Renasant (NASDAQ:RNST) Issues Earnings Results, Beats Estimates By $0.01 EPS

Posted by Jim Brewer on Jan 25th, 2023

Renasant (NASDAQ:RNST – Get Rating) announced its quarterly earnings data on Tuesday. The financial services provider reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.01, Briefing.com reports. Renasant had a net margin of 24.05% and a return on equity of 7.38%. The firm had revenue of $198.46 million for the quarter, compared to the consensus estimate of $172.70 million. During the same period in the previous year, the firm posted $0.68 earnings per share.

Renasant Stock Down 4.3 %

RNST stock traded down $1.54 during trading hours on Wednesday, hitting $34.63. The company’s stock had a trading volume of 10,236 shares, compared to its average volume of 190,048. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $1.94 billion, a PE ratio of 12.56 and a beta of 1.15. Renasant has a 12 month low of $27.61 and a 12 month high of $41.77. The stock has a 50 day moving average price of $38.35 and a two-hundred day moving average price of $35.60.

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Sunday, January 1st. Shareholders of record on Friday, December 16th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.54%. The ex-dividend date was Thursday, December 15th. Renasant’s dividend payout ratio is 31.43%.

Institutional Trading of Renasant

Several large investors have recently added to or reduced their stakes in the business. Teachers Retirement System of The State of Kentucky bought a new stake in Renasant in the third quarter worth approximately $517,000. Captrust Financial Advisors lifted its stake in shares of Renasant by 77.9% in the third quarter. Captrust Financial Advisors now owns 16,656 shares of the financial services provider’s stock worth $521,000 after buying an additional 7,295 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in shares of Renasant by 5.3% in the third quarter. Thrivent Financial for Lutherans now owns 57,835 shares of the financial services provider’s stock worth $1,809,000 after buying an additional 2,915 shares during the last quarter. Two Sigma Advisers LP lifted its stake in shares of Renasant by 11.1% in the third quarter. Two Sigma Advisers LP now owns 191,500 shares of the financial services provider’s stock worth $5,990,000 after buying an additional 19,100 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Renasant by 0.6% in the third quarter. Vanguard Group Inc. now owns 6,271,748 shares of the financial services provider’s stock worth $196,181,000 after buying an additional 38,846 shares during the last quarter. 76.10% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

RNST has been the topic of a number of research analyst reports. Stephens boosted their price objective on shares of Renasant from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Friday, October 28th. StockNews.com initiated coverage on shares of Renasant in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, Raymond James raised shares of Renasant from a “market perform” rating to an “outperform” rating and set a $41.00 price objective on the stock in a research report on Thursday, October 27th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $37.25.

Renasant Company Profile

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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. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities.