$126.97 Million in Sales Expected for Renasant Corporation (RNST) This Quarter
Equities research analysts forecast that Renasant Corporation (NASDAQ:RNST) will post sales of $126.97 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Renasant Corporation’s earnings. The highest sales estimate is $128.70 million and the lowest is $125.00 million. Renasant Corporation posted sales of $114.00 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 11.4%. The business is expected to announce its next quarterly earnings report on Tuesday, October 17th.
According to Zacks, analysts expect that Renasant Corporation will report full-year sales of $126.97 million for the current financial year, with estimates ranging from $469.80 million to $479.40 million. For the next year, analysts forecast that the company will post sales of $525.97 million per share, with estimates ranging from $518.60 million to $534.40 million. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover Renasant Corporation.
Renasant Corporation (NASDAQ:RNST) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.04. The company had revenue of $113.87 million for the quarter, compared to analyst estimates of $112.43 million. Renasant Corporation had a net margin of 20.31% and a return on equity of 8.41%. During the same period last year, the company posted $0.59 earnings per share.
Several equities research analysts recently weighed in on the stock. Zacks Investment Research raised shares of Renasant Corporation from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research note on Tuesday, July 4th. Jefferies Group LLC reaffirmed a “hold” rating and set a $44.00 target price on shares of Renasant Corporation in a research note on Friday, June 9th. BidaskClub downgraded shares of Renasant Corporation from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. ValuEngine raised shares of Renasant Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 27th. Finally, Keefe, Bruyette & Woods set a $43.00 target price on shares of Renasant Corporation and gave the stock a “hold” rating in a research note on Saturday, May 27th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $43.50.
Renasant Corporation (RNST) opened at 40.58 on Tuesday. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of 18.30 and a beta of 1.04. The company’s 50-day moving average is $42.58 and its 200 day moving average is $41.54. Renasant Corporation has a one year low of $32.51 and a one year high of $45.31.
In other news, Director Fred F. Sharpe acquired 2,000 shares of the company’s stock in a transaction on Friday, August 11th. The shares were bought at an average cost of $39.55 per share, with a total value of $79,100.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Michael D. Shmerling acquired 1,000 shares of the company’s stock in a transaction on Tuesday, August 8th. The stock was purchased at an average cost of $41.50 per share, for a total transaction of $41,500.00. Following the completion of the transaction, the director now owns 156,347 shares in the company, valued at approximately $6,488,400.50. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 9,023 shares of company stock worth $375,621 and sold 25,000 shares worth $1,052,800. Corporate insiders own 3.86% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Advisor Group Inc. increased its stake in shares of Renasant Corporation by 13.3% in the second quarter. Advisor Group Inc. now owns 3,168 shares of the financial services provider’s stock worth $138,000 after buying an additional 371 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in shares of Renasant Corporation during the first quarter worth approximately $140,000. New York State Teachers Retirement System increased its stake in shares of Renasant Corporation by 5.6% in the first quarter. New York State Teachers Retirement System now owns 3,800 shares of the financial services provider’s stock worth $151,000 after buying an additional 200 shares in the last quarter. Amalgamated Bank increased its stake in shares of Renasant Corporation by 4.2% in the first quarter. Amalgamated Bank now owns 5,350 shares of the financial services provider’s stock worth $212,000 after buying an additional 214 shares in the last quarter. Finally, Trust Co. of Toledo NA OH purchased a new stake in shares of Renasant Corporation during the second quarter worth approximately $214,000. 66.33% of the stock is currently owned by institutional investors.
Renasant Corporation 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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