Tower Research Capital LLC TRC Lowers Position in Renasant Co. (NASDAQ:RNST)

Tower Research Capital LLC TRC lessened its holdings in Renasant Co. (NASDAQ:RNST - Free Report) by 86.7% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,119 shares of the financial services provider's stock after selling 7,276 shares during the period. Tower Research Capital LLC TRC's holdings in Renasant were worth $40,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Covestor Ltd raised its position in Renasant by 73.7% during the fourth quarter. Covestor Ltd now owns 1,838 shares of the financial services provider's stock valued at $66,000 after purchasing an additional 780 shares in the last quarter. KBC Group NV raised its position in Renasant by 36.7% during the fourth quarter. KBC Group NV now owns 3,358 shares of the financial services provider's stock valued at $120,000 after purchasing an additional 901 shares in the last quarter. ZWJ Investment Counsel Inc. purchased a new stake in Renasant during the fourth quarter valued at about $208,000. Cibc World Markets Corp purchased a new stake in Renasant during the fourth quarter valued at about $209,000. Finally, CIBC Asset Management Inc purchased a new stake in Renasant during the fourth quarter valued at about $220,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Renasant Trading Up 0.0%

Shares of NASDAQ RNST traded up $0.01 during trading hours on Monday, hitting $35.87. The company's stock had a trading volume of 475,435 shares, compared to its average volume of 647,891. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The stock has a market cap of $2.28 billion, a price-to-earnings ratio of 10.97 and a beta of 0.86. Renasant Co. has a 12 month low of $26.97 and a 12 month high of $39.63. The business has a 50-day simple moving average of $32.33 and a 200-day simple moving average of $35.11.

Renasant (NASDAQ:RNST - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.06. The company had revenue of $170.59 million for the quarter, compared to analysts' expectations of $170.38 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 $0.65 earnings per share. On average, analysts anticipate that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a $0.22 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.88 annualized dividend and a dividend yield of 2.45%. Renasant's payout ratio is presently 27.33%.

Insider Buying and Selling

In other Renasant news, CAO Kelly Hutcheson sold 1,310 shares of the firm's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $36.72, for a total value of $48,103.20. Following the completion of the sale, the chief accounting officer now directly owns 17,586 shares in the company, valued at $645,757.92. This trade represents a 6.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 2.81% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on RNST shares. Hovde Group raised their price objective on Renasant from $34.50 to $35.00 and gave the company a "market perform" rating in a research note on Monday, April 28th. Keefe, Bruyette & Woods reduced their price objective on Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. StockNews.com cut Renasant from a "hold" rating to a "sell" rating in a research note on Friday, January 31st. Piper Sandler raised their price objective on Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. Finally, Stephens raised their price objective on Renasant from $44.00 to $47.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $41.00.

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. 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.