Renasant (RNST) to Release Earnings on Tuesday

Key Points

• Renasant (NASDAQ:RNST) is scheduled to release its earnings on Tuesday, October 28th, with expectations of $0.79 earnings per share and $271.96 million in revenue for the quarter.
• The company recently declared a quarterly dividend of $0.22 per share, reflecting an annualized dividend of $0.88 and a dividend yield of 2.5% with a payout ratio of 34.65%.
• Renasant's stock has been positively viewed by analysts, with price targets ranging from $39.00 to $45.00 and an overall average rating of "Buy."

Renasant (NASDAQ:RNST - Get Free Report) is projected to post its results after the market closes on Tuesday, October 28th. Analysts expect Renasant to post earnings of $0.79 per share and revenue of $271.9580 million for the quarter.

Renasant Price Performance

Shares of NASDAQ:RNST opened at $34.92 on Tuesday. The business has a 50-day simple moving average of $37.57 and a two-hundred day simple moving average of $35.63. The firm has a market cap of $3.32 billion, a price-to-earnings ratio of 10.68 and a beta of 0.89. Renasant has a fifty-two week low of $26.97 and a fifty-two week high of $40.40. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.

Renasant Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $0.88 annualized dividend and a dividend yield of 2.5%. Renasant's dividend payout ratio is presently 34.65%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RNST. State Street Corp grew its stake in shares of Renasant by 14.1% during the 2nd quarter. State Street Corp now owns 4,812,696 shares of the financial services provider's stock valued at $172,920,000 after acquiring an additional 595,609 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Renasant by 48.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 910,983 shares of the financial services provider's stock valued at $32,732,000 after acquiring an additional 298,077 shares during the period. Mendon Capital Advisors Corp bought a new position in shares of Renasant during the 2nd quarter valued at approximately $8,982,000. Bank of America Corp DE grew its stake in shares of Renasant by 8.5% during the 2nd quarter. Bank of America Corp DE now owns 839,332 shares of the financial services provider's stock valued at $30,157,000 after acquiring an additional 66,077 shares during the period. Finally, California State Teachers Retirement System boosted its stake in Renasant by 65.5% in the 2nd quarter. California State Teachers Retirement System now owns 86,135 shares of the financial services provider's stock worth $3,095,000 after purchasing an additional 34,077 shares during the period. 77.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on RNST shares. Hovde Group upped their price target on shares of Renasant from $35.00 to $39.00 and gave the company a "market perform" rating in a research report on Wednesday, July 23rd. TD Cowen started coverage on shares of Renasant in a research report on Thursday, September 25th. They set a "buy" rating and a $45.00 price target for the company. Cowen started coverage on shares of Renasant in a research report on Wednesday, September 24th. They set a "buy" rating for the company. Finally, Raymond James Financial reaffirmed a "strong-buy" rating on shares of Renasant in a research report on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Renasant has an average rating of "Buy" and an average price target of $43.00.

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. 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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