Renasant Corp. to Issue Quarterly Dividend of $0.22 (NASDAQ:RNST)

Renasant Corp. (NASDAQ:RNST) declared a quarterly dividend on Tuesday, August 27th, NASDAQ reports. Stockholders of record on Monday, September 16th will be given a dividend of 0.22 per share by the financial services provider on Monday, September 30th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date of this dividend is Friday, September 13th.

Renasant has raised its dividend by an average of 4.7% per year over the last three years and has raised its dividend annually for the last 5 consecutive years. Renasant has a payout ratio of 29.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Renasant to earn $3.07 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 28.7%.

NASDAQ:RNST opened at $35.35 on Thursday. Renasant has a 1 year low of $28.02 and a 1 year high of $45.18. The firm has a 50 day moving average of $33.50 and a 200-day moving average of $35.01. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $1.99 billion, a P/E ratio of 11.78 and a beta of 1.23.

Renasant (NASDAQ:RNST) last posted its earnings results on Monday, July 22nd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. Renasant had a net margin of 24.65% and a return on equity of 8.69%. The company had revenue of $154.76 million during the quarter, compared to analysts’ expectations of $153.47 million. During the same quarter in the previous year, the company posted $0.74 earnings per share. As a group, analysts forecast that Renasant will post 3.03 EPS for the current fiscal year.

A number of research firms have recently issued reports on RNST. BidaskClub upgraded shares of Renasant from a “strong sell” rating to a “sell” rating in a research note on Thursday. DA Davidson began coverage on shares of Renasant in a research note on Tuesday, August 20th. They issued a “neutral” rating and a $37.00 target price for the company. SunTrust Banks cut their target price on shares of Renasant from $37.00 to $36.00 and set a “hold” rating for the company in a research note on Tuesday, August 27th. Finally, Zacks Investment Research cut shares of Renasant from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Three equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $36.75.

Renasant Company Profile

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, money market, individual retirement, and health savings accounts, as well as safe deposit and night depository facilities.

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Dividend History for Renasant (NASDAQ:RNST)

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