State of New Jersey Common Pension Fund D Has $1.89 Million Stock Position in Renasant Co. (NASDAQ:RNST)

State of New Jersey Common Pension Fund D lessened its stake in Renasant Co. (NASDAQ:RNST) by 32.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 62,028 shares of the financial services provider’s stock after selling 29,696 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.11% of Renasant worth $1,894,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hantz Financial Services Inc. acquired a new position in Renasant in the second quarter valued at about $29,000. TFO Wealth Partners LLC grew its holdings in shares of Renasant by 13,710.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,381 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 1,371 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of Renasant during the second quarter worth about $48,000. Triad Wealth Partners LLC bought a new stake in shares of Renasant during the second quarter worth about $157,000. Finally, Quadrature Capital Ltd bought a new stake in shares of Renasant during the first quarter worth about $208,000. Institutional investors and hedge funds own 77.31% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the company. Truist Financial reduced their target price on Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a report on Friday. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $34.00 to $41.00 in a report on Wednesday, July 31st. 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. Keefe, Bruyette & Woods raised Renasant from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $36.00 to $40.00 in a research report on Friday, August 2nd. Finally, Raymond James raised Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price target for the company in a research report on Wednesday, July 31st. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.33.

Renasant Stock Down 3.5 %

RNST stock opened at $33.40 on Monday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.92 and a current ratio of 0.93. The company has a market capitalization of $2.16 billion, a price-to-earnings ratio of 13.58 and a beta of 1.02. Renasant Co. has a fifty-two week low of $22.99 and a fifty-two week high of $37.40. The stock has a fifty day moving average of $33.78 and a 200-day moving average of $31.28.

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

Renasant Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.88 annualized dividend and a yield of 2.63%. Renasant’s dividend payout ratio is currently 35.77%.

Renasant Company 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.