Renasant Inc (NASDAQ:RNST) Announces Earnings, Beats Expectations by $0.04 EPS
Renasant (NASDAQ:RNST) released its quarterly results on Tuesday. The financial services provider reported earnings per share of $0.68 for the quarter, beating the consensus estimate of $0.64 by $0.04, Briefing.com reports. The company posted revenue of $159.50 million in the quarter, compared to $149.73 million expected by analysts. Renasant had a net margin of 23.63% and a return on equity of 7.71%. The company’s quarterly revenue was down 13.7% year over year. During the same period last year, the company achieved EPS of $0.68.
Renasant stock opened at $38.78 on Wednesday. Renasant has a 12-month low of $32.06 and a 12-month high of $46.97. The company has a quick ratio of 0.85, a current ratio of 0.89 and a debt ratio of 0.21. The company’s 50-day moving average price is $38.18 and its two-hundred-day moving average price is $37.04. The stock has a market capitalization of $2.16 billion, a PE ratio of 12.88 and a beta of 1.17.
The company also recently announced a quarterly dividend, which was paid on Saturday, January 1. Shareholders of record on Friday, December 17 received a dividend of $0.22. This represents a dividend of $0.88 on an annualized basis and a yield of 2.27%. The ex-dividend date was Thursday, December 16. Renasant’s dividend payout ratio is currently 29.24%.
Separately, Zacks Investment Research moved Renasant shares from a “hold” rating to a “buy” rating and set a target price of $42.00 for the company in a research note on Saturday, January 1.
Several large investors have recently increased or reduced their stake in the company. Morgan Stanley increased its stake in Renasant shares by 56.8% in the second quarter. Morgan Stanley now owns 259,019 shares of the financial services provider worth $10,361,000 after acquiring an additional 93,811 shares during the period. Millennium Management LLC acquired a new stock position in Renasant during the third quarter worth approximately $988,000. Janus Henderson Group PLC acquired a new position in shares of Renasant during the third quarter worth approximately $205,000. Finally, the Royal Bank of Canada increased its holdings in Renasant by 38.4% during the third quarter. Royal Bank of Canada now owns 9,922 shares of the financial services provider worth $358,000 after buying 2,755 more shares last quarter. Institutional investors hold 77.55% of the company’s shares.
Renasant Corp. is a bank holding company that provides financial, trust and insurance services. It operates through the following segments: community banks, insurance, wealth management and others. The community banking segment provides banking and financial services to individuals and small and medium-sized businesses, including checking and savings accounts, business and personal loans, interim construction loans, specialized commercial loans, as well as as safes and night deposits.
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