$148.95 Million in Sales Expected for Renasant Corp. (RNST) This Quarter
Analysts predict that Renasant Corp. (NASDAQ:RNST) will announce $148.95 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Renasant’s earnings. The highest sales estimate is $149.40 million and the lowest is $148.50 million. Renasant posted sales of $123.19 million in the same quarter last year, which would indicate a positive year over year growth rate of 20.9%. The firm is scheduled to announce its next earnings report on Tuesday, April 23rd.
According to Zacks, analysts expect that Renasant will report full year sales of $614.95 million for the current fiscal year, with estimates ranging from $613.80 million to $616.10 million. For the next financial year, analysts expect that the firm will report sales of $644.35 million, with estimates ranging from $642.50 million to $646.20 million. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Renasant.
Renasant (NASDAQ:RNST) last posted its earnings results on Tuesday, January 22nd. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.78. The company had revenue of $151.83 million during the quarter, compared to analysts’ expectations of $152.15 million. Renasant had a return on equity of 8.85% and a net margin of 24.19%. During the same quarter last year, the firm earned $0.33 earnings per share.
RNST stock traded up $0.09 during midday trading on Friday, hitting $33.48. 112,810 shares of the company’s stock were exchanged, compared to its average volume of 218,429. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 0.13. The stock has a market cap of $1.91 billion, a price-to-earnings ratio of 11.16 and a beta of 1.24. Renasant has a 1-year low of $28.02 and a 1-year high of $49.78.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Thursday, March 21st will be paid a $0.21 dividend. The ex-dividend date is Wednesday, March 20th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.51%. Renasant’s payout ratio is presently 28.00%.
In other news, EVP James W. Gray sold 2,504 shares of Renasant stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $38.33, for a total value of $95,978.32. Following the completion of the sale, the executive vice president now directly owns 58,072 shares of the company’s stock, valued at $2,225,899.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 3.64% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. BancorpSouth Bank boosted its holdings in Renasant by 133.6% in the fourth quarter. BancorpSouth Bank now owns 120,815 shares of the financial services provider’s stock valued at $3,646,000 after purchasing an additional 69,091 shares during the period. Vanguard Group Inc. boosted its holdings in Renasant by 1.3% in the third quarter. Vanguard Group Inc. now owns 4,098,733 shares of the financial services provider’s stock valued at $168,909,000 after purchasing an additional 54,183 shares during the period. MetLife Investment Advisors LLC boosted its holdings in Renasant by 55.2% in the third quarter. MetLife Investment Advisors LLC now owns 34,380 shares of the financial services provider’s stock valued at $1,417,000 after purchasing an additional 12,222 shares during the period. The Manufacturers Life Insurance Company purchased a new position in Renasant in the third quarter valued at $44,809,000. Finally, Thrivent Financial for Lutherans boosted its holdings in Renasant by 8.7% in the third quarter. Thrivent Financial for Lutherans now owns 33,779 shares of the financial services provider’s stock valued at $1,392,000 after purchasing an additional 2,715 shares during the period. Hedge funds and other institutional investors own 61.10% of the company’s stock.
Renasant Company Profile
Renasant Corporation operates as a bank holding company for Renasant Bank, which provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings, money market, individual retirement, and health savings accounts, as well as safe deposit and night depository facilities.
Read More: New Google Finance Tool and Screening Stocks
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.