Renasant Corp. Plans Quarterly Dividend of $0.21 (RNST)
Renasant Corp. (NASDAQ:RNST) declared a quarterly dividend on Monday, March 11th, RTT News reports. Stockholders of record on Thursday, March 21st will be paid a dividend of 0.21 per share by the financial services provider on Friday, March 29th. This represents a $0.84 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend is Wednesday, March 20th.
Renasant has increased its dividend payment by an average of 4.7% per year over the last three years and has increased its dividend annually for the last 5 consecutive years. Renasant has a dividend payout ratio of 28.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Renasant to earn $3.36 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 25.0%.
NASDAQ:RNST opened at $37.80 on Friday. Renasant has a 1-year low of $28.02 and a 1-year high of $49.78. The company has a current ratio of 0.95, a quick ratio of 0.91 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $2.19 billion, a price-to-earnings ratio of 12.60 and a beta of 1.24.
In other news, EVP James W. Gray sold 2,504 shares of the firm’s stock in a transaction dated Wednesday, February 20th. The stock was sold at an average price of $38.33, for a total transaction of $95,978.32. Following the sale, the executive vice president now owns 58,072 shares of the company’s stock, valued at $2,225,899.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 3.41% of the company’s stock.
Several equities analysts have weighed in on RNST shares. TheStreet raised Renasant from a “c+” rating to a “b-” rating in a research note on Wednesday, February 20th. Stephens reissued a “hold” rating and issued a $36.00 target price on shares of Renasant in a research note on Wednesday, December 19th. Zacks Investment Research raised Renasant from a “sell” rating to a “hold” rating in a research note on Thursday, January 17th. Finally, BidaskClub raised Renasant from a “sell” rating to a “hold” rating in a research note on Wednesday, February 20th. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. Renasant currently has a consensus rating of “Hold” and an average price target of $41.00.
Renasant Corporation operates as a bank holding company for Renasant Bank, which 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, money market, individual retirement, and health savings accounts, as well as safe deposit and night depository facilities.
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