Welcome to our dedicated page for Renasant news (Ticker: RNST), a resource for investors and traders seeking the latest updates and insights on Renasant stock.
Renasant Corporation (RNST) delivers community-focused financial services through banking, insurance, and wealth management solutions. This news hub provides investors and stakeholders with official updates and strategic developments from the 120-year-old regional institution.
Track earnings announcements, leadership changes, and operational milestones alongside insights into RNST's community partnerships. Our curated collection ensures timely access to press releases and verified news affecting the company's regional market position.
Discover updates across key business areas including small business lending programs, insurance product expansions, and wealth management innovations. All content undergoes strict verification to maintain compliance with financial reporting standards.
Bookmark this page for streamlined access to RNST's evolving story. Combine historical perspective with current developments to better understand this Mississippi-born institution's growth strategy in Southern financial markets.
Renasant (NYSE: RNST) has announced a quarterly cash dividend of $0.22 per share. The dividend was approved by the company's board of directors and is set to be paid on September 30, 2024. Shareholders who are on record as of September 16, 2024, will be eligible to receive this dividend. This announcement demonstrates Renasant's commitment to providing regular returns to its shareholders, which can be seen as a positive sign of the company's financial health and confidence in its future performance.
Renasant (NYSE: RNST) has successfully completed its public offering of 7,187,500 shares of common stock at $32.00 per share, including 937,500 additional shares due to the underwriters exercising their full option. The offering generated gross proceeds of $230.0 million, with expected net proceeds of approximately $217.0 million after deducting expenses. Renasant plans to use the funds for general corporate purposes, supporting growth, investments in Renasant Bank, and potential strategic acquisitions.
Stephens Inc. led the offering as the book-running manager, with Raymond James & Associates as joint book-running manager. The offering was made through a prospectus supplement and base prospectus, available on the SEC's website.
Renasant (NYSE: RNST) has announced the pricing of a public offering of 6,250,000 shares of its common stock at $32.00 per share, raising an aggregate of $200.0 million. The company has also granted underwriters a 30-day option to purchase up to an additional 937,500 shares. Stephens Inc. is the lead book-running manager, with Raymond James & Associates, Inc. as joint book-running manager. The net proceeds, estimated at $190.0 million, will be used for general corporate purposes, including investments in Renasant Bank and potential strategic acquisitions. The offering is being made through a prospectus supplement and accompanying base prospectus, with details available on the SEC's website.
Renasant (NYSE: RNST) and The First Bancshares, Inc. (NYSE: FBMS) have announced a $1.2 billion all-stock merger, creating a six-state Southeastern banking franchise with approximately $25 billion in total assets. The merger, expected to close in the first half of 2025, will result in a combined entity with $18 billion in total loans and $21 billion in total deposits.
Key points:
- The First shareholders will receive 1.00 share of Renasant common stock for each share held
- The merger is expected to be immediately accretive to Renasant's earnings per share
- Renasant announced a $10.3 billion, five-year Community Benefit Plan
- The First's CEO, M. Ray 'Hoppy' Cole, will join Renasant's board of directors
Renasant (NYSE: RNST) announced its Q2 2024 earnings. Net income was $38.8 million with diluted EPS at $0.69, slightly down from Q1 2024 but up from Q2 2023. Net interest income rose to $127.6 million, and net interest margin improved to 3.31%. Noninterest income fell by $2.6 million due to a decline in mortgage banking income. Loans grew by $104.2 million, while deposits increased by $18.1 million. The company sold its insurance agency assets for $56.4 million, impacting Q3 earnings. Nonperforming loans increased to 0.78% of total loans. The allowance for credit losses was 1.59% of total loans.
Renasant (NYSE: RNST) will release its 2024 second quarter results after the NYSE closes on Tuesday, July 23, 2024. A webcast and conference call with executive management will follow on Wednesday, July 24, 2024, at 10:00 AM Eastern Time (9:00 AM Central Time). The event can be accessed via Renasant's investor relations website or the provided Chorus Call link. For telephone access within the U.S., dial 1-877-513-1143, and international participants can dial 1-412-902-4145. The webcast will be archived on the Renasant website for one year, and a replay will be available by dialing 1-877-344-7529 (U.S.) or 1-412-317-0088 (internationally) with conference number 8556122 until August 7, 2024.
Renasant (NYSE: RNST) has sold its insurance arm, Renasant Insurance, to Sunstar Insurance Group, effective July 1, 2024.
Sunstar, a significant regional insurance broker and risk management consultant, will rebrand Renasant Insurance to 'Sunstar Insurance Services.' The acquisition marks Sunstar's entry into Mississippi and will retain all current Renasant Insurance staff and locations.
Customers will benefit from an expanded suite of products, and Renasant will keep a strategic relationship with Sunstar, offering banking clients access to Sunstar's insurance and employee benefits services.
Piper Sandler & Co. was the exclusive financial advisor, and Phelps Dunbar LLP served as legal counsel for Renasant.
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