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

Key Points

• Renasant Co. declared a quarterly dividend of $0.22 per share, with a payment date set for September 30th for investors on record as of September 16th.
• The company has a dividend payout ratio of 25.8%, indicating the dividend is well-supported by earnings, with an expected future payout ratio of 24.9% for the next year.
• Renasant's stock is currently rated as a Moderate Buy by analysts, with a target price averaging $41.67.

Renasant Co. (NASDAQ:RNST - Get Free Report) announced a quarterly dividend on Monday, August 18th, RTT News reports. Stockholders of record on Tuesday, September 16th will be given a dividend of 0.22 per share by the financial services provider on Tuesday, September 30th. This represents a c) annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, September 16th.

Renasant has a payout ratio of 25.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Renasant to earn $3.53 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 24.9%.

Renasant Trading Up 6.1%

Shares of NASDAQ:RNST traded up $2.2680 during trading on Friday, hitting $39.3380. The company had a trading volume of 794,957 shares, compared to its average volume of 731,903. Renasant has a one year low of $26.97 and a one year high of $39.63. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of 12.03 and a beta of 0.94. The company has a fifty day simple moving average of $36.98 and a two-hundred day simple moving average of $35.08.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on RNST shares. Raymond James Financial reissued a "strong-buy" rating on shares of Renasant in a research note on Wednesday, July 23rd. Keefe, Bruyette & Woods decreased their price target on Renasant from $45.00 to $43.00 and set an "outperform" rating for the company in a research note on Tuesday, May 6th. Finally, Hovde Group raised their price target on Renasant from $35.00 to $39.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Renasant has a consensus rating of "Moderate Buy" and an average target price of $41.67.

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.