New York State Common Retirement Fund Acquires 12,971 Shares of Renasant Co. (NASDAQ:RNST)

New York State Common Retirement Fund increased its stake in Renasant Co. (NASDAQ:RNST) by 4.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 335,301 shares of the financial services provider’s stock after purchasing an additional 12,971 shares during the period. New York State Common Retirement Fund’s holdings in Renasant were worth $11,987,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. CIBC Asset Management Inc bought a new position in shares of Renasant in the 4th quarter valued at $220,000. Principal Financial Group Inc. increased its position in Renasant by 2.9% in the 4th quarter. Principal Financial Group Inc. now owns 308,195 shares of the financial services provider’s stock valued at $11,018,000 after acquiring an additional 8,710 shares during the period. Rhumbline Advisers lifted its stake in shares of Renasant by 0.8% in the fourth quarter. Rhumbline Advisers now owns 184,830 shares of the financial services provider’s stock worth $6,608,000 after acquiring an additional 1,479 shares during the period. Blue Trust Inc. raised its stake in Renasant by 13.7% during the fourth quarter. Blue Trust Inc. now owns 21,814 shares of the financial services provider’s stock worth $780,000 after buying an additional 2,623 shares during the last quarter. Finally, Equitable Trust Co. bought a new position in shares of Renasant in the 4th quarter worth about $248,000. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RNST. Hovde Group lowered shares of Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Piper Sandler lifted their target price on Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Stephens increased their price objective on shares of Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $46.00 target price (up from $45.00) on shares of Renasant in a research note on Thursday, January 30th. Finally, Raymond James reiterated an “outperform” rating and issued a $44.00 price objective (up previously from $40.00) on shares of Renasant in a research note on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $42.83.

Insider Buying and Selling

In other news, CAO Kelly Hutcheson sold 1,310 shares of the business’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $36.72, for a total transaction of $48,103.20. Following the completion of the transaction, the chief accounting officer now directly owns 17,586 shares in the company, valued at $645,757.92. The trade was a 6.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.82% of the stock is currently owned by insiders.

Renasant Stock Down 1.2 %

Shares of NASDAQ RNST opened at $36.24 on Tuesday. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The company has a market cap of $2.30 billion, a P/E ratio of 11.08 and a beta of 1.03. Renasant Co. has a 52 week low of $27.98 and a 52 week high of $39.63. The business has a 50-day simple moving average of $36.73 and a two-hundred day simple moving average of $35.22.

Renasant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.88 annualized dividend and a yield of 2.43%. Renasant’s dividend payout ratio is currently 26.91%.

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.