Renasant (NYSE:RNST) Posts Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Renasant (NYSE:RNST) announced its earnings results on Tuesday. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.09, FiscalAI reports. Renasant had a net margin of 12.55% and a return on equity of 7.53%. The business had revenue of $278.49 million during the quarter, compared to the consensus estimate of $275.91 million. During the same period in the prior year, the firm earned $0.65 earnings per share.

Renasant Stock Performance

Shares of Renasant stock traded up $0.58 during trading hours on Thursday, reaching $40.40. The company’s stock had a trading volume of 120,595 shares, compared to its average volume of 714,259. The business’s 50 day moving average price is $37.89. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.13. Renasant has a one year low of $31.81 and a one year high of $42.11. The stock has a market capitalization of $3.80 billion, a PE ratio of 19.06 and a beta of 0.95.

Renasant Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Tuesday, June 16th. This is an increase from Renasant’s previous quarterly dividend of $0.23. Renasant’s payout ratio is 43.40%.

Insider Transactions at Renasant

In other news, EVP Mark Jeanfreau sold 6,000 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $37.88, for a total value of $227,280.00. Following the transaction, the executive vice president directly owned 65,172 shares in the company, valued at approximately $2,468,715.36. This trade represents a 8.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Kelly Hutcheson sold 1,350 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $38.65, for a total transaction of $52,177.50. Following the completion of the transaction, the chief accounting officer owned 16,728 shares in the company, valued at approximately $646,537.20. The trade was a 7.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 19,850 shares of company stock worth $752,333. 2.07% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Mendon Capital Advisors Corp increased its holdings in shares of Renasant by 8.0% in the 4th quarter. Mendon Capital Advisors Corp now owns 270,000 shares of the company’s stock worth $9,509,000 after acquiring an additional 20,000 shares during the period. Empowered Funds LLC increased its holdings in shares of Renasant by 9.4% in the 4th quarter. Empowered Funds LLC now owns 302,176 shares of the company’s stock worth $10,643,000 after acquiring an additional 25,859 shares during the period. XTX Topco Ltd acquired a new stake in shares of Renasant in the 4th quarter worth about $802,000. Voloridge Investment Management LLC increased its holdings in shares of Renasant by 584.4% in the 4th quarter. Voloridge Investment Management LLC now owns 48,674 shares of the company’s stock worth $1,714,000 after acquiring an additional 41,562 shares during the period. Finally, Wellington Management Group LLP increased its holdings in shares of Renasant by 4.3% in the 4th quarter. Wellington Management Group LLP now owns 3,089,186 shares of the company’s stock worth $108,801,000 after acquiring an additional 126,405 shares during the period. 77.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on RNST shares. Weiss Ratings upgraded shares of Renasant from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, March 10th. TD Cowen reiterated a “buy” rating on shares of Renasant in a research note on Thursday. Hovde Group increased their price objective on shares of Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Wall Street Zen upgraded shares of Renasant from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. One investment analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $44.67.

Renasant Company Profile

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. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate–1-4 family mortgage; real estate–commercial mortgage; real estate–construction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.