Renasant Corp. : RNST-US: Dividend Analysis : December 15th, 2017 (record date) : By the numbers : December 18, 2017

Our analysis is based on comparing Renasant Corp. with the following peers – First Horizon National Corporation, Pinnacle Financial Partners, Inc., BancorpSouth Bank, Trustmark Corporation, Cullen/Frost Bankers, Inc., First Bancshares, Inc., VIVUS, Inc., Peoples Financial Corporation, Hancock Holding Company and Citizens Holding Company (FHN-US, PNFP-US, BXS-US, TRMK-US, CFR-US, FBMS-US, VVUS-US, PFBX-US, HBHC-US and CIZN-US).

Renasant Corp.’s dividend yield is 1.75 percent and its dividend payout is 32.88 percent. This compares to a peer average dividend yield of 1.77 percent and a payout level of 33.11 percent. This relatively lagging dividend performance could spur some dividend action going forward – as long as the company’s relatively strong dividend quality score of 67 out of a possible score of 100 looks sustainable.

Dividend Yield
Dividend Quality Score

Dividend Quality Overview

  • Over the last twelve months (prior to September 30, 2017), RNST-US paid a medium quality dividend, which represents a yield of 1.73% at the current price.
  • Dividend quality trend has not been consistent over the last five years. Dividends were paid during each of these years — of these 1 was high quality, 2 were medium quality and 2 were low quality.
  • The ending cash balance, with a dividend coverage of 5.98x, provides a substantial cushion in case of a significant reduction of cash flows in the future.
Dividend Quality Score Vs Dividend Yield

Quadrant label definitions. Hover to know more

High Score;High Yield, High Score;Low Yield, Low Score;Low Yield, Low Score;High Yield

Dividend Coverage

Over the last twelve months (prior to September 30, 2017), RNST-US paid a medium quality dividend.

The source of the company’s cash to support the dividend paid over the last twelve months is operating cash flow (coverage of 2.61x), investing cash flow (coverage of -10.15x), issuance cash flow (coverage of 12.06x) and twelve-month prior cash (coverage of 4.40x), for a total dividend coverage of 6.98x.

RNST-US’s issuance cash flow includes outflows from net debt repayment (coverage of -1.62x).

Dividend Coverage by Cash Flow (TTM)

These coverage ratio factors imply that the firm’s net cash inflow from issuance was required (in addition to operating and investment cash) to pay the dividend, which suggests a medium dividend quality.

Dividend History

Item 2012-12-31 2013-12-31 2014-12-31 2015-12-31 2016-12-31 Latest
Dividend Yield (%) 3.55 1.95 2.36 1.77 1.59 1.75
Dividend Payout (%) 64.15 55.74 36.17 36.17 32.72 32.88

A complete list of metrics and analysis is available on the company page.

Company Profile

Renasant Corp. is a bank holding company, which engages in the provision of financial, fiduciary, and insurance services through its the Renasant Bank. It operates through the following segments: Community Banks, Insurance, Wealth Management, and Other. The Community Banks segment delivers banking and financial services to individuals and small to medium sized businesses including checking and savings accounts, business and personal loans, equipment leasing, as well as safe deposit, and night depository facilities. The Insurance segment includes full service insurance agency offering lines of commercial and personal insurance. The Wealth Management segment provides fiduciary services which includes the administration and management of trust accounts including personal and corporate benefit accounts, self directed individual retirement arrangements, and custodial accounts. The Other segment comprises of the operations of the holding company and other eliminations. The company was founded in 1982 and is headquartered in Tupelo, MS.


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