Zacks: Analysts Anticipate Renasant Corp. (RNST) Will Post Quarterly Sales of $137.70 Million
Analysts expect that Renasant Corp. (NASDAQ:RNST) will announce $137.70 million in sales for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Renasant’s earnings. The highest sales estimate is $138.80 million and the lowest is $136.60 million. Renasant posted sales of $123.43 million in the same quarter last year, which suggests a positive year over year growth rate of 11.6%. The company is expected to issue its next earnings results on Tuesday, October 16th.
According to Zacks, analysts expect that Renasant will report full-year sales of $543.75 million for the current fiscal year, with estimates ranging from $542.80 million to $544.70 million. For the next fiscal year, analysts expect that the company will report sales of $641.35 million, with estimates ranging from $633.10 million to $649.60 million. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Renasant.
Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.74. Renasant had a net margin of 20.66% and a return on equity of 8.73%. The company had revenue of $127.97 million for the quarter, compared to analysts’ expectations of $127.80 million. During the same quarter in the previous year, the company earned $0.57 earnings per share.
Shares of NASDAQ RNST traded up $0.03 during midday trading on Monday, hitting $41.51. 2,477 shares of the company traded hands, compared to its average volume of 253,784. Renasant has a 12-month low of $39.11 and a 12-month high of $49.78. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.95 and a quick ratio of 0.92. The stock has a market capitalization of $2.10 billion, a P/E ratio of 17.15 and a beta of 0.88.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend is Thursday, September 13th. Renasant’s dividend payout ratio is currently 33.06%.
In other Renasant news, Director Michael D. Shmerling acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, August 3rd. The shares were acquired at an average price of $45.00 per share, with a total value of $45,000.00. Following the completion of the purchase, the director now directly owns 159,357 shares of the company’s stock, valued at approximately $7,171,065. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.41% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. Sheets Smith Wealth Management boosted its stake in Renasant by 13.3% during the second quarter. Sheets Smith Wealth Management now owns 9,851 shares of the financial services provider’s stock worth $448,000 after acquiring an additional 1,159 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in Renasant by 8.4% during the second quarter. Metropolitan Life Insurance Co. NY now owns 15,650 shares of the financial services provider’s stock worth $712,000 after acquiring an additional 1,214 shares in the last quarter. BW Gestao de Investimentos Ltda. boosted its stake in Renasant by 12.9% during the first quarter. BW Gestao de Investimentos Ltda. now owns 11,034 shares of the financial services provider’s stock worth $470,000 after acquiring an additional 1,258 shares in the last quarter. Swiss National Bank lifted its stake in shares of Renasant by 2.1% in the first quarter. Swiss National Bank now owns 85,800 shares of the financial services provider’s stock worth $3,652,000 after buying an additional 1,800 shares in the last quarter. Finally, MetLife Investment Advisors LLC lifted its stake in shares of Renasant by 10.3% in the second quarter. MetLife Investment Advisors LLC now owns 22,158 shares of the financial services provider’s stock worth $1,009,000 after buying an additional 2,071 shares in the last quarter. 67.72% of the stock is currently owned by institutional investors and hedge funds.
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.
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