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

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

Renasant Stock Down 1.8 %

RNST stock traded down $0.65 during mid-day trading on Wednesday, reaching $35.52. 5,202 shares of the company traded hands, compared to its average volume of 189,875. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of 12.56 and a beta of 1.15. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.20. Renasant has a fifty-two week low of $27.61 and a fifty-two week high of $41.77. The firm’s 50 day moving average price is $38.35 and its 200 day moving average price is $35.60.

Renasant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, January 1st. Shareholders of record on Friday, December 16th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, December 15th. This represents a $0.88 dividend on an annualized basis and a yield of 2.48%. Renasant’s dividend payout ratio (DPR) is currently 31.43%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on RNST shares. Stephens lifted their price objective on Renasant from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Friday, October 28th. Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $41.00 target price for the company in a research note on Thursday, October 27th. Finally, StockNews.com assumed coverage on Renasant in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $37.25.

Hedge Funds Weigh In On Renasant

A number of hedge funds have recently added to or reduced their stakes in the stock. Teachers Retirement System of The State of Kentucky acquired a new position in Renasant during the 3rd quarter valued at about $517,000. Captrust Financial Advisors boosted its stake in Renasant by 77.9% during the 3rd quarter. Captrust Financial Advisors now owns 16,656 shares of the financial services provider’s stock valued at $521,000 after purchasing an additional 7,295 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in Renasant by 5.3% during the 3rd quarter. Thrivent Financial for Lutherans now owns 57,835 shares of the financial services provider’s stock valued at $1,809,000 after purchasing an additional 2,915 shares during the last quarter. Two Sigma Advisers LP boosted its stake in shares of Renasant by 11.1% in the 3rd 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. boosted its stake in shares of Renasant by 0.6% in the 3rd 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. Institutional investors and hedge funds own 76.10% of the company’s stock.

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.