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

Renasant (NASDAQ:RNST - Get Free Report) posted its quarterly 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. The business had revenue of $318.34 million during the quarter, compared to analysts' expectations of $184.73 million. Renasant had a net margin of 15.04% and a return on equity of 6.98%. During the same quarter last year, the company posted $0.75 earnings per share.

Renasant Stock Performance

NASDAQ:RNST traded up $1.76 during trading hours on Wednesday, reaching $34.23. 784,793 shares of the company's stock were exchanged, compared to its average volume of 397,068. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of 13.20 and a beta of 1.02. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.18. Renasant has a 1-year low of $22.99 and a 1-year high of $37.40. The company has a 50-day moving average of $32.94 and a 200 day moving average of $31.63.

Renasant Announces Dividend

The company 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. This represents a $0.88 annualized dividend and a yield of 2.57%. The ex-dividend date was Monday, September 16th. Renasant's dividend payout ratio (DPR) is presently 35.77%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RNST. Hovde Group raised shares of Renasant from a "market perform" rating to an "outperform" rating and raised their target price for the stock from $38.00 to $39.00 in a report on Monday, August 5th. Stephens raised shares of Renasant from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $34.00 to $41.00 in a report on Wednesday, July 31st. 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 report on Wednesday, July 31st. Piper Sandler raised shares of Renasant from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $34.00 to $40.00 in a report on Monday, August 5th. Finally, Truist Financial reduced their target price on shares of Renasant from $38.00 to $37.00 and set a "hold" rating for the company in a report on Friday, September 20th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, Renasant has an average rating of "Moderate Buy" and a consensus price target of $39.33.

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.