Renasant (NASDAQ:RNST) Issues Earnings Results

Renasant (NASDAQ:RNST) announced its quarterly earnings results on Tuesday. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.07, Yahoo Finance reports. Renasant had a return on equity of 6.98% and a net margin of 15.04%. The company had revenue of $318.34 million during the quarter, compared to the consensus estimate of $184.73 million. During the same period in the prior year, the company earned $0.75 earnings per share.

Renasant Stock Up 0.2 %

Shares of RNST stock opened at $32.47 on Wednesday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.92 and a current ratio of 0.93. The firm’s 50-day moving average is $32.94 and its 200-day moving average is $31.63. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of 13.20 and a beta of 1.02. Renasant has a 52-week low of $22.99 and a 52-week high of $37.40.

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a $0.22 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.88 annualized dividend and a dividend yield of 2.71%. Renasant’s dividend payout ratio is presently 35.77%.

Analyst Ratings Changes

A number of analysts recently issued reports on RNST shares. Hovde Group raised Renasant from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $38.00 to $39.00 in a research note on Monday, August 5th. Piper Sandler raised shares of Renasant from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $34.00 to $40.00 in a research report on Monday, August 5th. Keefe, Bruyette & Woods raised shares of Renasant from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $36.00 to $40.00 in a research report on Friday, August 2nd. Truist Financial lowered their target price on Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a report on Friday, September 20th. Finally, Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price target on the stock in a report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Renasant presently has a consensus 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.