Renasant Co. (NASDAQ:RNST) Plans $0.22 Quarterly Dividend

Renasant Co. (NASDAQ:RNST) declared a quarterly dividend on Thursday, February 20th, RTT News reports. Shareholders of record on Monday, March 17th will be given a dividend of 0.22 per share by the financial services provider on Monday, March 31st. This represents a $0.88 annualized dividend and a yield of 2.36%.

Renasant has a payout ratio of 26.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Renasant to earn $3.53 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 24.9%.

Renasant Price Performance

Shares of NASDAQ RNST traded down $0.26 during mid-day trading on Thursday, hitting $37.34. 455,854 shares of the company’s stock traded hands, compared to its average volume of 535,493. The company has a market capitalization of $2.37 billion, a P/E ratio of 11.42 and a beta of 1.03. Renasant has a 1 year low of $27.98 and a 1 year high of $39.63. The company’s 50-day moving average is $36.73 and its two-hundred day moving average is $35.11. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94.

Analyst Upgrades and Downgrades

Several research firms have commented on RNST. StockNews.com lowered shares of Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $46.00 price target (up from $45.00) on shares of Renasant in a report on Thursday, January 30th. Raymond James reissued an “outperform” rating and issued a $44.00 price objective (up previously from $40.00) on shares of Renasant in a research note on Thursday, January 30th. Stephens upped their target price on Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Finally, Piper Sandler boosted their price objective on Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $42.83.

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. The company operates through Community Banks, Insurance, and Wealth Management segments. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and factoring equipment leasing services, as well as safe deposit and night depository facilities.