Renasant (NYSE:RNST) Issues Quarterly Earnings Results, Misses Expectations By $0.08 EPS

by · The Markets Daily

Renasant (NYSE:RNST – Get Free Report) issued its earnings results on Tuesday. The company reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.08), FiscalAI reports. Renasant had a return on equity of 8.67% and a net margin of 19.94%. The company had revenue of $272.96 million during the quarter, compared to analysts’ expectations of $282.34 million.

Renasant Stock Performance

Shares of NYSE RNST traded down $0.15 during midday trading on Tuesday, hitting $41.60. 537,579 shares of the company’s stock traded hands, compared to its average volume of 696,458. Renasant has a 1 year low of $33.04 and a 1 year high of $44.54. The stock has a market capitalization of $3.80 billion, a price-to-earnings ratio of 12.45 and a beta of 1.01. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.90 and a current ratio of 0.91. The firm has a fifty day moving average of $40.51 and a 200 day moving average of $40.07.

Renasant Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Wednesday, September 16th. Renasant’s payout ratio is currently 28.74%.

Insider Buying and Selling at Renasant

In other news, Director Edward Mcgraw sold 35,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $43.88, for a total value of $1,535,800.00. Following the transaction, the director owned 211,458 shares in the company, valued at $9,278,777.04. This represents a 14.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.07% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on RNST shares. Piper Sandler boosted their target price on shares of Renasant from $46.00 to $48.00 and gave the company an “overweight” rating in a research note on Thursday, July 30th. Weiss Ratings raised Renasant from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Finally, TD Cowen dropped their price target on Renasant from $49.00 to $46.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Four analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $46.67.

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About Renasant

(Get Free Report)

Renasant Corporation is a financial services holding company headquartered in Tupelo, Mississippi. Through its principal subsidiary, Renasant Bank, the company provides banking and related financial services to individuals, families, small businesses, commercial clients and other organizations.

Renasant Bank offers deposit accounts, consumer and commercial lending, residential mortgages, treasury management and other business banking services. Its broader offerings also include wealth management, trust and investment services, financial planning and insurance-related solutions.

Renasant traces its banking history to 1904 and has expanded through organic growth and acquisitions.

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