Tower Research Capital LLC TRC Decreases Stock Holdings in Renasant Co. (NASDAQ:RNST)

Tower Research Capital LLC TRC decreased its position in Renasant Co. (NASDAQ:RNST - Free Report) by 86.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,119 shares of the financial services provider's stock after selling 7,276 shares during the quarter. Tower Research Capital LLC TRC's holdings in Renasant were worth $40,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Covestor Ltd increased its position in shares of Renasant by 73.7% in the fourth quarter. Covestor Ltd now owns 1,838 shares of the financial services provider's stock valued at $66,000 after acquiring an additional 780 shares during the period. KBC Group NV boosted its stake in shares of Renasant by 36.7% during the 4th 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. bought a new stake in shares of Renasant during the 4th quarter valued at about $208,000. Cibc World Markets Corp bought a new stake in shares of Renasant during the 4th quarter valued at about $209,000. Finally, CIBC Asset Management Inc bought a new stake in shares of Renasant during the 4th quarter valued at about $220,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Renasant Trading Up 1.0%

NASDAQ:RNST opened at $35.87 on Wednesday. The company's 50 day moving average price is $32.14 and its 200-day moving average price is $35.06. Renasant Co. has a 52 week low of $26.97 and a 52 week high of $39.63. 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 stock has a market cap of $2.28 billion, a price-to-earnings ratio of 10.97 and a beta of 0.86.

Renasant (NASDAQ:RNST - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.06. The company had revenue of $170.59 million for the quarter, compared to the consensus estimate of $170.38 million. Renasant had a net margin of 17.91% and a return on equity of 6.58%. During the same quarter in the prior year, the firm earned $0.65 earnings per share. On average, equities research analysts forecast that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $0.22 per share. The ex-dividend date is Monday, June 16th. This represents a $0.88 dividend on an annualized basis and a yield of 2.45%. Renasant's dividend payout ratio (DPR) is 27.33%.

Insider Activity at Renasant

In related news, CAO Kelly Hutcheson sold 1,310 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $36.72, for a total transaction of $48,103.20. Following the transaction, the chief accounting officer now owns 17,586 shares in the company, valued at $645,757.92. This represents a 6.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.81% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on RNST shares. StockNews.com lowered shares of Renasant from a "hold" rating to a "sell" rating in a research note on Friday, January 31st. Keefe, Bruyette & Woods dropped their price objective on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. Raymond James upgraded shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price objective on the stock in a report on Thursday, April 24th. Piper Sandler upped their price objective on shares of Renasant from $41.00 to $44.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Finally, Stephens upped their price objective on shares of Renasant from $44.00 to $47.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target 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.

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