Renasant Co. (NASDAQ:RNST) Shares Sold by Comerica Bank

Comerica Bank decreased its position in Renasant Co. (NASDAQ:RNST – Get Rating) by 10.1% during the 3rd quarter, Holdings Channel reports. The firm owned 42,812 shares of the financial services provider’s stock after selling 4,825 shares during the quarter. Comerica Bank’s holdings in Renasant were worth $1,498,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Pinebridge Investments L.P. grew its holdings in Renasant by 279.3% in the second quarter. Pinebridge Investments L.P. now owns 1,138 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 838 shares during the last quarter. KBC Group NV acquired a new stake in Renasant in the second quarter valued at $126,000. Point72 Hong Kong Ltd purchased a new stake in shares of Renasant in the second quarter valued at $191,000. Raymond James Financial Services Advisors Inc. lifted its position in shares of Renasant by 13.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 6,225 shares of the financial services provider’s stock valued at $208,000 after acquiring an additional 760 shares in the last quarter. Finally, HB Wealth Management LLC purchased a new stake in shares of Renasant in the third quarter valued at $213,000. Institutional investors and hedge funds own 76.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RNST. Stephens upped their price objective on Renasant from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Friday, October 28th. StockNews.com began coverage on Renasant in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. Finally, Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $41.00 price objective on the stock in a research report on Thursday, October 27th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $37.25.

Renasant Stock Performance

NASDAQ RNST opened at $36.03 on Monday. The business’s 50-day moving average price is $38.53 and its 200 day moving average price is $35.51. Renasant Co. has a twelve month low of $27.61 and a twelve month high of $41.77. The company has a market capitalization of $2.02 billion, a PE ratio of 12.87 and a beta of 1.15. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.20.

Renasant (NASDAQ:RNST – Get Rating) last released its earnings results on Tuesday, October 25th. The financial services provider reported $0.79 earnings per share for the quarter, hitting the consensus estimate of $0.79. Renasant had a return on equity of 7.38% and a net margin of 24.05%. The firm had revenue of $171.50 million for the quarter, compared to the consensus estimate of $158.35 million. On average, research analysts predict that Renasant Co. will post 3.01 earnings per share for the current year.

Renasant Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, January 1st. Stockholders of record on Friday, December 16th were issued a $0.22 dividend. The ex-dividend date was Thursday, December 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.44%. Renasant’s dividend payout ratio (DPR) is 31.43%.

Renasant Profile

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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.