Wall Street brokerages forecast that Renasant Co. (NASDAQ:RNST) will announce sales of $168.65 million for the current quarter, Zacks reports. Four analysts have issued estimates for Renasant's earnings, with the highest sales estimate coming in at $172.40 million and the lowest estimate coming in at $159.80 million. Renasant posted sales of $169.95 million in the same quarter last year, which suggests a negative year-over-year growth rate of 0.8%. The firm is expected to report its next earnings report on Monday, July 26th.
According to Zacks, analysts expect that Renasant will report full year sales of $671.38 million for the current financial year, with estimates ranging from $642.00 million to $695.70 million. For the next fiscal year, analysts expect that the company will post sales of $633.60 million, with estimates ranging from $612.70 million to $653.00 million. Zacks Investment Research's sales averages are a mean average based on a survey of analysts that cover Renasant.
Renasant (NASDAQ:RNST) last posted its quarterly earnings results on Monday, April 26th. The financial services provider reported $0.85 earnings per share for the quarter, topping the Zacks' consensus estimate of $0.63 by $0.22. The business had revenue of $109.60 million during the quarter, compared to the consensus estimate of $167.65 million. Renasant had a net margin of 18.15% and a return on equity of 6.85%. Renasant's revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.20 earnings per share.
RNST has been the subject of a number of recent research reports. Raymond James reissued a "hold" rating on shares of Renasant in a research note on Friday, June 4th. Zacks Investment Research raised shares of Renasant from a "hold" rating to a "buy" rating and set a $47.00 price target for the company in a research note on Wednesday, April 7th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. The stock has a consensus rating of "Hold" and a consensus target price of $33.60.
RNST opened at $42.59 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.92 and a current ratio of 0.96. The company has a market capitalization of $2.40 billion, a P/E ratio of 17.24 and a beta of 1.28. The business's 50 day simple moving average is $43.00. Renasant has a fifty-two week low of $20.89 and a fifty-two week high of $46.97.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 30th. Investors of record on Wednesday, June 16th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date of this dividend is Tuesday, June 15th. Renasant's dividend payout ratio is currently 45.60%.
In related news, EVP James W. Gray sold 9,066 shares of the business's stock in a transaction that occurred on Friday, April 30th. The shares were sold at an average price of $38.23, for a total transaction of $346,593.18. Following the completion of the transaction, the executive vice president now owns 25,115 shares in the company, valued at $960,146.45. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.77% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in shares of Renasant by 124.5% in the fourth quarter. BlackRock Inc. now owns 8,286,320 shares of the financial services provider's stock valued at $279,083,000 after buying an additional 4,594,717 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Renasant by 0.6% in the first quarter. Victory Capital Management Inc. now owns 3,306,760 shares of the financial services provider's stock valued at $136,833,000 after buying an additional 20,616 shares during the period. Westwood Holdings Group Inc. boosted its holdings in shares of Renasant by 2.1% in the first quarter. Westwood Holdings Group Inc. now owns 1,159,410 shares of the financial services provider's stock valued at $47,976,000 after buying an additional 24,204 shares during the period. Palisade Capital Management LLC NJ boosted its holdings in shares of Renasant by 3.7% in the first quarter. Palisade Capital Management LLC NJ now owns 1,068,120 shares of the financial services provider's stock valued at $44,199,000 after buying an additional 38,070 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Renasant by 9.4% in the first quarter. Geode Capital Management LLC now owns 937,478 shares of the financial services provider's stock valued at $38,792,000 after buying an additional 80,299 shares during the period. Institutional investors own 81.04% of the company's stock.
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 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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