Renasant Co. (RNST) To Go Ex-Dividend on December 18th

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 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date is Wednesday, December 18th.

Renasant has a payout ratio of 55.3% indicating that its dividend is sufficiently covered by earnings. 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 Stock Up 0.4 %

NASDAQ RNST opened at $36.91 on Friday. Renasant has a 52 week low of $26.28 and a 52 week high of $38.77. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The business’s fifty day simple moving average is $33.62 and its 200-day simple moving average is $32.37. The firm has a market cap of $2.35 billion, a PE ratio of 12.02 and a beta of 1.01.

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

Insider Buying and Selling at Renasant

In other Renasant news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total value of $114,000.00. Following the completion of the transaction, the director now directly owns 24,057 shares of the company’s stock, valued at $914,166. The trade was a 11.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.82% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

RNST has been the topic of several analyst reports. Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $34.00 to $40.00 in a report on Monday, August 5th. Stephens raised Renasant from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $34.00 to $41.00 in a research report on Wednesday, July 31st. Hovde Group downgraded Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Raymond James raised Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a research report on Wednesday, July 31st. Finally, Truist Financial cut their price objective on Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research report on Friday, September 20th. Three investment 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 company currently has an average rating of “Moderate Buy” and a consensus price target of $39.33.

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.