Zacks: Brokerages Anticipate Renasant Co. (NASDAQ:RNST) Will Post Quarterly Sales of $152.15 Million

Analysts expect that Renasant Co. (NASDAQ:RNST) will announce sales of $152.15 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Renasant’s earnings, with the lowest sales estimate coming in at $146.40 million and the highest estimate coming in at $161.80 million. Renasant reported sales of $177.21 million during the same quarter last year, which indicates a negative year-over-year growth rate of 14.1%. The business is expected to report its next quarterly earnings report on Tuesday, October 26th.

On average, analysts expect that Renasant will report full year sales of $642.20 million for the current financial year, with estimates ranging from $622.70 million to $668.20 million. For the next year, analysts expect that the business will report sales of $602.63 million, with estimates ranging from $579.50 million to $624.50 million. Zacks’ sales calculations are an average based on a survey of research firms that that provide coverage for Renasant.

Renasant (NASDAQ:RNST) last posted its quarterly earnings results on Monday, July 26th. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.04). The business had revenue of $109.58 million for the quarter, compared to analysts’ expectations of $172.85 million. Renasant had a return on equity of 7.31% and a net margin of 21.40%. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.36 earnings per share.

Several equities research analysts have weighed in on RNST shares. Raymond James reaffirmed a “hold” rating on shares of Renasant in a research report on Friday, June 4th. Zacks Investment Research upgraded Renasant from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research report on Saturday, July 31st. Truist lowered their price objective on Renasant from $46.00 to $38.00 and set a “hold” rating on the stock in a research report on Thursday, July 29th. Finally, Truist Securities cut their target price on shares of Renasant from $46.00 to $38.00 and set a “hold” rating for the company in a report on Thursday, July 29th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $36.80.

Institutional investors have recently added to or reduced their stakes in the stock. Toronto Dominion Bank acquired a new position in Renasant during the first quarter worth $35,000. Captrust Financial Advisors raised its position in shares of Renasant by 1,074.0% during the 1st quarter. Captrust Financial Advisors now owns 1,174 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 1,074 shares during the last quarter. Pinz Capital Management LP acquired a new position in shares of Renasant during the 2nd quarter worth about $112,000. Amalgamated Bank purchased a new position in Renasant in the 1st quarter valued at about $202,000. Finally, Fox Run Management L.L.C. acquired a new stake in Renasant in the 1st quarter worth about $219,000. 79.33% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Renasant stock traded up $0.03 during trading on Friday, hitting $32.71. 1,934 shares of the company’s stock were exchanged, compared to its average volume of 272,309. Renasant has a 52-week low of $20.89 and a 52-week high of $46.97. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.88 and a current ratio of 0.92. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of 11.51 and a beta of 1.27. The business has a 50-day simple moving average of $35.36 and a 200-day simple moving average of $39.94.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 30th. Shareholders of record on Thursday, September 16th will be given a dividend of $0.22 per share. The ex-dividend date is Wednesday, September 15th. This represents a $0.88 dividend on an annualized basis and a yield of 2.69%. Renasant’s dividend payout ratio is currently 45.60%.

About Renasant

Renasant Corp. is a bank holding company, which engages in the provision of financial, fiduciary, and insurance services. It operates through the following segments: Community Banks, Insurance, Wealth Management, and Other. The Community Banks segment delivers banking and financial services to individuals and small to medium sized businesses including checking and savings accounts, business and personal loans, interim construction loans, specialty commercial lending, as well as safe deposit and night depository facilities.

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