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

Renasant Co. (NASDAQ:RNST) declared a quarterly dividend on Wednesday, August 9th, Zacks reports. Investors of record on Friday, September 15th will be given a dividend of 0.22 per share by the financial services provider on Friday, September 29th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date is Thursday, September 14th.

Renasant has increased its dividend by an average of 0.4% annually over the last three years. Renasant has a dividend payout ratio of 32.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Renasant to earn $2.63 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 33.5%.

Renasant Stock Performance

Shares of NASDAQ RNST opened at $26.26 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.90 and a quick ratio of 0.88. The stock’s fifty day moving average price is $28.85 and its two-hundred day moving average price is $28.93. Renasant has a one year low of $23.47 and a one year high of $41.77. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of 8.81 and a beta of 1.11.

Renasant (NASDAQ:RNST) last issued its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.08. Renasant had a return on equity of 8.69% and a net margin of 20.47%. The firm had revenue of $214.39 million for the quarter, compared to analyst estimates of $170.80 million. During the same period in the prior year, the firm posted $0.72 EPS. On average, equities analysts forecast that Renasant will post 2.9 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RNST. StockNews.com began coverage on Renasant in a research report on Thursday, August 17th. They set a “sell” rating for the company. Stephens raised their price objective on Renasant from $30.00 to $34.00 in a research report on Thursday, July 27th. Piper Sandler raised their price objective on Renasant from $30.00 to $32.00 in a research report on Thursday, July 27th. Finally, Truist Financial raised their price objective on Renasant from $29.00 to $34.00 and gave the stock a “hold” rating in a research report on Thursday, July 27th. One analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat.com, Renasant presently has a consensus rating of “Hold” and an average price target of $34.80.

Institutional Trading of Renasant

A number of hedge funds have recently bought and sold shares of RNST. JPMorgan Chase & Co. raised its stake in shares of Renasant by 14.6% in the first quarter. JPMorgan Chase & Co. now owns 223,044 shares of the financial services provider’s stock valued at $7,460,000 after buying an additional 28,419 shares during the period. Raymond James Financial Services Advisors Inc. grew its position in shares of Renasant by 13.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 6,225 shares of the financial services provider’s stock valued at $208,000 after purchasing an additional 760 shares in the last quarter. Citigroup Inc. grew its position in shares of Renasant by 12.0% in the first quarter. Citigroup Inc. now owns 49,405 shares of the financial services provider’s stock valued at $1,653,000 after purchasing an additional 5,309 shares in the last quarter. Bank of Montreal Can grew its position in shares of Renasant by 84.4% in the first quarter. Bank of Montreal Can now owns 41,006 shares of the financial services provider’s stock valued at $1,398,000 after purchasing an additional 18,769 shares in the last quarter. Finally, MetLife Investment Management LLC grew its position in shares of Renasant by 53.1% in the first quarter. MetLife Investment Management LLC now owns 29,195 shares of the financial services provider’s stock valued at $977,000 after purchasing an additional 10,121 shares in the last quarter. 76.47% of the stock is currently owned by institutional investors.

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. It operates through three segments: Community Banks, Insurance, and Wealth Management. 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.