Wall Street brokerages expect Renasant Corp. (NASDAQ:RNST) to announce $124.05 million in sales for the current quarter, according to Zacks. Two analysts have issued 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 posted sales of $106.04 million during the same quarter last year, which suggests a positive year over year growth rate of 17%. The firm is scheduled to announce its next earnings results 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 year, analysts expect that the firm will report sales of $551.20 million per share, with estimates ranging from $543.50 million to $558.90 million. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Renasant.
Renasant (NASDAQ:RNST) last issued its quarterly earnings data on Tuesday, January 16th. The financial services provider reported $0.64 EPS for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.03. The firm 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%.
RNST has been the subject of several research analyst reports. Hovde Group set a $47.00 price objective on Renasant and gave the company a “hold” rating in a report on Friday, January 19th. BidaskClub lowered Renasant from a “hold” rating to a “sell” rating in a research report on Friday, December 29th. Zacks Investment Research lowered Renasant from a “buy” rating to a “hold” rating in a research report on Saturday, October 21st. Sandler O’Neill reaffirmed a “hold” rating and issued a $45.00 target price on shares of Renasant in a research report on Thursday, January 4th. Finally, ValuEngine lowered Renasant from a “buy” rating to a “hold” rating in a research report on Thursday, November 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $45.60.
Shares of Renasant (NASDAQ:RNST) traded up $0.59 during mid-day trading on Friday, reaching $43.66. The company’s stock had a trading volume of 81,079 shares, compared to its average volume of 167,863. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.14. Renasant has a one year low of $37.68 and a one year high of $45.31. The firm has a market cap of $2,136.60, a price-to-earnings ratio of 22.16 and a beta of 1.01.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Friday, December 15th were issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.74%. This is a boost from Renasant’s previous quarterly dividend of $0.18. The ex-dividend date was Thursday, December 14th. Renasant’s dividend payout ratio (DPR) is currently 38.58%.
In other Renasant news, Director Michael D. Shmerling bought 1,000 shares of Renasant stock in a transaction on Friday, November 10th. The shares were purchased at an average cost of $39.40 per share, for a total transaction of $39,400.00. Following the completion of the acquisition, the director now owns 157,347 shares in the company, valued at approximately $6,199,471.80. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Fred F. Sharpe bought 2,000 shares of Renasant stock in a transaction on Friday, January 19th. The shares were acquired at an average price of $43.80 per share, for a total transaction of $87,600.00. Following the completion of the acquisition, the director now owns 11,666 shares of the company’s stock, valued at approximately $510,970.80. The disclosure for this purchase can be found here. Insiders sold a total of 22,729 shares of company stock valued at $932,963 over the last three months. Insiders own 3.86% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Schwab Charles Investment Management Inc. increased its position in shares of Renasant by 3.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 182,292 shares of the financial services provider’s stock valued at $7,974,000 after acquiring an additional 6,157 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Renasant by 1.1% during the second quarter. Legal & General Group Plc now owns 16,021 shares of the financial services provider’s stock worth $702,000 after acquiring an additional 178 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of Renasant by 4.3% during the second quarter. Alliancebernstein L.P. now owns 55,751 shares of the financial services provider’s stock worth $2,439,000 after acquiring an additional 2,300 shares during the period. Teachers Advisors LLC boosted its holdings in shares of Renasant by 8.5% during the second quarter. Teachers Advisors LLC now owns 77,663 shares of the financial services provider’s stock worth $3,397,000 after acquiring an additional 6,092 shares during the period. Finally, BlackRock Inc. boosted its holdings in shares of Renasant by 0.7% during the second quarter. BlackRock Inc. now owns 2,820,549 shares of the financial services provider’s stock worth $123,371,000 after acquiring an additional 18,829 shares during the period. 65.19% of the stock is currently owned by hedge funds and other institutional investors.
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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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