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

Renasant Co. (NASDAQ:RNST) declared 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 yield of 2.38%. The ex-dividend date is Wednesday, December 18th.

Renasant has a dividend payout ratio of 55.3% meaning its dividend is sufficiently covered by earnings. 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 Price Performance

Shares of Renasant stock traded up $0.16 during trading hours on Friday, reaching $36.91. 411,454 shares of the company’s stock were exchanged, compared to its average volume of 400,873. The business has a fifty day moving average of $33.47 and a two-hundred day moving average of $32.26. The company has a market capitalization of $2.35 billion, a P/E ratio of 11.97 and a beta of 1.01. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. Renasant has a 1 year low of $26.28 and a 1 year high of $38.77.

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

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Hovde Group cut Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday. Raymond James raised Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price objective on the stock in a research report on Wednesday, July 31st. Keefe, Bruyette & Woods upgraded Renasant from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $36.00 to $40.00 in a report on Friday, August 2nd. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $34.00 to $41.00 in a research note on Wednesday, July 31st. Finally, Piper Sandler raised shares of Renasant from a “neutral” rating to an “overweight” rating and raised their target price for the company from $34.00 to $40.00 in a report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Renasant has an average rating of “Moderate Buy” and an average target price of $39.33.

Insider Transactions at Renasant

In other news, Director John Creekmore sold 3,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total transaction of $114,000.00. Following the sale, the director now owns 24,057 shares in the company, valued at $914,166. This trade represents a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.82% of the company’s stock.

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.