Hsbc Holdings PLC Makes New Investment in Renasant Corp $RNST

Hsbc Holdings PLC bought a new position in shares of Renasant Corp (NYSE:RNST) during the 1st quarter, HoldingsChannel reports. The fund bought 50,386 shares of the company’s stock, valued at approximately $1,822,000.

A number of other large investors have also made changes to their positions in RNST. First Horizon Corp increased its holdings in shares of Renasant by 56.3% in the fourth quarter. First Horizon Corp now owns 1,080 shares of the company’s stock valued at $38,000 after purchasing an additional 389 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Renasant by 42.8% during the third quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company’s stock worth $42,000 after buying an additional 345 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in Renasant by 241.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the company’s stock valued at $43,000 after buying an additional 867 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in Renasant in the 4th quarter valued at $60,000. Finally, State of Wyoming grew its holdings in Renasant by 31.8% in the 4th quarter. State of Wyoming now owns 1,832 shares of the company’s stock valued at $65,000 after buying an additional 442 shares in the last quarter. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Renasant Trading Down 0.1%

Shares of Renasant stock opened at $43.44 on Monday. The firm has a market capitalization of $4.01 billion, a price-to-earnings ratio of 18.02 and a beta of 0.96. Renasant Corp has a fifty-two week low of $33.04 and a fifty-two week high of $44.50. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.89 and a current ratio of 0.90. The stock has a 50 day moving average of $42.02 and a 200 day moving average of $39.58.

Renasant (NYSE:RNST) last posted its earnings results on Tuesday, April 28th. The company reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.09. Renasant had a return on equity of 8.17% and a net margin of 14.47%.The company had revenue of $278.49 million for the quarter, compared to the consensus estimate of $275.71 million. During the same quarter in the previous year, the business earned $0.65 earnings per share. As a group, research analysts predict that Renasant Corp will post 3.73 earnings per share for the current year.

Renasant Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, June 16th. This is a positive change from Renasant’s previous quarterly dividend of $0.23. Renasant’s dividend payout ratio is 39.83%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Hovde Group lifted their price target on Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. TD Cowen restated a “buy” rating on shares of Renasant in a research report on Thursday, April 30th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Renasant in a research report on Friday, June 5th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $45.50.

Insider Activity at Renasant

In related news, Director Connie L. Engel sold 1,257 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $40.90, for a total value of $51,411.30. Following the sale, the director directly owned 15,449 shares in the company, valued at approximately $631,864.10. The trade was a 7.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $39.50, for a total transaction of $501,808.00. Following the completion of the transaction, the insider directly owned 183,235 shares in the company, valued at $7,237,782.50. The trade was a 6.48% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 15,611 shares of company stock worth $618,889. Company insiders own 2.07% of the company’s stock.

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.