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

Renasant Co. (NASDAQ:RNST - Get Free Report) announced a quarterly dividend on Friday, April 12th, Wall Street Journal reports. Shareholders 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 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date is Friday, June 14th.

Renasant has a dividend payout ratio of 31.4% indicating that its dividend is sufficiently covered by earnings. 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 Stock Performance

Renasant stock traded up $0.10 during mid-day trading on Friday, reaching $28.84. The company had a trading volume of 315,535 shares, compared to its average volume of 238,447. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.19. Renasant has a 52 week low of $22.99 and a 52 week high of $34.85. The company has a 50 day moving average of $30.65 and a 200-day moving average of $29.64. The firm has a market cap of $1.62 billion, a price-to-earnings ratio of 11.18 and a beta of 1.03.

Renasant (NASDAQ:RNST - Get Free Report) last issued its quarterly earnings results on Wednesday, January 24th. The financial services provider reported $0.76 earnings per share for the quarter, beating analysts' consensus estimates of $0.64 by $0.12. Renasant had a net margin of 15.94% and a return on equity of 7.98%. The firm had revenue of $230.79 million during the quarter, compared to the consensus estimate of $160.63 million. During the same period in the prior year, the firm earned $0.89 EPS. On average, sell-side analysts expect that Renasant will post 2.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Renasant

Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in Renasant by 14.6% during the 1st quarter. JPMorgan Chase & Co. now owns 223,044 shares of the financial services provider's stock worth $7,460,000 after acquiring an additional 28,419 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in Renasant by 13.9% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 6,225 shares of the financial services provider's stock worth $208,000 after buying an additional 760 shares during the period. Citigroup Inc. raised its holdings in Renasant by 12.0% during the 1st quarter. Citigroup Inc. now owns 49,405 shares of the financial services provider's stock worth $1,653,000 after buying an additional 5,309 shares during the period. Bank of Montreal Can raised its holdings in Renasant by 84.4% during the 1st quarter. Bank of Montreal Can now owns 41,006 shares of the financial services provider's stock worth $1,398,000 after buying an additional 18,769 shares during the period. Finally, MetLife Investment Management LLC raised its holdings in Renasant by 53.1% during the 1st quarter. MetLife Investment Management LLC now owns 29,195 shares of the financial services provider's stock worth $977,000 after buying an additional 10,121 shares during the period. Institutional investors and hedge funds own 77.31% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on RNST shares. Truist Financial reduced their price target on shares of Renasant from $35.00 to $33.00 and set a "hold" rating for the company in a report on Monday, April 1st. TheStreet upgraded shares of Renasant from a "c+" rating to a "b-" rating in a research note on Thursday, December 14th. StockNews.com upgraded shares of Renasant from a "sell" rating to a "hold" rating in a research note on Tuesday. Stephens increased their price objective on shares of Renasant from $36.00 to $37.00 and gave the company an "equal weight" rating in a research note on Tuesday, January 30th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Renasant from $34.00 to $35.00 and gave the company a "market perform" rating in a research note on Tuesday, January 30th. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Renasant presently has a consensus rating of "Hold" and an average target price of $33.00.

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.