Dimensional Fund Advisors LP Has $118.73 Million Stake in Renasant Co. (NASDAQ:RNST)

Dimensional Fund Advisors LP grew its holdings in Renasant Co. (NASDAQ:RNST) by 0.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,887,606 shares of the financial services provider’s stock after purchasing an additional 22,821 shares during the quarter. Dimensional Fund Advisors LP owned about 6.90% of Renasant worth $118,725,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Louisiana State Employees Retirement System grew its holdings in Renasant by 1.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 28,300 shares of the financial services provider’s stock valued at $864,000 after buying an additional 500 shares during the last quarter. Texas Permanent School Fund Corp grew its stake in shares of Renasant by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 49,135 shares of the financial services provider’s stock worth $1,539,000 after acquiring an additional 637 shares during the last quarter. ProShare Advisors LLC increased its position in Renasant by 7.4% during the first quarter. ProShare Advisors LLC now owns 11,153 shares of the financial services provider’s stock worth $349,000 after acquiring an additional 765 shares during the period. Park Place Capital Corp raised its stake in Renasant by 0.9% during the 2nd quarter. Park Place Capital Corp now owns 88,502 shares of the financial services provider’s stock valued at $2,703,000 after purchasing an additional 804 shares during the last quarter. Finally, Hantz Financial Services Inc. bought a new stake in Renasant in the 2nd quarter valued at $29,000. 77.31% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on RNST. Hovde Group raised shares of Renasant from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $38.00 to $39.00 in a research report on Monday, August 5th. Truist Financial decreased their price objective on Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a report on Friday. Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 target price for the company in a research note on Wednesday, July 31st. Piper Sandler raised shares of Renasant from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $34.00 to $40.00 in a report on Monday, August 5th. Finally, Keefe, Bruyette & Woods raised shares of Renasant from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $36.00 to $40.00 in a report on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $39.33.

Renasant Stock Performance

Renasant stock opened at $33.40 on Monday. The firm has a market capitalization of $2.16 billion, a P/E ratio of 13.58 and a beta of 1.02. The stock has a fifty day moving average price of $33.78 and a two-hundred day moving average price of $31.28. Renasant Co. has a 52-week low of $22.99 and a 52-week high of $37.40. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.93 and a quick ratio of 0.92.

Renasant (NASDAQ:RNST) last announced its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.03. The business had revenue of $163.79 million during the quarter, compared to analysts’ expectations of $166.05 million. Renasant had a net margin of 15.04% and a return on equity of 6.98%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the company posted $0.83 EPS. As a group, analysts anticipate that Renasant Co. will post 2.58 EPS for the current fiscal year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend is Monday, September 16th. 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.