Zacks: Analysts Anticipate Renasant Co. (NASDAQ:RNST) Will Post Quarterly Sales of $143.05 Million

Wall Street brokerages predict that Renasant Co. (NASDAQ:RNST – Get Rating) will announce sales of $143.05 million for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Renasant’s earnings. The lowest sales estimate is $140.80 million and the highest is $144.30 million. Renasant reported sales of $157.19 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 9%. The firm is expected to issue its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that Renasant will report full year sales of $581.75 million for the current financial year, with estimates ranging from $575.00 million to $587.50 million. For the next financial year, analysts anticipate that the firm will report sales of $630.68 million, with estimates ranging from $621.90 million to $639.70 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Renasant.

Renasant (NASDAQ:RNST – Get Rating) last announced its earnings results on Tuesday, April 26th. The financial services provider reported $0.60 EPS for the quarter, topping the consensus estimate of $0.58 by $0.02. The company had revenue of $137.09 million during the quarter, compared to analysts’ expectations of $143.48 million. Renasant had a net margin of 23.66% and a return on equity of 7.01%. During the same period last year, the company posted $0.85 earnings per share.

Several analysts recently commented on RNST shares. StockNews.com started coverage on shares of Renasant in a report on Thursday, March 31st. They set a “hold” rating for the company. DA Davidson upgraded shares of Renasant from a “neutral” rating to a “buy” rating and set a $41.00 price target for the company in a report on Thursday, February 24th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $40.33.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. CIBC Asset Management Inc lifted its stake in Renasant by 5.9% in the third quarter. CIBC Asset Management Inc now owns 6,709 shares of the financial services provider’s stock valued at $242,000 after acquiring an additional 374 shares during the last quarter. Raymond James & Associates lifted its stake in Renasant by 1.9% in the fourth quarter. Raymond James & Associates now owns 20,514 shares of the financial services provider’s stock valued at $778,000 after acquiring an additional 387 shares during the last quarter. Mutual of America Capital Management LLC lifted its stake in Renasant by 5.5% in the first quarter. Mutual of America Capital Management LLC now owns 8,034 shares of the financial services provider’s stock valued at $269,000 after acquiring an additional 418 shares during the last quarter. Swiss National Bank lifted its stake in Renasant by 0.4% in the third quarter. Swiss National Bank now owns 124,400 shares of the financial services provider’s stock valued at $4,485,000 after acquiring an additional 500 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its position in shares of Renasant by 5.6% in the first quarter. Teacher Retirement System of Texas now owns 11,417 shares of the financial services provider’s stock valued at $382,000 after purchasing an additional 606 shares during the period. Hedge funds and other institutional investors own 78.65% of the company’s stock.

RNST stock opened at $29.84 on Monday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.83 and a current ratio of 0.85. The stock has a market cap of $1.67 billion, a P/E ratio of 11.09 and a beta of 1.11. The firm has a 50 day simple moving average of $32.46 and a 200 day simple moving average of $35.81. Renasant has a 52 week low of $28.64 and a 52 week high of $45.40.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Thursday, June 16th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date is Wednesday, June 15th. Renasant’s dividend payout ratio (DPR) is presently 32.71%.

About Renasant (Get Rating)

Renasant Corporation operates as a bank holding company for Renasant Bank that 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 accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities.

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