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

Renasant Co. (NASDAQ:RNST) declared a quarterly dividend on Friday, November 15th,Wall Street Journal reports. Stockholders of record on Wednesday, December 18th will be paid a dividend of 0.22 per share by the financial services provider on Wednesday, January 1st. This represents a $0.88 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend is Wednesday, December 18th.

Renasant has a dividend payout ratio of 55.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Renasant to earn $2.38 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 37.0%.

Renasant Stock Performance

Shares of RNST opened at $36.91 on Friday. The stock has a 50-day simple moving average of $33.62 and a 200-day simple moving average of $32.37. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The stock has a market capitalization of $2.35 billion, a PE ratio of 12.02 and a beta of 1.01. Renasant has a 1 year low of $26.28 and a 1 year high of $38.77.

Renasant (NASDAQ:RNST) last announced its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.07. The business had revenue of $318.34 million during the quarter, compared to analysts’ expectations of $184.73 million. Renasant had a return on equity of 6.70% and a net margin of 16.83%. During the same quarter last year, the business posted $0.75 EPS. On average, analysts predict that Renasant will post 2.64 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RNST. Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 target price for the company in a research note on Wednesday, July 31st. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $34.00 to $41.00 in a research note on Wednesday, July 31st. Keefe, Bruyette & Woods upgraded Renasant from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $36.00 to $40.00 in a research note on Friday, August 2nd. Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $34.00 to $40.00 in a research note on Monday, August 5th. Finally, Hovde Group cut Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $39.33.

Insider Buying and Selling at Renasant

In other Renasant news, Director John Creekmore sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total value of $114,000.00. Following the completion of the sale, the director now owns 24,057 shares in the company, valued at approximately $914,166. The trade was a 11.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.82% of the stock is owned by company insiders.

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.