HoldCo Asset Management LP Acquires New Position in Renasant Co. $RNST

HoldCo Asset Management LP acquired a new stake in shares of Renasant Co. (NASDAQ:RNST) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 83,560 shares of the financial services provider’s stock, valued at approximately $3,002,000. Renasant makes up approximately 0.5% of HoldCo Asset Management LP’s investment portfolio, making the stock its 13th biggest position.

Other hedge funds also recently made changes to their positions in the company. Quantbot Technologies LP bought a new stake in shares of Renasant in the 1st quarter valued at approximately $28,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Renasant in the second quarter worth $37,000. GAMMA Investing LLC increased its stake in Renasant by 49.5% during the second quarter. GAMMA Investing LLC now owns 1,489 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 493 shares during the last quarter. State of Wyoming acquired a new stake in shares of Renasant during the first quarter worth $51,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Renasant in the 1st quarter worth about $54,000. Institutional investors and hedge funds own 77.31% of the company’s stock.

Renasant Trading Up 0.3%

Shares of NASDAQ:RNST opened at $37.17 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The company’s 50-day moving average price is $35.11 and its 200 day moving average price is $36.44. The company has a market cap of $3.53 billion, a PE ratio of 11.37 and a beta of 0.99. Renasant Co. has a fifty-two week low of $26.97 and a fifty-two week high of $40.40.

Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, October 28th. The financial services provider reported $0.77 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.02). The firm had revenue of $269.55 million during the quarter, compared to analyst estimates of $271.96 million. Renasant had a net margin of 17.91% and a return on equity of 6.58%. During the same quarter in the previous year, the business posted $1.18 EPS. Sell-side analysts anticipate that Renasant Co. will post 2.68 earnings per share for the current year.

Renasant Increases Dividend

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

Wall Street Analyst Weigh In

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