HoldCo Asset Management LP Purchases Shares of 83,560 Renasant Co. $RNST

HoldCo Asset Management LP acquired a new stake in shares of Renasant Co. (NASDAQ:RNST) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 83,560 shares of the financial services provider’s stock, valued at approximately $3,002,000. Renasant accounts for approximately 0.5% of HoldCo Asset Management LP’s holdings, making the stock its 13th largest holding. HoldCo Asset Management LP owned 0.09% of Renasant as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Sheets Smith Wealth Management boosted its holdings in Renasant by 2.1% in the second quarter. Sheets Smith Wealth Management now owns 13,361 shares of the financial services provider’s stock valued at $480,000 after acquiring an additional 280 shares during the last quarter. Corebridge Financial Inc. lifted its stake in shares of Renasant by 0.8% in the 1st quarter. Corebridge Financial Inc. now owns 33,583 shares of the financial services provider’s stock valued at $1,139,000 after purchasing an additional 281 shares in the last quarter. Resolute Wealth Strategies LLC grew its holdings in shares of Renasant by 0.4% during the 2nd quarter. Resolute Wealth Strategies LLC now owns 77,499 shares of the financial services provider’s stock worth $2,785,000 after purchasing an additional 318 shares during the period. HighTower Advisors LLC increased its position in Renasant by 2.8% during the 1st quarter. HighTower Advisors LLC now owns 11,825 shares of the financial services provider’s stock worth $401,000 after purchasing an additional 322 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Renasant by 49.5% in the second quarter. GAMMA Investing LLC now owns 1,489 shares of the financial services provider’s stock valued at $54,000 after buying an additional 493 shares during the period. 77.31% of the stock is owned by hedge funds and other institutional investors.

Renasant Price Performance

Shares of RNST stock opened at $37.17 on Friday. The firm has a fifty day simple moving average of $35.11 and a 200-day simple moving average of $36.44. The company has a market capitalization of $3.53 billion, a PE ratio of 11.37 and a beta of 0.99. Renasant Co. has a twelve month low of $26.97 and a twelve month high of $40.40. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16.

Renasant (NASDAQ:RNST) last released its quarterly earnings results on Tuesday, October 28th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.02). The firm had revenue of $269.55 million for the quarter, compared to analysts’ expectations of $271.96 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%.During the same period last year, the firm earned $1.18 EPS. Equities research analysts anticipate that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 1st. Investors of record on Thursday, December 18th will be issued a $0.23 dividend. This is an increase from Renasant’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Thursday, December 18th. Renasant’s dividend payout ratio (DPR) is currently 46.23%.

Analyst Upgrades and Downgrades

RNST has been the subject of several research reports. Hovde Group upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $40.00 to $41.00 in a research note on Thursday, October 30th. TD Cowen decreased their price target on shares of Renasant from $45.00 to $44.00 and set a “buy” rating for the company in a research report on Thursday, October 30th. Finally, Cowen started coverage on Renasant in a report on Wednesday, September 24th. They issued a “buy” rating for the company. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $43.17.

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.