Renasant Corp $RNST Stake Lowered by Comerica Bank

Key Points

• Comerica Bank cut its Renasant stake by 22.7% in Q4, selling 30,073 shares and leaving 102,212 shares outstanding (about 0.11% ownership) valued at roughly $3.6 million.
• Analyst sentiment is positive—MarketBeat shows an average "Buy" rating with a $44.67 consensus target—after Renasant beat quarterly EPS estimates ($0.93 vs. $0.84) and raised its quarterly dividend to $0.24 (annualized $0.96, ~2.4% yield).

Comerica Bank reduced its stake in shares of Renasant Corp (NYSE:RNST - Free Report) by 22.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 102,212 shares of the company's stock after selling 30,073 shares during the period. Comerica Bank owned 0.11% of Renasant worth $3,600,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of RNST. First Horizon Corp purchased a new position in shares of Renasant during the 3rd quarter valued at $25,000. EverSource Wealth Advisors LLC grew its holdings in shares of Renasant by 68.7% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 857 shares of the company's stock valued at $32,000 after acquiring an additional 349 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Renasant by 42.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company's stock valued at $42,000 after acquiring an additional 345 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in shares of Renasant during the 1st quarter valued at $67,000. Finally, Danske Bank A S purchased a new position in shares of Renasant during the 3rd quarter valued at $85,000. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on RNST shares. TD Cowen restated a "buy" rating on shares of Renasant in a report on Thursday. Hovde Group lifted their price objective on shares of Renasant from $44.00 to $46.00 and gave the company an "outperform" rating in a research note on Wednesday, April 29th. Weiss Ratings raised shares of Renasant from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, March 10th. Finally, Wall Street Zen raised shares of Renasant from a "sell" rating to a "hold" rating in a research note on Sunday, March 8th. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $44.67.

Renasant Trading Up 0.1%

RNST stock opened at $39.84 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.89 and a current ratio of 0.90. Renasant Corp has a 1 year low of $32.41 and a 1 year high of $42.11. The firm has a fifty day simple moving average of $37.89. The firm has a market cap of $3.75 billion, a price-to-earnings ratio of 16.53 and a beta of 0.97.

Renasant (NYSE:RNST - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.09. Renasant had a net margin of 14.47% and a return on equity of 8.17%. The business had revenue of $278.49 million during the quarter, compared to analyst estimates of $275.71 million. During the same quarter in the previous year, the business earned $0.65 EPS. As a group, analysts forecast that Renasant Corp will post 3.74 EPS for the current fiscal year.

Renasant Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.4%. This is a positive change from Renasant's previous quarterly dividend of $0.23. Renasant's dividend payout ratio (DPR) is presently 38.17%.

Insiders Place Their Bets

In other Renasant news, CAO Kelly Hutcheson sold 1,350 shares of the business's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $38.65, for a total transaction of $52,177.50. Following the completion of the transaction, the chief accounting officer owned 16,728 shares of the company's stock, valued at $646,537.20. The trade was a 7.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.07% of the stock is currently owned by corporate insiders.

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. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate–1-4 family mortgage; real estate–commercial mortgage; real estate–construction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.

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