Renasant Co. Declares 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. Investors of record on Tuesday, September 16th will be paid a dividend of 0.22 per share by the financial services provider on Tuesday, September 30th. This represents a c) dividend on an annualized basis and a yield of 2.4%.

Renasant has a dividend payout ratio of 25.8% meaning its dividend is sufficiently covered by earnings. 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 Price Performance

RNST stock traded down $0.18 during mid-day trading on Monday, reaching $37.39. 426,836 shares of the company traded hands, compared to its average volume of 738,013. 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 company has a market capitalization of $3.55 billion, a P/E ratio of 11.43 and a beta of 0.94. Renasant has a 52-week low of $26.97 and a 52-week high of $39.63. The company has a fifty day moving average price of $36.80 and a 200-day moving average price of $35.09.

Analyst Ratings Changes

Several analysts have issued reports on the company. Keefe, Bruyette & Woods cut their target price on Renasant from $45.00 to $43.00 and set an "outperform" rating for the company in a research note on Tuesday, May 6th. Hovde Group upped their target price on Renasant from $35.00 to $39.00 and gave the company a "market perform" rating in a report on Wednesday, July 23rd. Finally, Raymond James Financial restated a "strong-buy" rating on shares of Renasant in a report on Wednesday, July 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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.

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