Renasant Co. (NASDAQ:RNST) Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC decreased its position in shares of Renasant Co. (NASDAQ:RNST) by 88.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,512 shares of the financial services provider’s stock after selling 71,595 shares during the quarter. Hsbc Holdings PLC’s holdings in Renasant were worth $290,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. US Bancorp DE lifted its stake in Renasant by 41.0% in the 4th quarter. US Bancorp DE now owns 19,562 shares of the financial services provider’s stock worth $659,000 after purchasing an additional 5,684 shares in the last quarter. TFO Wealth Partners LLC raised its stake in shares of Renasant by 13,710.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,381 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 1,371 shares in the last quarter. Rafferty Asset Management LLC raised its position in Renasant by 51.9% in the 4th quarter. Rafferty Asset Management LLC now owns 51,572 shares of the financial services provider’s stock valued at $1,737,000 after purchasing an additional 17,611 shares in the last quarter. Frontier Capital Management Co. LLC raised its position in shares of Renasant by 6.5% during the 4th quarter. Frontier Capital Management Co. LLC now owns 744,338 shares of the financial services provider’s stock worth $25,069,000 after acquiring an additional 45,461 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Renasant by 4.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 830,687 shares of the financial services provider’s stock valued at $27,978,000 after acquiring an additional 38,036 shares during the period. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Renasant Price Performance

Shares of NASDAQ RNST opened at $31.40 on Friday. The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of 12.76 and a beta of 1.02. Renasant Co. has a 1-year low of $22.99 and a 1-year high of $37.40. The business has a 50-day moving average of $33.13 and a 200-day moving average of $31.38. 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 issued its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 EPS 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 analyst estimates of $166.05 million. During the same quarter last year, the firm earned $0.83 EPS. The business’s revenue was up 11.1% on a year-over-year basis. On average, equities analysts anticipate that Renasant Co. will post 2.54 EPS for the current fiscal year.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a $0.22 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.88 annualized dividend and a dividend yield of 2.80%. Renasant’s payout ratio is 35.77%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Keefe, Bruyette & Woods upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $36.00 to $40.00 in a research note on Friday, August 2nd. Piper Sandler raised Renasant from a “neutral” rating to an “overweight” rating and upped their target price for the company from $34.00 to $40.00 in a report on Monday, August 5th. Stephens raised Renasant from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $34.00 to $41.00 in a research report on Wednesday, July 31st. Hovde Group upgraded Renasant from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $38.00 to $39.00 in a report on Monday, August 5th. Finally, Raymond James raised Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price objective on the stock in a research note on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $39.33.

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.