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

Renasant Co. (NASDAQ:RNST) declared a quarterly dividend on Thursday, February 20th, RTT News reports. Investors 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 dividend payout ratio of 26.3% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Trading Down 0.7 %

Shares of Renasant stock traded down $0.26 on Thursday, hitting $37.34. The stock had a trading volume of 455,854 shares, compared to its average volume of 535,493. The stock’s 50-day simple moving average is $36.73 and its two-hundred day simple moving average is $35.11. Renasant has a one year low of $27.98 and a one year high of $39.63. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The stock has a market cap of $2.37 billion, a price-to-earnings ratio of 11.42 and a beta of 1.03.

Analysts Set New Price Targets

RNST has been the subject of several recent analyst reports. Raymond James reaffirmed an “outperform” rating and set a $44.00 price objective (up from $40.00) on shares of Renasant in a research note on Thursday, January 30th. Hovde Group lowered Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. StockNews.com lowered Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Piper Sandler upped their target price on Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $46.00 price target (up previously from $45.00) on shares of Renasant in a research note on Thursday, January 30th. One investment 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. According to data from MarketBeat, the stock currently 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.