Renasant Corp. (NASDAQ:RNST) announced a quarterly dividend on Thursday, August 9th, Zacks reports. Shareholders of record on Friday, September 14th will be given a dividend of 0.20 per share by the financial services provider on Friday, September 28th. This represents a $0.80 annualized dividend and a yield of 1.75%. The ex-dividend date is Thursday, September 13th.
Renasant has decreased its dividend payment by an average of 14.0% annually over the last three years and has raised its dividend every year for the last 4 years. Renasant has a dividend payout ratio of 26.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Renasant to earn $3.40 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 23.5%.
Shares of RNST stock traded up $0.04 during trading hours on Friday, hitting $45.84. 250,814 shares of the company’s stock were exchanged, compared to its average volume of 113,584. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.95 and a quick ratio of 0.92. The company has a market cap of $2.26 billion, a price-to-earnings ratio of 18.94 and a beta of 0.88. Renasant has a fifty-two week low of $37.75 and a fifty-two week high of $49.78.
Renasant (NASDAQ:RNST) last announced its earnings results on Tuesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.74. The business had revenue of $127.97 million during the quarter, compared to the consensus estimate of $127.80 million. Renasant had a return on equity of 8.73% and a net margin of 20.66%. During the same period in the prior year, the company posted $0.57 EPS. analysts anticipate that Renasant will post 2.99 earnings per share for the current fiscal year.
Several research analysts have recently weighed in on RNST shares. Raymond James downgraded Renasant from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 10th. BidaskClub downgraded Renasant from a “buy” rating to a “hold” rating in a research note on Monday, May 14th. Zacks Investment Research downgraded Renasant from a “buy” rating to a “sell” rating in a research note on Tuesday, June 5th. Finally, Stephens reaffirmed a “hold” rating and set a $50.00 target price on shares of Renasant in a research note on Monday, August 20th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $47.20.
In other news, Director Michael D. Shmerling acquired 1,000 shares of Renasant stock in a transaction that occurred on Friday, August 3rd. The stock was purchased at an average cost of $45.00 per share, with a total value of $45,000.00. Following the purchase, the director now owns 159,357 shares in the company, valued at $7,171,065. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.41% of the stock is currently owned by corporate insiders.
Renasant Corporation operates as a bank holding company for Renasant Bank, which 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, money market, individual retirement, and health savings accounts, as well as safe deposit and night depository facilities.
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