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

Renasant Co. (NASDAQ:RNST) declared a quarterly dividend on Monday, August 18th, RTT News reports. Stockholders of record on Tuesday, September 16th will be given a dividend of 0.22 per share by the financial services provider on Tuesday, September 30th. This represents a c) annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, September 16th.

Renasant has a payout ratio of 25.8% 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 Stock Performance

RNST stock opened at $38.73 on Friday. The stock has a 50-day moving average price of $37.92 and a 200-day moving average price of $35.21. Renasant has a 1-year low of $26.97 and a 1-year high of $40.40. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The firm has a market cap of $3.68 billion, a PE ratio of 11.84 and a beta of 0.93.

Analysts Set New Price Targets

RNST has been the subject of several research reports. Hovde Group raised their target price on Renasant from $35.00 to $39.00 and gave the company a “market perform” rating in a research note on Wednesday, July 23rd. Raymond James Financial restated a “strong-buy” rating on shares of Renasant in a research note on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $41.67.

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. 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.