Zacks: Analysts Expect Renasant Corp. (RNST) Will Post Quarterly Sales of $153.10 Million
Equities research analysts expect Renasant Corp. (NASDAQ:RNST) to announce sales of $153.10 million for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Renasant’s earnings, with estimates ranging from $152.30 million to $153.90 million. Renasant posted sales of $127.97 million during the same quarter last year, which indicates a positive year-over-year growth rate of 19.6%. The company is expected to announce its next earnings report on Tuesday, July 16th.
According to Zacks, analysts expect that Renasant will report full-year sales of $608.80 million for the current financial year, with estimates ranging from $608.40 million to $609.20 million. For the next financial year, analysts anticipate that the company will report sales of $633.80 million, with estimates ranging from $630.50 million to $637.10 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Renasant.
Renasant (NASDAQ:RNST) last announced its earnings results on Tuesday, April 23rd. The financial services provider reported $0.77 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.77. The business had revenue of $150.50 million for the quarter, compared to the consensus estimate of $150.40 million. Renasant had a net margin of 24.55% and a return on equity of 9.02%. Renasant’s quarterly revenue was up 20.6% on a year-over-year basis. During the same period last year, the firm posted $0.70 earnings per share.
Shares of RNST opened at $37.13 on Tuesday. The company has a market capitalization of $2.19 billion, a P/E ratio of 12.38 and a beta of 1.23. The company has a current ratio of 0.95, a quick ratio of 0.91 and a debt-to-equity ratio of 0.13. Renasant has a 1-year low of $28.02 and a 1-year high of $49.78.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a $0.22 dividend. This is an increase from Renasant’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Thursday, June 13th. Renasant’s dividend payout ratio (DPR) is currently 28.00%.
In other Renasant news, EVP James W. Gray sold 2,504 shares of Renasant stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $38.33, for a total transaction of $95,978.32. Following the transaction, the executive vice president now directly owns 58,072 shares of the company’s stock, valued at $2,225,899.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.64% of the company’s stock.
Several hedge funds have recently bought and sold shares of RNST. Strs Ohio raised its stake in shares of Renasant by 200.0% during the fourth quarter. Strs Ohio now owns 900 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 600 shares in the last quarter. Federated Investors Inc. PA raised its stake in shares of Renasant by 213.7% during the third quarter. Federated Investors Inc. PA now owns 734 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 500 shares in the last quarter. Trustcore Financial Services LLC raised its stake in shares of Renasant by 213.1% during the fourth quarter. Trustcore Financial Services LLC now owns 2,145 shares of the financial services provider’s stock worth $65,000 after acquiring an additional 1,460 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Renasant by 16.3% during the fourth quarter. Bank of Montreal Can now owns 2,478 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 348 shares in the last quarter. Finally, Quantamental Technologies LLC purchased a new position in shares of Renasant during the fourth quarter worth approximately $114,000. 61.07% of the stock is currently owned by hedge funds and other institutional investors.
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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