Renasant Co. (RNST) to Issue Quarterly Dividend of $0.22 on June 28th

Renasant Co. (NASDAQ:RNST) announced a quarterly dividend on Friday, April 12th, Wall Street Journal reports. Stockholders of record on Friday, June 14th will be paid a dividend of 0.22 per share by the financial services provider on Friday, June 28th. This represents a $0.88 annualized dividend and a dividend yield of 3.06%. The ex-dividend date is Friday, June 14th.

Renasant has a payout ratio of 31.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Renasant to earn $2.79 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 31.5%.

Renasant Trading Up 0.2 %

NASDAQ RNST opened at $28.80 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.19. The business has a fifty day simple moving average of $30.65 and a 200 day simple moving average of $29.67. Renasant has a 12 month low of $22.99 and a 12 month high of $34.85. The firm has a market capitalization of $1.62 billion, a P/E ratio of 11.16 and a beta of 1.03.

Renasant (NASDAQ:RNST) last announced its earnings results on Wednesday, January 24th. The financial services provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.64 by $0.12. Renasant had a net margin of 15.94% and a return on equity of 7.98%. The company had revenue of $230.79 million during the quarter, compared to the consensus estimate of $160.63 million. During the same quarter in the prior year, the company posted $0.89 earnings per share. On average, analysts predict that Renasant will post 2.63 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RNST has been the topic of several recent analyst reports. StockNews.com raised shares of Renasant from a “sell” rating to a “hold” rating in a research report on Tuesday, April 9th. Truist Financial cut their price objective on Renasant from $35.00 to $33.00 and set a “hold” rating on the stock in a research report on Monday, April 1st. Keefe, Bruyette & Woods raised their target price on Renasant from $34.00 to $35.00 and gave the company a “market perform” rating in a research report on Tuesday, January 30th. Finally, Stephens boosted their price target on shares of Renasant from $36.00 to $37.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 30th. Five research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $33.00.

Institutional Trading of Renasant

A number of large investors have recently bought and sold shares of RNST. Price T Rowe Associates Inc. MD lifted its position in shares of Renasant by 0.9% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 47,696 shares of the financial services provider’s stock valued at $1,374,000 after buying an additional 404 shares during the last quarter. FMR LLC lifted its holdings in Renasant by 1.9% during the second quarter. FMR LLC now owns 24,654 shares of the financial services provider’s stock valued at $710,000 after purchasing an additional 459 shares during the last quarter. Magnolia Capital Advisors LLC boosted its position in Renasant by 2.0% during the fourth quarter. Magnolia Capital Advisors LLC now owns 26,872 shares of the financial services provider’s stock worth $1,010,000 after purchasing an additional 532 shares during the period. Royal Bank of Canada increased its stake in shares of Renasant by 3.6% in the third quarter. Royal Bank of Canada now owns 16,569 shares of the financial services provider’s stock worth $518,000 after purchasing an additional 572 shares in the last quarter. Finally, Guggenheim Capital LLC increased its stake in shares of Renasant by 3.7% in the first quarter. Guggenheim Capital LLC now owns 17,769 shares of the financial services provider’s stock worth $594,000 after purchasing an additional 630 shares in the last quarter. 77.31% of the stock is owned by hedge funds and other 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. 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.