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

Renasant Co. (NASDAQ:RNST) announced a quarterly dividend on Friday, November 15th,Wall Street Journal reports. Investors 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 dividend on an annualized basis 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 research 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 Trading Up 0.4 %

Shares of RNST opened at $36.91 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The firm has a market capitalization of $2.35 billion, a price-to-earnings ratio of 12.02 and a beta of 1.01. The company has a 50-day moving average of $33.62 and a 200 day moving average of $32.35. Renasant has a 1-year low of $26.28 and a 1-year high of $38.77.

Renasant (NASDAQ:RNST) last released its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Renasant had a net margin of 16.83% and a return on equity of 6.70%. The company had revenue of $318.34 million during the quarter, compared to analyst estimates of $184.73 million. During the same period in the prior year, the firm earned $0.75 earnings per share. On average, research analysts expect that Renasant will post 2.64 EPS for the current year.

Wall Street Analysts Forecast Growth

RNST has been the topic of a number of recent research reports. Stephens raised Renasant from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $34.00 to $41.00 in a research report on Wednesday, July 31st. Raymond James upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a research note on Wednesday, July 31st. Hovde Group lowered Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Truist Financial lowered their price target on shares of Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a report on Friday, September 20th. Finally, Piper Sandler raised shares of Renasant from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $34.00 to $40.00 in a research note on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $39.33.

Insider Buying and Selling at Renasant

In related news, Director John Creekmore sold 3,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the sale, the director now directly owns 24,057 shares in the company, valued at approximately $914,166. The trade was a 11.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.82% of the stock is currently owned by company insiders.

About Renasant

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.