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 worth $56,775,000 after acquiring an additional 303,945 shares during the last quarter. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Renasant Stock Down 0.4 %

Shares of Renasant stock opened at $36.76 on Tuesday. Renasant Co. has a 1-year low of $26.28 and a 1-year high of $38.77. The company has a market capitalization of $2.34 billion, a PE ratio of 12.12 and a beta of 1.01. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The business has a 50-day moving average of $33.62 and a 200-day moving average of $32.39.

Renasant (NASDAQ:RNST) last issued its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Renasant had a return on equity of 6.70% and a net margin of 16.83%. The firm had revenue of $318.34 million during the quarter, compared to analyst estimates of $184.73 million. During the same quarter last year, the firm earned $0.75 EPS. As a group, equities analysts forecast that Renasant Co. will post 2.64 EPS for the current fiscal year.

Renasant Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be issued a $0.22 dividend. The ex-dividend date is Wednesday, December 18th. This represents a $0.88 annualized dividend and a yield of 2.39%. Renasant’s dividend payout ratio is presently 28.66%.

Insider Buying and Selling at Renasant

In other news, Director John Creekmore sold 3,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total transaction of $114,000.00. Following the transaction, the director now owns 24,057 shares of the company’s stock, valued at approximately $914,166. This trade represents a 11.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.82% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Hovde Group downgraded shares of Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Keefe, Bruyette & Woods raised shares of Renasant from a “market perform” rating to an “outperform” rating and raised their target price for the company from $36.00 to $40.00 in a research note on Friday, August 2nd. Stephens raised shares of Renasant from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $34.00 to $41.00 in a research report on Wednesday, July 31st. Truist Financial cut their price objective on Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research report on Friday, September 20th. Finally, Piper Sandler raised Renasant from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $34.00 to $40.00 in a research report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $39.33.

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.