Renasant (NASDAQ:RNST) Shares Gap Up Following Better-Than-Expected Earnings

Renasant Co. (NASDAQ:RNST - Get Free Report)'s share price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $32.47, but opened at $33.86. Renasant shares last traded at $33.23, with a volume of 27,720 shares traded.

The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.07. Renasant had a return on equity of 6.98% and a net margin of 15.04%. The business had revenue of $318.34 million during the quarter, compared to analysts' expectations of $184.73 million. During the same period in the previous year, the business posted $0.75 earnings per share.

Renasant Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a $0.22 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.57%. Renasant's dividend payout ratio is 35.77%.

Analysts Set New Price Targets

RNST has been the subject of a number of research analyst reports. Hovde Group raised Renasant from a "market perform" rating to an "outperform" rating and lifted their price target for the company from $38.00 to $39.00 in a report on Monday, August 5th. Stephens upgraded Renasant from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $34.00 to $41.00 in a research report on Wednesday, July 31st. Truist Financial lowered their price objective on Renasant from $38.00 to $37.00 and set a "hold" rating for the company in a research report on Friday, September 20th. Raymond James upgraded Renasant from a "market perform" rating to an "outperform" rating and set a $39.00 price objective for the company in a research report on Wednesday, July 31st. Finally, Piper Sandler upgraded Renasant from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $34.00 to $40.00 in a research report on Monday, August 5th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Renasant has an average rating of "Moderate Buy" and an average target price of $39.33.

Hedge Funds Weigh In On Renasant

Institutional investors have recently modified their holdings of the stock. Quarry LP grew its position in shares of Renasant by 698.3% during the 2nd quarter. Quarry LP now owns 934 shares of the financial services provider's stock worth $29,000 after buying an additional 817 shares during the period. Hantz Financial Services Inc. acquired a new position in shares of Renasant during the 2nd quarter worth about $29,000. Meeder Asset Management Inc. acquired a new position in shares of Renasant during the 2nd quarter worth about $39,000. Innealta Capital LLC acquired a new position in shares of Renasant during the 2nd quarter worth about $48,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of Renasant by 41.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider's stock valued at $147,000 after purchasing an additional 1,404 shares during the period. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Renasant Price Performance

The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.92 and a current ratio of 0.93. The company has a 50-day moving average of $32.99 and a 200-day moving average of $31.64. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of 13.91 and a beta of 1.02.

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.