Renasant (NASDAQ:RNST) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Renasant (NASDAQ:RNST) released its earnings results on Tuesday. The financial services provider reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02, Briefing.com reports. Renasant had a net margin of 15.94% and a return on equity of 7.98%. The company had revenue of $254.56 million during the quarter, compared to analysts’ expectations of $159.60 million. During the same period last year, the business earned $0.82 EPS.

Renasant Price Performance

Shares of Renasant stock opened at $30.54 on Wednesday. The firm has a market cap of $1.72 billion, a PE ratio of 11.84 and a beta of 1.03. The business has a 50-day moving average price of $30.37 and a 200 day moving average price of $29.87. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.19. Renasant has a twelve month low of $22.99 and a twelve month high of $34.85.

Renasant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.88%. The ex-dividend date of this dividend is Friday, June 14th. Renasant’s payout ratio is currently 34.11%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on RNST. Stephens lifted their price objective on shares of Renasant from $36.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 30th. StockNews.com downgraded Renasant from a “hold” rating to a “sell” rating in a research note on Friday, April 19th. Truist Financial reduced their price objective on Renasant from $35.00 to $33.00 and set a “hold” rating for the company in a research note on Monday, April 1st. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Renasant from $34.00 to $35.00 and gave the company a “market perform” rating in a research note on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $33.00.

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.