Renasant insurance sale ‘small positive,’ says Keefe Bruyette

Keefe Bruyette keeps a Market Perform rating on Renasant with a $34 price target after the company sold its insurance subsidiary to Sunstar Insurance Group. The sale is a “net positive” as it will create a gain and improve capital ratios, but Renasant’s insurance subsidiary is small, so the impact will be more modest than at peers will see, the analyst tells investors in a research note.