Renasant Co. Plans Quarterly Dividend of $0.22 (NASDAQ:RNST)

Renasant Co. (NASDAQ:RNST) announced a quarterly dividend on Thursday, August 15th, Wall Street Journal reports. Stockholders of record on Monday, September 16th will be given a dividend of 0.22 per share by the financial services provider on Monday, September 30th. This represents a $0.88 annualized dividend and a dividend yield of 2.73%. The ex-dividend date of this dividend is Monday, September 16th.

Renasant has a dividend payout ratio of 52.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Renasant to earn $2.41 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 36.5%.

Renasant Trading Up 1.3 %

Shares of RNST stock traded up $0.41 during trading hours on Thursday, reaching $32.26. 497,353 shares of the stock were exchanged, compared to its average volume of 367,302. Renasant has a 12-month low of $22.99 and a 12-month high of $37.40. The company’s 50-day moving average price is $31.76 and its 200-day moving average price is $30.93. The firm has a market capitalization of $2.05 billion, a price-to-earnings ratio of 12.95 and a beta of 1.03. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18.

Renasant (NASDAQ:RNST) last posted its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.03. Renasant had a net margin of 15.04% and a return on equity of 6.98%. The firm had revenue of $163.79 million during the quarter, compared to analysts’ expectations of $166.05 million. During the same period in the previous year, the business posted $0.83 EPS. The business’s revenue was up 11.1% compared to the same quarter last year. As a group, equities analysts anticipate that Renasant will post 2.6 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Raymond James upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 target price for the company in a report on Wednesday, July 31st. Hovde Group upgraded Renasant from a “market perform” rating to an “outperform” rating and increased their price target for the company from $38.00 to $39.00 in a report on Monday, August 5th. Keefe, Bruyette & Woods raised Renasant from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $36.00 to $40.00 in a research report on Friday, August 2nd. StockNews.com raised Renasant from a “sell” rating to a “hold” rating in a research report on Saturday, April 27th. Finally, Truist Financial raised their price objective on shares of Renasant from $32.00 to $38.00 and gave the stock a “hold” rating in a report on Thursday, July 25th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.50.

Renasant Company 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.