Renasant (NASDAQ:RNST) Shares Gap Up After Earnings Beat

Shares of Renasant Co. (NASDAQ:RNST) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $32.47, but opened at $33.86. Renasant shares last traded at $33.23, with a volume of 27,720 shares changing hands.

The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Renasant had a return on equity of 6.98% and a net margin of 15.04%. The business had revenue of $318.34 million for the quarter, compared to analyst estimates of $184.73 million. During the same quarter in the prior year, the firm posted $0.75 EPS.

Renasant Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.62%. The ex-dividend date of this dividend was Monday, September 16th. Renasant’s payout ratio is presently 35.77%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Stephens raised shares of Renasant from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $34.00 to $41.00 in a research report on Wednesday, July 31st. Hovde Group raised Renasant from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $38.00 to $39.00 in a report on Monday, August 5th. Truist Financial dropped their target price on shares of Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research report on Friday, September 20th. Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price target on the stock in a research report on Wednesday, July 31st. Finally, Piper Sandler upgraded shares of Renasant from a “neutral” rating to an “overweight” rating and increased their price target for the company from $34.00 to $40.00 in a research report on Monday, August 5th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $39.33.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Empowered Funds LLC lifted its holdings in Renasant by 22.2% during the 1st quarter. Empowered Funds LLC now owns 168,469 shares of the financial services provider’s stock worth $5,276,000 after purchasing an additional 30,630 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Renasant by 74.7% during the 1st quarter. BNP Paribas Financial Markets now owns 41,701 shares of the financial services provider’s stock worth $1,306,000 after purchasing an additional 17,836 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in shares of Renasant in the first quarter valued at approximately $4,124,000. Vanguard Group Inc. boosted its stake in shares of Renasant by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 6,416,896 shares of the financial services provider’s stock valued at $216,121,000 after buying an additional 16,417 shares during the period. Finally, Duncan Williams Asset Management LLC raised its holdings in Renasant by 19.9% in the 3rd quarter. Duncan Williams Asset Management LLC now owns 11,115 shares of the financial services provider’s stock valued at $361,000 after acquiring an additional 1,847 shares in the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

Renasant Trading Up 3.6 %

The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of 13.20 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a fifty day moving average price of $32.94 and a 200-day moving average price of $31.63.

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.