Renasant (NASDAQ:RNST) Posts Earnings Results

Renasant (NASDAQ:RNST – Get Rating) released its quarterly earnings results on Tuesday. The financial services provider reported $0.89 EPS for the quarter, topping 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 company 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 earned $0.68 EPS.

Renasant Price Performance

Shares of NASDAQ RNST traded down $1.54 during midday trading on Wednesday, reaching $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 current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.20. The company has a 50 day moving average price of $38.35 and a 200 day moving average price of $35.60. Renasant has a one year low of $27.61 and a one year high of $41.77. The company has a market cap of $1.94 billion, a price-to-earnings ratio of 12.56 and a beta of 1.15.

Renasant Announces Dividend

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

Institutional Trading of Renasant

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Quadrature Capital Ltd purchased a new position in shares of Renasant in the third quarter worth approximately $202,000. Raymond James Financial Services Advisors Inc. increased its position in shares of Renasant by 13.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 6,225 shares of the financial services provider’s stock worth $208,000 after acquiring an additional 760 shares in the last quarter. Verition Fund Management LLC purchased a new position in shares of Renasant in the second quarter worth approximately $216,000. NewEdge Advisors LLC purchased a new position in shares of Renasant in the second quarter worth approximately $272,000. Finally, Captrust Financial Advisors increased its position in shares of Renasant by 12.1% in the first quarter. Captrust Financial Advisors now owns 9,143 shares of the financial services provider’s stock worth $306,000 after acquiring an additional 986 shares in the last quarter. 76.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

About Renasant

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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.