Renasant Co. $RNST Shares Sold by HB Wealth Management LLC

HB Wealth Management LLC cut its stake in Renasant Co. (NASDAQ:RNST) by 75.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,268 shares of the financial services provider’s stock after selling 22,409 shares during the period. HB Wealth Management LLC’s holdings in Renasant were worth $261,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of RNST. GAMMA Investing LLC grew its holdings in shares of Renasant by 3,597.4% in the 1st quarter. GAMMA Investing LLC now owns 33,794 shares of the financial services provider’s stock worth $1,147,000 after acquiring an additional 32,880 shares during the period. Sheets Smith Wealth Management boosted its position in Renasant by 4.9% during the first quarter. Sheets Smith Wealth Management now owns 13,081 shares of the financial services provider’s stock worth $444,000 after purchasing an additional 610 shares in the last quarter. Balefire LLC acquired a new stake in Renasant in the first quarter valued at $252,000. Park Place Capital Corp increased its position in shares of Renasant by 0.9% in the first quarter. Park Place Capital Corp now owns 100,857 shares of the financial services provider’s stock valued at $3,422,000 after buying an additional 858 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Renasant by 4.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,825,410 shares of the financial services provider’s stock valued at $62,228,000 after buying an additional 82,170 shares in the last quarter. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on RNST. Cowen began coverage on shares of Renasant in a research report on Wednesday, September 24th. They issued a “buy” rating on the stock. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Renasant in a report on Wednesday, July 23rd. TD Cowen assumed coverage on shares of Renasant in a research report on Thursday, September 25th. They issued a “buy” rating and a $45.00 price target on the stock. Finally, Hovde Group raised their price objective on shares of Renasant from $35.00 to $39.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Renasant currently has an average rating of “Buy” and an average price target of $43.00.

Renasant Trading Up 1.2%

Shares of RNST stock opened at $37.27 on Tuesday. The firm’s 50-day simple moving average is $37.72 and its 200-day simple moving average is $35.51. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. Renasant Co. has a 1-year low of $26.97 and a 1-year high of $40.40. The firm has a market cap of $3.54 billion, a P/E ratio of 11.40 and a beta of 0.89.

Renasant Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Tuesday, September 16th. Renasant’s dividend payout ratio (DPR) is 34.65%.

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.