Equities research analysts expect Renasant Corp. (NASDAQ:RNST) to report sales of $124.05 million for the current quarter, according to Zacks. Two analysts have issued estimates for Renasant’s earnings, with estimates ranging from $123.50 million to $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 issue its next quarterly earnings report on Tuesday, April 24th.
According to Zacks, analysts expect that Renasant will report full-year sales of $124.05 million for the current year, with estimates ranging from $510.90 million to $520.80 million. For the next fiscal year, analysts expect that the firm 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 averages are an average based on a survey of analysts that follow Renasant.
Renasant (NASDAQ:RNST) last issued its earnings results on Tuesday, January 16th. The financial services provider reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.03. The company had revenue of $125.70 million for the quarter, compared to the consensus estimate of $124.55 million. Renasant had a return on equity of 8.19% and a net margin of 18.19%.
A number of equities analysts have recently weighed in on RNST shares. BidaskClub downgraded Renasant from a “hold” rating to a “sell” rating in a report on Tuesday, December 12th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $45.00 target price on shares of Renasant in a report on Friday, December 22nd. Sandler O’Neill reiterated a “hold” rating and issued a $45.00 target price on shares of Renasant in a report on Thursday, January 4th. Zacks Investment Research upgraded Renasant from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a report on Wednesday, January 10th. Finally, Hovde Group set a $47.00 target price on Renasant and gave the company a “hold” rating in a report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. Renasant presently has an average rating of “Hold” and a consensus price target of $45.60.
Shares of RNST stock traded down $1.73 on Friday, hitting $41.18. The stock had a trading volume of 229,021 shares, compared to its average volume of 160,782. The firm has a market cap of $2,180.99, a P/E ratio of 21.78 and a beta of 1.03. Renasant has a one year low of $37.68 and a one year high of $45.31. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 0.14.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 16th will be paid a $0.19 dividend. The ex-dividend date is Thursday, March 15th. This represents a $0.76 annualized dividend and a dividend yield of 1.85%. Renasant’s payout ratio is 38.58%.
In other news, Director Fred F. Sharpe purchased 2,000 shares of the stock in a transaction that occurred on Friday, January 19th. The stock was acquired at an average price of $43.80 per share, with a total value of $87,600.00. Following the purchase, the director now owns 11,666 shares in the company, valued at approximately $510,970.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP R Rick Hart sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The shares were 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 directly owns 83,450 shares of the company’s stock, valued at approximately $3,602,536.50. The disclosure for this sale can be found here. In the last three months, insiders sold 23,948 shares of company stock valued at $1,048,833. 3.86% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wells Fargo & Company MN boosted its position in Renasant by 36.5% during the third quarter. Wells Fargo & Company MN now owns 1,423,017 shares of the financial services provider’s stock worth $61,048,000 after purchasing an additional 380,801 shares during the period. Eaton Vance Management boosted its position in Renasant by 1,524.4% during the fourth quarter. Eaton Vance Management now owns 200,066 shares of the financial services provider’s stock worth $8,181,000 after purchasing an additional 187,750 shares during the period. BlackRock Inc. boosted its position in Renasant by 5.7% during the fourth quarter. BlackRock Inc. now owns 3,025,099 shares of the financial services provider’s stock worth $123,696,000 after purchasing an additional 162,700 shares during the period. Jennison Associates LLC boosted its position in Renasant by 25.6% during the fourth quarter. Jennison Associates LLC now owns 675,109 shares of the financial services provider’s stock worth $27,605,000 after purchasing an additional 137,791 shares during the period. Finally, Millennium Management LLC boosted its position in Renasant by 280.5% during the fourth quarter. Millennium Management LLC now owns 182,797 shares of the financial services provider’s stock worth $7,475,000 after purchasing an additional 134,754 shares during the period. 65.47% of the stock is owned by institutional investors and hedge funds.
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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