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

Renasant Co. (NASDAQ:RNST) declared a quarterly dividend on Friday, November 15th,Wall Street Journal reports. Shareholders 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 yield of 2.38%. The ex-dividend date is Wednesday, December 18th.

Renasant has a dividend payout ratio of 55.3% indicating that 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 Up 0.4 %

Shares of NASDAQ RNST traded up $0.16 during mid-day trading on Friday, hitting $36.91. 411,454 shares of the stock traded hands, compared to its average volume of 400,873. The stock has a fifty day moving average price of $33.47 and a 200-day moving average price of $32.26. 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 company has a market cap of $2.35 billion, a price-to-earnings ratio of 11.97 and a beta of 1.01. Renasant has a 52 week low of $26.28 and a 52 week high of $38.77.

Renasant (NASDAQ:RNST) last released its earnings results 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 firm had revenue of $318.34 million for the quarter, compared to the consensus estimate of $184.73 million. During the same period in the prior year, the firm earned $0.75 EPS. Research analysts anticipate that Renasant will post 2.64 EPS for the current year.

Analysts Set New Price Targets

RNST has been the subject of several recent research reports. 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. Keefe, Bruyette & Woods raised Renasant from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $36.00 to $40.00 in a research note on Friday, August 2nd. Piper Sandler upgraded shares of Renasant from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $34.00 to $40.00 in a research note on Monday, August 5th. Hovde Group lowered shares of Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Finally, Truist Financial decreased their target price on shares of Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a report on Friday, September 20th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $39.33.

Insider Activity

In other news, Director John Creekmore sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total transaction of $114,000.00. Following the transaction, the director now directly owns 24,057 shares of the company’s stock, valued at approximately $914,166. This trade represents a 11.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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.