Renasant (NASDAQ:RNST) Announces Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Renasant (NASDAQ:RNST) released its earnings results on Tuesday. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07, Yahoo Finance reports. Renasant had a return on equity of 6.98% and a net margin of 15.04%. The firm had revenue of $318.34 million for the quarter, compared to analyst estimates of $184.73 million. During the same period in the previous year, the company earned $0.75 earnings per share.

Renasant Price Performance

Shares of Renasant stock opened at $32.47 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $1.83 billion, a price-to-earnings ratio of 13.20 and a beta of 1.02. The firm has a fifty day simple moving average of $32.94 and a 200-day simple moving average of $31.63. Renasant has a 1-year low of $22.99 and a 1-year high of $37.40.

Renasant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were issued a dividend of $0.22 per share. The ex-dividend date was Monday, September 16th. This represents a $0.88 annualized dividend and a yield of 2.71%. Renasant’s dividend payout ratio (DPR) is presently 35.77%.

Analyst Ratings Changes

Several analysts recently commented on the stock. Raymond James raised shares of Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 target price for the company in a research note on Wednesday, July 31st. Keefe, Bruyette & Woods upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $36.00 to $40.00 in a report on Friday, August 2nd. Piper Sandler upgraded shares of Renasant from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $34.00 to $40.00 in a report on Monday, August 5th. Hovde Group upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $38.00 to $39.00 in a research report on Monday, August 5th. Finally, Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $34.00 to $41.00 in a report on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Renasant presently has a consensus rating of “Moderate Buy” and an average price target of $39.33.

Renasant Company Profile

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.