Renasant Corp (NYSE:RNST) Plans $0.24 Quarterly Dividend

Key Points

• Renasant declared a quarterly dividend of $0.24 per share, payable September 30 to shareholders of record on September 16. The dividend implies a $0.96 annualized payout and a 2.2% yield.
• The dividend appears well covered, with a current payout ratio of 28.2% and an expected future payout ratio of 24.4% based on projected earnings.
• Renasant exceeded quarterly earnings expectations, reporting $0.94 in EPS versus the $0.91 consensus estimate. Analysts maintain a consensus “Buy” rating and an average price target of $47.67.

Renasant Corp (NYSE:RNST - Get Free Report) announced a quarterly dividend on Wednesday, August 12th. Stockholders of record on Wednesday, September 16th will be paid a dividend of 0.24 per share on Wednesday, September 30th. This represents a c) dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 16th.

Renasant has raised its dividend payment by an average of 0.0%annually over the last three years. Renasant has a payout ratio of 28.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Renasant to earn $3.94 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 24.4%.

Renasant Stock Performance

Shares of Renasant stock opened at $43.86 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.91 and a quick ratio of 0.90. The firm has a market cap of $4.01 billion, a price-to-earnings ratio of 13.13 and a beta of 0.98. The stock's 50-day moving average is $42.84 and its 200-day moving average is $40.26. Renasant has a one year low of $33.04 and a one year high of $44.54.

Renasant (NYSE:RNST - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $0.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.03. Renasant had a return on equity of 8.67% and a net margin of 19.94%.The business had revenue of $573.62 million during the quarter, compared to the consensus estimate of $280.71 million. During the same period last year, the company earned $0.01 earnings per share. Equities analysts predict that Renasant will post 3.79 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RNST has been the topic of a number of research reports. Weiss Ratings raised shares of Renasant from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday. Piper Sandler raised their target price on shares of Renasant from $46.00 to $48.00 and gave the company an "overweight" rating in a research report on Thursday, July 30th. Hovde Group lifted their price target on shares of Renasant from $44.00 to $46.00 and gave the company an "outperform" rating in a research note on Wednesday, April 29th. Finally, TD Cowen lifted their price target on shares of Renasant from $48.00 to $49.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Four research analysts have rated the stock with a Buy rating, According to MarketBeat, Renasant currently has an average rating of "Buy" and an average target price of $47.67.

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. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate–1-4 family mortgage; real estate–commercial mortgage; real estate–construction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.

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