$0.60 Earnings Per Share Expected for Renasant Corporation (RNST) This Quarter
Wall Street brokerages predict that Renasant Corporation (NASDAQ:RNST) will post earnings of $0.60 per share for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Renasant Corporation’s earnings, with estimates ranging from $0.58 to $0.61. Renasant Corporation reported earnings of $0.55 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 9.1%. The business is scheduled to report its next earnings results after the market closes on Tuesday, October 17th.
According to Zacks, analysts expect that Renasant Corporation will report full year earnings of $2.36 per share for the current financial year, with EPS estimates ranging from $2.30 to $2.44. For the next financial year, analysts anticipate that the company will post earnings of $2.70 per share, with EPS estimates ranging from $2.55 to $3.04. Zacks Investment Research’s EPS calculations are an average based on a survey of research analysts that that provide coverage for Renasant Corporation.
Renasant Corporation (NASDAQ:RNST) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.04. Renasant Corporation had a return on equity of 8.31% and a net margin of 20.31%. The firm had revenue of $113.87 million for the quarter, compared to analysts’ expectations of $112.43 million. During the same period last year, the firm earned $0.59 earnings per share.
RNST has been the topic of several recent research reports. ValuEngine upgraded shares of Renasant Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, June 27th. Zacks Investment Research upgraded shares of Renasant Corporation from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Tuesday, July 4th. Jefferies Group LLC restated a “hold” rating and set a $44.00 target price on shares of Renasant Corporation in a research report on Friday, July 14th. BidaskClub cut shares of Renasant Corporation from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $43.00 target price on shares of Renasant Corporation in a research report on Friday, September 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $44.00.
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Shares of Renasant Corporation (NASDAQ RNST) traded down 0.21% on Friday, hitting $43.06. The stock had a trading volume of 101,558 shares. The stock has a market cap of $2.12 billion, a PE ratio of 19.42 and a beta of 1.05. Renasant Corporation has a 12 month low of $32.51 and a 12 month high of $45.31. The company has a 50 day moving average price of $40.70 and a 200-day moving average price of $41.56.
The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were issued a dividend of $0.18 per share. The ex-dividend date was Thursday, September 14th. This represents a $0.72 annualized dividend and a yield of 1.67%. Renasant Corporation’s payout ratio is 32.58%.
In other news, Director Fred F. Sharpe purchased 4,000 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The shares were bought at an average cost of $42.36 per share, for a total transaction of $169,440.00. Following the acquisition, the director now owns 9,666 shares of the company’s stock, valued at approximately $409,451.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Fred F. Sharpe purchased 2,000 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The shares were purchased at an average price of $39.55 per share, for a total transaction of $79,100.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 9,023 shares of company stock worth $375,621 over the last quarter. 3.86% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the stock. Prudential Financial Inc. bought a new position in Renasant Corporation during the 1st quarter valued at about $1,865,000. Bank of New York Mellon Corp grew its holdings in Renasant Corporation by 2.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 297,139 shares of the financial services provider’s stock valued at $12,997,000 after purchasing an additional 6,792 shares during the last quarter. Bank of America Corp DE grew its holdings in Renasant Corporation by 16.5% during the 1st quarter. Bank of America Corp DE now owns 218,335 shares of the financial services provider’s stock valued at $8,665,000 after purchasing an additional 30,969 shares during the last quarter. UBS Asset Management Americas Inc. grew its holdings in Renasant Corporation by 58.8% during the 1st quarter. UBS Asset Management Americas Inc. now owns 22,095 shares of the financial services provider’s stock valued at $877,000 after purchasing an additional 8,177 shares during the last quarter. Finally, Jane Street Group LLC bought a new position in Renasant Corporation during the 1st quarter valued at about $382,000. Institutional investors own 62.11% of the company’s stock.
About Renasant Corporation
Renasant Corporation is a bank holding company that owns and operates Renasant Bank (the Bank) and Renasant Insurance, Inc (Renasant Insurance). The Company’s segments include Community Banks, which delivers a range of banking and financial services to individuals and small to medium-sized businesses, including checking and savings accounts, business and personal loans, equipment leasing, as well as safe deposit and night depository facilities; Insurance, which includes a full service insurance agency offering all lines of commercial and personal insurance through major carriers; Wealth Management, which offers a range of fiduciary services that includes the administration and management of trust accounts, including personal and corporate benefit accounts, and custodial accounts, and Other.
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