Renasant (NYSE:RNST) Posts Earnings Results, Beats Estimates By $0.09 EPS

Key Points

• Renasant beat expectations: the bank reported Q (quarter) EPS of $0.93, topping estimates by $0.09, with revenue of $278.49 million versus $275.91 million and a net margin of 12.55%.
• The stock was down 0.2% to $39.93 despite the beat, and analysts maintain a consensus "Buy" rating with a $44.00 target while the shares trade at a P/E of 18.83.
• Dividend and insider activity: Renasant paid a $0.23 quarterly dividend (2.3% yield, 43.4% payout ratio), and insiders sold about 19,850 shares (~$752k) in the last 90 days even as institutional ownership stands at 77.31%.

Renasant (NYSE:RNST - Get Free Report) released its quarterly earnings results on Tuesday. The company reported $0.93 EPS for the quarter, topping analysts' consensus estimates of $0.84 by $0.09, FiscalAI reports. Renasant had a net margin of 12.55% and a return on equity of 7.53%. The firm had revenue of $278.49 million during the quarter, compared to analysts' expectations of $275.91 million.

Renasant Stock Down 0.2%

RNST traded down $0.07 on Tuesday, reaching $39.93. 517,695 shares of the company traded hands, compared to its average volume of 715,156. Renasant has a one year low of $31.44 and a one year high of $42.11. The firm has a fifty day moving average price of $37.91. The firm has a market capitalization of $3.76 billion, a P/E ratio of 18.83 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.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th were issued a dividend of $0.23 per share. The ex-dividend date was Tuesday, March 17th. This represents a $0.92 dividend on an annualized basis and a yield of 2.3%. Renasant's dividend payout ratio (DPR) is presently 43.40%.

Analyst Ratings Changes

A number of equities analysts recently commented on RNST shares. Hovde Group lifted their price target on shares of Renasant from $41.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, January 30th. Wall Street Zen raised shares of Renasant from a "sell" rating to a "hold" rating in a research note on Sunday, March 8th. TD Cowen reaffirmed a "buy" rating on shares of Renasant in a research note on Thursday, January 29th. Finally, Weiss Ratings upgraded shares of Renasant from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, March 10th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company's stock. According to MarketBeat, Renasant currently has a consensus rating of "Buy" and a consensus target price of $44.00.

Insider Activity at Renasant

In related news, CAO Kelly Hutcheson sold 1,350 shares of Renasant stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $38.65, for a total transaction of $52,177.50. Following the completion of the sale, the chief accounting officer owned 16,728 shares in the company, valued at $646,537.20. This trade represents a 7.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO James C. Iv Mabry sold 12,500 shares of Renasant stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $37.83, for a total transaction of $472,875.00. Following the sale, the chief financial officer owned 105,337 shares of the company's stock, valued at $3,984,898.71. The trade was a 10.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 19,850 shares of company stock worth $752,333 in the last 90 days. 2.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Renasant

Large investors have recently modified their holdings of the business. Watershed Asset Management L.L.C. bought a new stake in shares of Renasant in the 4th quarter valued at about $403,000. Jane Street Group LLC bought a new stake in shares of Renasant in the 1st quarter valued at about $390,000. CIBC Bancorp USA Inc. bought a new stake in shares of Renasant in the 3rd quarter valued at about $371,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Renasant by 99.5% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 9,778 shares of the company's stock valued at $361,000 after purchasing an additional 4,876 shares in the last quarter. Finally, CIBC Asset Management Inc raised its holdings in shares of Renasant by 4.0% in the 4th quarter. CIBC Asset Management Inc now owns 9,296 shares of the company's stock valued at $327,000 after purchasing an additional 359 shares in the last quarter. Institutional investors own 77.31% of the company's stock.

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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