Teacher Retirement System of Texas Boosts Stock Position in Renasant Co. $RNST

Teacher Retirement System of Texas grew its holdings in shares of Renasant Co. (NASDAQ:RNST) by 33.0% in the second quarter, Holdings Channel reports. The institutional investor owned 18,037 shares of the financial services provider’s stock after purchasing an additional 4,475 shares during the period. Teacher Retirement System of Texas’ holdings in Renasant were worth $648,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Quantbot Technologies LP acquired a new stake in shares of Renasant during the 1st quarter worth about $28,000. CWM LLC increased its stake in Renasant by 42.7% in the first quarter. CWM LLC now owns 1,330 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 398 shares during the last quarter. State of Wyoming acquired a new stake in Renasant during the first quarter worth approximately $51,000. Caitong International Asset Management Co. Ltd acquired a new stake in Renasant during the first quarter worth approximately $54,000. Finally, GAMMA Investing LLC lifted its position in shares of Renasant by 49.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,489 shares of the financial services provider’s stock worth $54,000 after buying an additional 493 shares during the last quarter. 77.31% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently commented on RNST shares. Cowen assumed coverage on shares of Renasant in a research report on Wednesday, September 24th. They issued a “buy” rating on the stock. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Renasant in a report on Wednesday, July 23rd. TD Cowen cut their target price on Renasant from $45.00 to $44.00 and set a “buy” rating on the stock in a research report on Thursday, October 30th. Finally, Hovde Group raised Renasant from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $40.00 to $41.00 in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $43.17.

Renasant Stock Up 1.6%

Renasant stock opened at $34.61 on Friday. The stock has a 50 day moving average of $36.46 and a two-hundred day moving average of $36.21. Renasant Co. has a twelve month low of $26.97 and a twelve month high of $40.40. The stock has a market capitalization of $3.29 billion, a price-to-earnings ratio of 10.58 and a beta of 0.98. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16.

Renasant (NASDAQ:RNST) last released its earnings results on Tuesday, October 28th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). Renasant had a net margin of 17.91% and a return on equity of 6.58%. The company had revenue of $269.55 million during the quarter, compared to analyst estimates of $271.96 million. During the same period in the previous year, the firm posted $1.18 EPS. As a group, research analysts expect that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 1st. Shareholders of record on Thursday, December 18th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Thursday, December 18th. This is an increase from Renasant’s previous quarterly dividend of $0.22. Renasant’s payout ratio is currently 46.23%.

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.