$124.05 Million in Sales Expected for Renasant Corp. (RNST) This Quarter

Wall Street brokerages expect Renasant Corp. (NASDAQ:RNST) to post sales of $124.05 million for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Renasant’s earnings, with the lowest sales estimate coming in at $123.50 million and the highest estimate coming in at $124.60 million. Renasant reported sales of $106.04 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 17%. The company is expected to announce its next quarterly earnings report on Tuesday, April 24th.

On average, analysts expect that Renasant will report full-year sales of $124.05 million for the current financial year, with estimates ranging from $510.90 million to $520.80 million. For the next financial year, analysts anticipate that the company will post sales of $551.20 million per share, with estimates ranging from $543.50 million to $558.90 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Renasant.

Renasant (NASDAQ:RNST) last posted its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $0.64 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.03. The business had revenue of $125.70 million during the quarter, compared to the consensus estimate of $124.55 million. Renasant had a return on equity of 8.45% and a net margin of 18.19%.

A number of research firms have recently commented on RNST. BidaskClub downgraded Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 26th. Hovde Group set a $47.00 target price on Renasant and gave the company a “hold” rating in a research report on Friday, January 19th. Zacks Investment Research downgraded Renasant from a “buy” rating to a “hold” rating in a research report on Saturday, October 21st. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $45.00 target price on shares of Renasant in a research report on Friday, December 22nd. Finally, Sandler O’Neill reiterated a “hold” rating and set a $45.00 target price on shares of Renasant in a research report on Thursday, January 4th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $45.60.

In related news, Director Fred F. Sharpe purchased 2,000 shares of the stock in a transaction that occurred on Friday, January 19th. The stock was bought at an average cost of $43.80 per share, for a total transaction of $87,600.00. Following the completion of the transaction, the director now directly owns 11,666 shares in the company, valued at $510,970.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP R Rick Hart sold 10,000 shares of the firm’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $43.17, for a total value of $431,700.00. Following the completion of the sale, the executive vice president now owns 83,450 shares of the company’s stock, valued at $3,602,536.50. The disclosure for this sale can be found here. Insiders have sold a total of 32,679 shares of company stock valued at $1,362,610 over the last quarter. Corporate insiders own 3.86% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Advisor Group Inc. lifted its position in Renasant 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 during the last quarter. Ameritas Investment Partners Inc. lifted its position in Renasant by 7.5% in the second quarter. Ameritas Investment Partners Inc. now owns 3,792 shares of the financial services provider’s stock worth $166,000 after buying an additional 264 shares during the last quarter. Highwater Wealth Management LLC bought a new stake in Renasant in the third quarter worth $213,000. Jane Street Group LLC purchased a new stake in Renasant in the third quarter worth $217,000. Finally, Citigroup Inc. increased its stake in Renasant by 315.8% in the second quarter. Citigroup Inc. now owns 6,694 shares of the financial services provider’s stock worth $293,000 after purchasing an additional 5,084 shares during the period. Institutional investors own 65.28% of the company’s stock.

Renasant (NASDAQ:RNST) opened at $41.85 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $2,052.75, a P/E ratio of 17.20 and a beta of 1.03. Renasant has a 52-week low of $37.68 and a 52-week high of $45.31.

ILLEGAL ACTIVITY WARNING: This piece was reported by American Banking News and is owned by of American Banking News. If you are viewing this piece on another website, it was illegally stolen and republished in violation of United States and international trademark & copyright laws. The legal version of this piece can be viewed at https://www.americanbankingnews.com/2018/02/13/124-05-million-in-sales-expected-for-renasant-corp-rnst-this-quarter.html.

About Renasant

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.

Get a free copy of the Zacks research report on Renasant (RNST)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Renasant Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Renasant and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply