Renasant (NYSE:RNST) Announces Earnings Results, Misses Estimates By $0.08 EPS

Renasant (NYSE:RNST) posted its quarterly earnings data on Tuesday. The company reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.08), FiscalAI reports. The business had revenue of $272.96 million for the quarter, compared to analysts’ expectations of $282.34 million. Renasant had a net margin of 19.94% and a return on equity of 8.67%. During the same quarter in the previous year, the firm earned $0.77 EPS.

Renasant Stock Performance

Shares of Renasant stock opened at $40.14 on Thursday. The firm has a market cap of $3.67 billion, a P/E ratio of 12.02 and a beta of 0.97. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.21. Renasant has a 12 month low of $33.04 and a 12 month high of $44.54. The stock’s fifty day moving average price is $40.39 and its 200-day moving average price is $40.15.

Renasant Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.4%. Renasant’s payout ratio is 26.89%.

Insiders Place Their Bets

In other Renasant news, Director Edward Mcgraw sold 35,000 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $43.88, for a total transaction of $1,535,800.00. Following the transaction, the director directly owned 211,458 shares in the company, valued at $9,278,777.04. This represents a 14.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.07% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. TD Cowen decreased their target price on Renasant from $49.00 to $46.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Piper Sandler upped their price target on shares of Renasant from $46.00 to $48.00 and gave the stock an “overweight” rating in a report on Thursday, July 30th. Raymond James Financial downgraded shares of Renasant from a “strong-buy” rating to an “outperform” rating and reduced their price target for the stock from $50.00 to $45.00 in a research note on Thursday. Finally, Weiss Ratings upgraded shares of Renasant from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Five analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, Renasant presently has an average rating of “Buy” and a consensus price target of $46.25.

About Renasant

Renasant Corporation is a financial services holding company headquartered in Tupelo, Mississippi. Through its principal subsidiary, Renasant Bank, the company provides banking and related financial services to individuals, families, small businesses, commercial clients and other organizations.

Renasant Bank offers deposit accounts, consumer and commercial lending, residential mortgages, treasury management and other business banking services. Its broader offerings also include wealth management, trust and investment services, financial planning and insurance-related solutions.

Renasant traces its banking history to 1904 and has expanded through organic growth and acquisitions.