Analysts expect Renasant Corporation (NASDAQ:RNST) to post sales of $124.70 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Renasant’s earnings, with estimates ranging from $123.20 million to $126.20 million. Renasant reported sales of $108.12 million in the same quarter last year, which indicates a positive year-over-year growth rate of 15.3%. The company is scheduled to report its next quarterly earnings report on Tuesday, January 16th.
According to Zacks, analysts expect that Renasant will report full-year sales of $124.70 million for the current year, with estimates ranging from $466.50 million to $475.20 million. For the next year, analysts expect that the business will post sales of $519.25 million per share, with estimates ranging from $513.80 million to $524.70 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Renasant.
Renasant (NASDAQ:RNST) last released its earnings results on Tuesday, October 17th. The financial services provider reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.08). Renasant had a net margin of 20.44% and a return on equity of 8.15%. The firm had revenue of $123.43 million during the quarter, compared to the consensus estimate of $127.07 million. During the same period in the prior year, the business posted $0.59 earnings per share.
RNST has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of Renasant from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Wednesday, September 20th. ValuEngine raised shares of Renasant from a “hold” rating to a “buy” rating in a research report on Monday, September 18th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $43.00 price objective on shares of Renasant in a research report on Friday, September 29th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $44.00.
In other Renasant news, EVP Stuart Johnson sold 2,689 shares of Renasant stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $41.29, for a total transaction of $111,028.81. Following the completion of the transaction, the executive vice president now directly owns 54,170 shares of the company’s stock, valued at $2,236,679.30. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director J Niles Mcneel sold 10,000 shares of Renasant stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $42.39, for a total transaction of $423,900.00. Following the transaction, the director now directly owns 29,921 shares of the company’s stock, valued at $1,268,351.19. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,729 shares of company stock valued at $1,067,623. Company insiders own 3.86% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Westwood Holdings Group Inc. purchased a new position in shares of Renasant in the 2nd quarter valued at about $43,071,000. Wells Fargo & Company MN lifted its holdings in Renasant by 36.5% in the third quarter. Wells Fargo & Company MN now owns 1,423,017 shares of the financial services provider’s stock valued at $61,048,000 after acquiring an additional 380,801 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Renasant by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,935,262 shares of the financial services provider’s stock valued at $128,390,000 after acquiring an additional 106,531 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in Renasant by 15.1% in the second quarter. Ameriprise Financial Inc. now owns 784,698 shares of the financial services provider’s stock valued at $34,328,000 after acquiring an additional 102,677 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Renasant by 2.8% in the second quarter. Vanguard Group Inc. now owns 3,505,554 shares of the financial services provider’s stock valued at $153,333,000 after acquiring an additional 95,523 shares during the last quarter. 65.33% of the stock is owned by institutional investors.
Renasant (NASDAQ:RNST) traded up $0.31 during mid-day trading on Thursday, reaching $41.93. 175,201 shares of the company’s stock were exchanged, compared to its average volume of 189,654. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.91 and a current ratio of 0.93. Renasant has a 1 year low of $37.68 and a 1 year high of $45.31. The company has a market capitalization of $2,073.42, a PE ratio of 17.74 and a beta of 1.00.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.81%. This is a boost from Renasant’s previous quarterly dividend of $0.18. The ex-dividend date is Thursday, December 14th. Renasant’s payout ratio is 32.88%.
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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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