Hsbc Holdings PLC Makes New Investment in Renasant Corp $RNST

Key Points

• HSBC Holdings acquired 50,386 Renasant shares worth approximately $1.82 million, while institutional investors collectively own 77.31% of the bank holding company.
• Renasant exceeded quarterly expectations, reporting $0.93 in earnings per share versus the $0.84 consensus estimate and $278.49 million in revenue. Analysts maintain a consensus “Buy” rating with a $45.50 price target.
• Renasant raised its quarterly dividend from $0.23 to $0.24 per share, equivalent to a $0.96 annual payout and a 2.2% yield; insiders sold 15,611 shares worth about $618,889 over the last quarter.

Hsbc Holdings PLC acquired a new stake in shares of Renasant Corp (NYSE:RNST - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 50,386 shares of the company's stock, valued at approximately $1,822,000. Hsbc Holdings PLC owned about 0.05% of Renasant as of its most recent filing with the SEC.

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

Renasant Stock Down 0.1%

RNST stock opened at $43.44 on Monday. The stock has a market capitalization of $4.01 billion, a P/E ratio of 18.02 and a beta of 0.96. The firm has a 50-day simple moving average of $42.02 and a 200-day simple moving average of $39.58. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.13. Renasant Corp has a 52 week low of $33.04 and a 52 week high of $44.50.

Renasant (NYSE:RNST - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $0.93 earnings per share for the quarter, beating analysts' consensus estimates of $0.84 by $0.09. Renasant had a net margin of 14.47% and a return on equity of 8.17%. The firm had revenue of $278.49 million for the quarter, compared to analyst estimates of $275.71 million. During the same period last year, the company posted $0.65 EPS. Equities analysts forecast that Renasant Corp will post 3.73 earnings per share for the current fiscal year.

Renasant Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. This is a boost from Renasant's previous quarterly dividend of $0.23. The ex-dividend date was Tuesday, June 16th. Renasant's dividend payout ratio (DPR) is 39.83%.

Analysts Set New Price Targets

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

Insider Activity

In related news, Director Connie L. Engel sold 1,257 shares of the business's stock in a transaction that occurred 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 completion of 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $39.50, for a total value of $501,808.00. Following the completion of the transaction, the insider directly owned 183,235 shares of the company's stock, valued at approximately $7,237,782.50. This represents a 6.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 15,611 shares of company stock worth $618,889 over the last quarter. 2.07% of the stock is currently owned by corporate insiders.

Renasant Company 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. 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.

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