California State Teachers Retirement System Acquires 19,083 Shares of Renasant Corp $RNST

California State Teachers Retirement System lifted its holdings in Renasant Corp (NYSE:RNST) by 21.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 109,738 shares of the company’s stock after buying an additional 19,083 shares during the quarter. California State Teachers Retirement System owned about 0.12% of Renasant worth $3,965,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Royal Bank of Canada lifted its holdings in Renasant by 128.5% during the 1st quarter. Royal Bank of Canada now owns 52,238 shares of the company’s stock worth $1,772,000 after buying an additional 29,380 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Renasant by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,167 shares of the company’s stock valued at $1,261,000 after buying an additional 1,621 shares during the period. Jones Financial Companies Lllp bought a new stake in shares of Renasant during the first quarter worth $67,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Renasant by 13.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 189,105 shares of the company’s stock worth $6,416,000 after acquiring an additional 23,072 shares during the last quarter. Finally, Jane Street Group LLC acquired a new position in shares of Renasant during the first quarter valued at $390,000. Institutional investors and hedge funds own 77.31% of the company’s stock.

Wall Street Analyst Weigh In

RNST has been the subject of a number of research reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Renasant in a research report on Friday, June 5th. Hovde Group upped their target price on shares of Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. Piper Sandler raised their target price on shares of Renasant from $46.00 to $48.00 and gave the company an “overweight” rating in a research note on Thursday, July 30th. Finally, TD Cowen lifted their price target on shares of Renasant from $48.00 to $49.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Four research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $47.67.

Renasant Stock Performance

Shares of RNST stock opened at $42.73 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.91 and a quick ratio of 0.90. The stock has a market cap of $3.94 billion, a PE ratio of 12.79 and a beta of 0.98. The stock has a 50-day moving average of $42.59 and a 200-day moving average of $40.08. Renasant Corp has a one year low of $33.04 and a one year high of $44.54.

Renasant (NYSE:RNST) last released its quarterly earnings data on Tuesday, July 28th. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.03. The business had revenue of $573.62 million for the quarter, compared to analyst estimates of $280.71 million. Renasant had a net margin of 19.94% and a return on equity of 8.67%. During the same quarter last year, the firm earned $0.01 EPS. As a group, sell-side analysts expect that Renasant Corp will post 3.79 earnings per share for the current year.

Insider Activity

In other Renasant news, Director Albert J. Dale III sold 1,650 shares of the stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $39.80, for a total value of $65,670.00. Following the sale, the director directly owned 40,075 shares in the company, valued at approximately $1,594,985. This trade represents a 3.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Connie L. Engel sold 1,257 shares of Renasant stock in a transaction on Friday, May 29th. The stock was sold at an average price of $40.90, for a total transaction of $51,411.30. Following the transaction, the director directly owned 15,449 shares in the company, valued at approximately $631,864.10. This represents a 7.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 50,611 shares of company stock valued at $2,154,689. 2.07% of the stock is currently owned by company insiders.

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. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate–1-4 family mortgage; real estate–commercial mortgage; real estate–construction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.