Brokerages Anticipate Renasant Corp. (RNST) Will Post Quarterly Sales of $124.50 Million

Brokerages predict that Renasant Corp. (NASDAQ:RNST) will announce sales of $124.50 million for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Renasant’s earnings, with estimates ranging from $123.20 million to $125.80 million. Renasant posted sales of $108.12 million during the same quarter last year, which suggests a positive year-over-year growth rate of 15.1%. The firm is expected to report its next quarterly earnings results on Tuesday, January 16th.

According to Zacks, analysts expect that Renasant will report full-year sales of $124.50 million for the current financial year, with estimates ranging from $466.50 million to $474.80 million. For the next year, analysts anticipate that the business will post sales of $520.20 million per share, with estimates ranging from $513.80 million to $526.60 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for Renasant.

Renasant (NASDAQ:RNST) last announced its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.08). The firm had revenue of $123.43 million during the quarter, compared to the consensus estimate of $127.07 million. Renasant had a net margin of 20.44% and a return on equity of 8.15%. During the same period last year, the business earned $0.59 earnings per share.

Several research firms recently issued reports on RNST. ValuEngine upgraded shares of Renasant from a “hold” rating to a “buy” rating in a report on Monday, September 18th. Zacks Investment Research raised shares of Renasant from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research note on Wednesday, September 20th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $43.00 price target on shares of Renasant in a research note on Friday, September 29th. Finally, BidaskClub downgraded shares of Renasant from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. Five equities research analysts have rated the stock with a hold rating, Renasant presently has an average rating of “Hold” and an average price target of $44.67.

In other news, EVP William Mark Williams sold 7,000 shares of the business’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $41.32, for a total transaction of $289,240.00. Following the completion of the sale, the executive vice president now directly owns 21,652 shares of the company’s stock, valued at $894,660.64. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director J Niles Mcneel sold 10,000 shares of the business’s stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $42.39, for a total transaction of $423,900.00. Following the sale, the director now directly owns 29,921 shares of the company’s stock, valued at $1,268,351.19. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,729 shares of company stock valued at $1,356,863. 3.86% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the company. Amalgamated Bank grew its position in Renasant by 1.2% during the second quarter. Amalgamated Bank now owns 5,415 shares of the financial services provider’s stock valued at $237,000 after buying an additional 65 shares during the period. Legal & General Group Plc lifted its holdings in Renasant by 1.1% in the 2nd quarter. Legal & General Group Plc now owns 16,021 shares of the financial services provider’s stock valued at $702,000 after purchasing an additional 178 shares in the last quarter. Ameritas Investment Partners Inc. lifted its holdings in Renasant by 7.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,792 shares of the financial services provider’s stock valued at $166,000 after purchasing an additional 264 shares in the last quarter. Great Lakes Advisors LLC lifted its holdings in Renasant by 5.7% in the 2nd quarter. Great Lakes Advisors LLC now owns 6,531 shares of the financial services provider’s stock valued at $286,000 after purchasing an additional 351 shares in the last quarter. Finally, Advisor Group Inc. raised its holdings in shares of Renasant by 13.3% during the 2nd quarter. Advisor Group Inc. now owns 3,168 shares of the financial services provider’s stock worth $138,000 after acquiring an additional 371 shares during the period. 64.66% of the stock is owned by institutional investors.

Shares of Renasant (RNST) traded down $0.26 during trading hours on Friday, hitting $41.29. 89,646 shares of the stock were exchanged, compared to its average volume of 189,201. The firm has a market capitalization of $2,077.86, a price-to-earnings ratio of 18.85 and a beta of 1.00. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.14. Renasant has a 52 week low of $37.68 and a 52 week high of $45.31.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be given a dividend of $0.19 per share. The ex-dividend date is Thursday, December 14th. This is an increase from Renasant’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a dividend yield of 1.84%. Renasant’s payout ratio is presently 34.70%.

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Renasant Company Profile

Renasant Corporation is a bank holding company that owns and operates Renasant Bank (the Bank) and Renasant Insurance, Inc (Renasant Insurance). The Company’s segments include Community Banks, which delivers a range of banking and financial services to individuals and small to medium-sized businesses, including checking and savings accounts, business and personal loans, equipment leasing, as well as safe deposit and night depository facilities; Insurance, which includes a full service insurance agency offering all lines of commercial and personal insurance through major carriers; Wealth Management, which offers a range of fiduciary services that includes the administration and management of trust accounts, including personal and corporate benefit accounts, and custodial accounts, and Other.

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Earnings History and Estimates for Renasant (NASDAQ:RNST)

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