Hancock Whitney Corp Has $5.30 Million Stock Position in Reliance, Inc. (NYSE:RS)

Hancock Whitney Corp lessened its position in Reliance, Inc. (NYSE:RS) by 1.1% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 18,567 shares of the industrial products company’s stock after selling 216 shares during the period. Hancock Whitney Corp’s holdings in Reliance were worth $5,303,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Acadian Asset Management LLC raised its holdings in shares of Reliance by 20.8% in the 1st quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company’s stock worth $358,270,000 after acquiring an additional 184,509 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Reliance by 78.5% in the second quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock valued at $82,816,000 after purchasing an additional 127,422 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of Reliance by 7.9% in the fourth quarter. First Trust Advisors LP now owns 885,818 shares of the industrial products company’s stock valued at $247,746,000 after purchasing an additional 64,895 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Reliance by 21.5% during the first quarter. Principal Financial Group Inc. now owns 348,534 shares of the industrial products company’s stock worth $116,473,000 after buying an additional 61,687 shares in the last quarter. Finally, Schroder Investment Management Group raised its holdings in shares of Reliance by 51.2% in the fourth quarter. Schroder Investment Management Group now owns 177,771 shares of the industrial products company’s stock valued at $49,719,000 after purchasing an additional 60,229 shares during the last quarter. Institutional investors own 79.26% of the company’s stock.

Analyst Ratings Changes

RS has been the subject of several analyst reports. Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a research note on Friday, July 26th. KeyCorp decreased their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a research report on Wednesday, July 3rd. Finally, Bank of America cut their price objective on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $329.40.

Reliance Price Performance

Shares of NYSE:RS opened at $281.08 on Friday. The company has a 50-day moving average price of $286.57 and a two-hundred day moving average price of $297.93. Reliance, Inc. has a twelve month low of $237.14 and a twelve month high of $342.20. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $16.14 billion, a PE ratio of 13.13 and a beta of 0.85.

Reliance (NYSE:RS) last posted its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 EPS for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08). Reliance had a return on equity of 14.73% and a net margin of 7.99%. The company had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the previous year, the business earned $6.49 earnings per share. Reliance’s revenue was down 6.1% on a year-over-year basis. Equities analysts forecast that Reliance, Inc. will post 17.21 EPS for the current year.

Reliance Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend was Friday, August 16th. Reliance’s dividend payout ratio (DPR) is presently 20.55%.

About Reliance

Reliance, Inc operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.