Renasant Corp (NYSE:RNST) Raises Dividend to $0.24 Per Share

Key Points

• Raised dividend to $0.24 quarterly (a 4.3% increase from $0.23), payable June 30 to holders of record on June 16; this equals an annualized $0.92 with a ~2.4% yield and a payout ratio of ~27%, with analysts forecasting earnings that suggest continued coverage.
• Quarterly earnings beat: Renasant reported $0.93 EPS vs. $0.84 expected and $278.5M revenue, and its shares are trading up (~1.3%) with a market cap of $3.82B and a PE of ~19.1.
• Insiders selling: Company insiders sold 19,850 shares (~$752K) over the past 90 days (insiders own 2.07%), while institutional investors hold about 77.3% of the stock.

Renasant Corp (NYSE:RNST - Get Free Report) announced a quarterly dividend on Tuesday, April 28th. Investors of record on Tuesday, June 16th will be paid a dividend of 0.24 per share on Tuesday, June 30th. This represents a c) dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Tuesday, June 16th. This is a 4.3% increase from Renasant's previous quarterly dividend of $0.23.

Renasant has raised its dividend by an average of 0.0%annually over the last three years. Renasant has a payout ratio of 27.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Renasant to earn $3.90 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 23.6%.

Renasant Trading Up 1.3%

Shares of RNST opened at $40.53 on Wednesday. Renasant has a 12-month low of $31.44 and a 12-month high of $42.11. The firm has a market capitalization of $3.82 billion, a PE ratio of 19.11 and a beta of 0.95. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.13. The business's 50-day simple moving average is $37.90.

Renasant (NYSE:RNST - Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported $0.93 EPS for the quarter, beating analysts' consensus estimates of $0.84 by $0.09. Renasant had a return on equity of 7.53% and a net margin of 12.55%.The firm had revenue of $278.49 million for the quarter, compared to analysts' expectations of $275.91 million. During the same quarter in the prior year, the firm earned $0.65 EPS. As a group, analysts forecast that Renasant will post 3.61 EPS for the current fiscal year.

Insider Buying and Selling at Renasant

In related news, CFO James C. Iv Mabry sold 12,500 shares of the business's stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $37.83, for a total value of $472,875.00. Following the completion of the sale, the chief financial officer directly owned 105,337 shares in the company, valued at approximately $3,984,898.71. The trade was a 10.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Jeanfreau sold 6,000 shares of the company's stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $37.88, for a total transaction of $227,280.00. Following the transaction, the executive vice president directly owned 65,172 shares of the company's stock, valued at $2,468,715.36. This trade represents a 8.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 19,850 shares of company stock worth $752,333 in the last 90 days. 2.07% of the stock is owned by company insiders.

Institutional Trading of Renasant

Institutional investors and hedge funds have recently made changes to their positions in the company. Jain Global LLC grew its stake in shares of Renasant by 408.5% in the third quarter. Jain Global LLC now owns 486,377 shares of the company's stock valued at $17,942,000 after buying an additional 390,733 shares in the last quarter. Channing Capital Management LLC acquired a new position in Renasant during the 3rd quarter worth approximately $60,815,000. New York State Common Retirement Fund boosted its holdings in Renasant by 113.1% in the 3rd quarter. New York State Common Retirement Fund now owns 733,356 shares of the company's stock worth $27,054,000 after acquiring an additional 389,155 shares during the period. Public Sector Pension Investment Board grew its position in Renasant by 17.9% in the third quarter. Public Sector Pension Investment Board now owns 370,597 shares of the company's stock valued at $13,671,000 after acquiring an additional 56,371 shares in the last quarter. Finally, Algebris UK Ltd. purchased a new stake in shares of Renasant during the third quarter valued at approximately $5,645,000. 77.31% of the stock is currently owned by institutional investors and hedge funds.

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. 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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