Renasant (NYSE:RNST – Get Free Report) released its quarterly earnings data on Tuesday. The company reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.08), FiscalAI reports. The firm had revenue of $272.96 million for the quarter, compared to the consensus estimate of $282.34 million. Renasant had a net margin of 19.94% and a return on equity of 8.67%.
Renasant Stock Performance
Shares of Renasant stock traded down $0.15 during trading on Tuesday, hitting $41.60. 537,579 shares of the company’s stock traded hands, compared to its average volume of 696,458. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.91 and a quick ratio of 0.90. Renasant has a 1 year low of $33.04 and a 1 year high of $44.54. The stock has a market capitalization of $3.80 billion, a P/E ratio of 12.45 and a beta of 1.01. The business has a 50-day simple moving average of $40.51 and a 200-day simple moving average of $40.07.
Renasant Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.96 annualized dividend and a dividend yield of 2.3%. Renasant’s dividend payout ratio (DPR) is 28.74%.
Analysts Set New Price Targets
Several research analysts have recently issued reports on the stock. Piper Sandler upped their target price on shares of Renasant from $46.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, July 30th. TD Cowen cut their price target on shares of Renasant from $49.00 to $46.00 and set a “buy” rating on the stock in a report on Monday, October 5th. Finally, Weiss Ratings raised shares of Renasant from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Four equities research analysts have rated the stock with a Buy rating. According to MarketBeat, Renasant currently has an average rating of “Buy” and a consensus target price of $46.67.
Get Our Latest Stock Analysis on RNST
Insider Buying and Selling
In other Renasant news, Director Edward Mcgraw sold 35,000 shares of the business’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $43.88, for a total value of $1,535,800.00. Following the completion of the transaction, the director owned 211,458 shares of the company’s stock, valued at approximately $9,278,777.04. The trade was a 14.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.07% of the company’s stock.
About Renasant
Renasant Corporation is a financial services holding company headquartered in Tupelo, Mississippi. Through its principal subsidiary, Renasant Bank, the company provides banking and related financial services to individuals, families, small businesses, commercial clients and other organizations.
Renasant Bank offers deposit accounts, consumer and commercial lending, residential mortgages, treasury management and other business banking services. Its broader offerings also include wealth management, trust and investment services, financial planning and insurance-related solutions.
Renasant traces its banking history to 1904 and has expanded through organic growth and acquisitions.
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