Renasant (NASDAQ:RNST) Announces Earnings Results, Beats Expectations By $0.11 EPS

Renasant (NASDAQ:RNST) announced its quarterly earnings results on Monday. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.11, Fidelity Earnings reports. Renasant had a net margin of 12.63% and a return on equity of 5.15%. During the same period in the previous year, the firm earned $0.67 earnings per share.

Shares of NASDAQ:RNST traded up $0.48 on Wednesday, reaching $38.91. The company’s stock had a trading volume of 846,630 shares, compared to its average volume of 392,072. The stock’s 50-day moving average is $35.19 and its two-hundred day moving average is $28.82. Renasant has a 52-week low of $18.22 and a 52-week high of $39.79. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.98 and a quick ratio of 0.95. The stock has a market capitalization of $2.19 billion, a P/E ratio of 24.32 and a beta of 1.29.

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The firm also recently announced a quarterly dividend, which was paid on Friday, January 1st. Stockholders of record on Friday, December 18th were issued a $0.22 dividend. The ex-dividend date of this dividend was Thursday, December 17th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.26%. Renasant’s payout ratio is 30.24%.

In other news, CFO James C. Iv Mabry purchased 28,000 shares of the company’s stock in a transaction dated Monday, November 2nd. The shares were acquired at an average cost of $28.98 per share, for a total transaction of $811,440.00. Following the completion of the purchase, the chief financial officer now directly owns 60,286 shares in the company, valued at approximately $1,747,088.28. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP James W. Gray sold 832 shares of the business’s stock in a transaction dated Friday, November 20th. The stock was sold at an average price of $31.55, for a total transaction of $26,249.60. Following the transaction, the executive vice president now owns 30,292 shares in the company, valued at $955,712.60. The disclosure for this sale can be found here. 3.99% of the stock is currently owned by corporate insiders.

Separately, Piper Sandler boosted their price target on shares of Renasant from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Thursday, October 29th. Four analysts have rated the stock with a hold rating, The stock currently has an average rating of “Hold” and a consensus price target of $27.00.

About Renasant

Renasant Corporation operates as a bank holding company for Renasant Bank, which 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.

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