Renasant (NASDAQ:RNST) Announces Earnings Results

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

Renasant Stock Performance

NASDAQ RNST opened at $34.23 on Thursday. The company has a 50-day simple moving average of $32.99 and a two-hundred day simple moving average of $31.64. Renasant has a 12-month low of $22.99 and a 12-month high of $37.40. The firm has a market cap of $1.93 billion, a price-to-earnings ratio of 13.91 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 Dividend Announcement

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

Analysts Set New Price Targets

Several analysts have commented on RNST shares. Raymond James raised shares of Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price objective on the stock in a research report on Wednesday, July 31st. Truist Financial decreased their target price on Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research report on Friday, September 20th. Piper Sandler raised 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 report on Monday, August 5th. Hovde Group raised shares of Renasant from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $38.00 to $39.00 in a research report on Monday, August 5th. Finally, Stephens raised Renasant from an “equal weight” rating to an “overweight” rating and lifted their target price 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 given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus 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.