Zacks: Brokerages Anticipate Renasant Corporation (RNST) Will Announce Quarterly Sales of $126.97 Million
Brokerages expect Renasant Corporation (NASDAQ:RNST) to report sales of $126.97 million for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Renasant Corporation’s earnings, with estimates ranging from $125.00 million to $128.70 million. Renasant Corporation posted sales of $114.00 million in the same quarter last year, which suggests a positive year-over-year growth rate of 11.4%. The firm is scheduled to issue its next quarterly earnings report on Tuesday, October 17th.
On average, analysts expect that Renasant Corporation will report full-year sales of $126.97 million for the current year, with estimates ranging from $469.80 million to $479.40 million. For the next financial year, analysts forecast that the company will report sales of $525.97 million per share, with estimates ranging from $518.60 million to $534.40 million. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Renasant Corporation.
Renasant Corporation (NASDAQ:RNST) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.61 EPS for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.04. Renasant Corporation had a return on equity of 8.31% and a net margin of 20.31%. The business had revenue of $113.87 million during the quarter, compared to the consensus estimate of $112.43 million. During the same period in the previous year, the company posted $0.59 earnings per share.
RNST has been the topic of several analyst reports. Zacks Investment Research upgraded Renasant Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, May 16th. BidaskClub lowered Renasant Corporation from a “hold” rating to a “sell” rating in a research note on Sunday, July 16th. Keefe, Bruyette & Woods set a $43.00 price objective on Renasant Corporation and gave the company a “hold” rating in a research note on Saturday, May 27th. ValuEngine upgraded Renasant Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 27th. Finally, Jefferies Group LLC restated a “hold” rating and set a $44.00 price objective on shares of Renasant Corporation in a research note on Friday, June 9th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. Renasant Corporation currently has an average rating of “Hold” and an average target price of $43.50.
In other news, Director Fred F. Sharpe bought 4,000 shares of the firm’s stock in a transaction dated Monday, July 24th. The stock was bought at an average price of $42.36 per share, for a total transaction of $169,440.00. Following the transaction, the director now owns 9,666 shares in the company, valued at $409,451.76. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael D. Shmerling bought 1,000 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The stock was purchased at an average price of $41.50 per share, with a total value of $41,500.00. Following 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. In the last 90 days, insiders have acquired 9,023 shares of company stock valued at $375,621. 3.86% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Ameritas Investment Partners Inc. purchased a new position in shares of Renasant Corporation during the first quarter valued at approximately $140,000. AlphaOne Investment Services LLC raised its position in shares of Renasant Corporation by 0.9% in the first quarter. AlphaOne Investment Services LLC now owns 120,050 shares of the financial services provider’s stock valued at $4,766,000 after buying an additional 1,031 shares during the last quarter. Great Lakes Advisors LLC purchased a new position in shares of Renasant Corporation during the first quarter valued at approximately $245,000. Dean Investment Associates LLC raised its position in shares of Renasant Corporation by 9.2% in the first quarter. Dean Investment Associates LLC now owns 125,415 shares of the financial services provider’s stock valued at $4,978,000 after buying an additional 10,590 shares during the last quarter. Finally, Parametric Portfolio Associates LLC raised its position in shares of Renasant Corporation by 5.8% in the first quarter. Parametric Portfolio Associates LLC now owns 56,035 shares of the financial services provider’s stock valued at $2,224,000 after buying an additional 3,062 shares during the last quarter. Institutional investors own 62.10% of the company’s stock.
Renasant Corporation (RNST) opened at 40.04 on Friday. The firm has a market capitalization of $1.97 billion, a P/E ratio of 18.06 and a beta of 1.04. Renasant Corporation has a one year low of $32.51 and a one year high of $45.31. The company has a 50-day moving average price of $41.11 and a 200-day moving average price of $41.52.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.72 dividend on an annualized basis and a yield of 1.80%. Renasant Corporation’s dividend payout ratio (DPR) is presently 32.58%.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Renasant Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Renasant Corporation and related companies with MarketBeat.com's FREE daily email newsletter.