Renasant Corp Announces Quarterly Dividend of $0.23 (NYSE:RNST)

Renasant Corp (NYSE:RNST) declared a quarterly dividend on Wednesday, February 11th. Investors of record on Tuesday, March 17th will be given a dividend of 0.23 per share on Tuesday, March 31st. This represents a c) annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, March 17th.

Renasant has raised its dividend payment by an average of 0.0%per year over the last three years. Renasant has a dividend payout ratio of 27.0% meaning its dividend is sufficiently covered by earnings.

Renasant Price Performance

Shares of RNST opened at $35.70 on Friday. The company has a market cap of $3.36 billion, a price-to-earnings ratio of 16.84 and a beta of 0.97. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.13. Renasant has a 1-year low of $26.97 and a 1-year high of $42.11. The firm’s 50-day moving average is $38.22.

Renasant (NYSE:RNST) last issued its earnings results on Tuesday, January 27th. The company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.11. The business had revenue of $278.52 million for the quarter, compared to the consensus estimate of $269.00 million. Renasant had a net margin of 12.55% and a return on equity of 7.53%.

Insider Buying and Selling

In other Renasant news, CFO James C. Iv Mabry sold 12,500 shares of the company’s stock in a transaction on Friday, January 30th. The stock was sold at an average price of $37.83, for a total transaction of $472,875.00. Following the completion of the sale, the chief financial officer owned 105,337 shares in the company, valued at $3,984,898.71. This represents a 10.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark Jeanfreau sold 6,000 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $37.88, for a total value of $227,280.00. Following the sale, the executive vice president directly owned 65,172 shares in the company, valued at approximately $2,468,715.36. The trade was a 8.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 19,850 shares of company stock valued at $752,333 over the last 90 days. Corporate insiders own 2.81% of the company’s stock.

Institutional Trading of Renasant

A number of institutional investors have recently modified their holdings of RNST. First Horizon Corp purchased a new position in shares of Renasant in the 3rd quarter worth approximately $25,000. EverSource Wealth Advisors LLC lifted its position in Renasant by 68.7% during the third quarter. EverSource Wealth Advisors LLC now owns 857 shares of the company’s stock valued at $32,000 after acquiring an additional 349 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Renasant by 42.8% in the third quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company’s stock valued at $42,000 after acquiring an additional 345 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in Renasant by 241.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the company’s stock valued at $43,000 after acquiring an additional 867 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in Renasant in the fourth quarter worth $60,000. 77.31% of the stock is currently owned by institutional investors.

About Renasant

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. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate–1-4 family mortgage; real estate–commercial mortgage; real estate–construction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.