Comerica Bank Increases Holdings in Renasant Co. (NASDAQ:RNST)

Comerica Bank boosted its holdings in shares of Renasant Co. (NASDAQ:RNST - Free Report) by 55.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,708 shares of the financial services provider's stock after purchasing an additional 12,709 shares during the period. Comerica Bank owned about 0.06% of Renasant worth $1,277,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of RNST. Covestor Ltd grew its holdings in shares of Renasant by 73.7% during the 4th quarter. Covestor Ltd now owns 1,838 shares of the financial services provider's stock worth $66,000 after acquiring an additional 780 shares during the period. KBC Group NV grew its holdings 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 worth $120,000 after acquiring an additional 901 shares during the period. ZWJ Investment Counsel Inc. purchased a new position in shares of Renasant during the 4th quarter worth approximately $208,000. Cibc World Markets Corp purchased a new position in shares of Renasant during the 4th quarter worth approximately $209,000. Finally, CIBC Asset Management Inc purchased a new position in shares of Renasant during the 4th quarter worth approximately $220,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RNST. StockNews.com downgraded Renasant from a "hold" rating to a "sell" rating in a report on Friday, January 31st. Hovde Group upped their target price on Renasant from $34.50 to $35.00 and gave the stock a "market perform" rating in a report on Monday, April 28th. Raymond James raised Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price target on the stock in a research report on Thursday, April 24th. Stephens boosted their price target on Renasant from $44.00 to $47.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Finally, Keefe, Bruyette & Woods dropped their price target on Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. One 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. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $41.00.

Insider Activity at Renasant

In related news, CAO Kelly Hutcheson sold 1,310 shares of the company's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $36.72, for a total value of $48,103.20. Following the transaction, the chief accounting officer now directly owns 17,586 shares of the company's stock, valued at approximately $645,757.92. This represents a 6.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.81% of the stock is currently owned by insiders.

Renasant Stock Performance

Shares of RNST opened at $33.82 on Monday. 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 business's 50 day moving average price is $32.13 and its 200-day moving average price is $35.05. Renasant Co. has a 52 week low of $26.97 and a 52 week high of $39.63. The stock has a market cap of $2.15 billion, a P/E ratio of 10.34 and a beta of 0.86.

Renasant (NASDAQ:RNST - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.06. The business 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 in the prior year, the firm posted $0.65 EPS. Equities research analysts anticipate that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The firm 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 $0.22 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.88 annualized dividend and a yield of 2.60%. Renasant's dividend payout ratio (DPR) is presently 27.33%.

Renasant 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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