Renasant Corporation (NASDAQ: RNST) is scheduled to announce its quarterly earnings results on July 22, 2023, after the market closes. Analysts project that the financial services provider will report earnings of $0.74 per share and revenue totaling $263.97 million for the quarter.
In its previous quarterly earnings report on April 22, 2023, Renasant exceeded expectations by posting earnings of $0.66 EPS, surpassing the analysts’ consensus estimate of $0.60 by $0.06. The company reported revenue of $170.59 million, slightly above the anticipated $170.38 million. Notably, Renasant achieved a return on equity of 6.58% and a net margin of 17.91%. For comparison, the company earned $0.65 EPS during the same quarter last year.
Market Performance and Analyst Ratings
As of Monday, Renasant’s stock opened at $38.75, reflecting a 0.8% decrease. The stock’s fifty-day moving average stands at $36.16, while the two-hundred-day average is $34.99. With a market capitalization of $3.68 billion, Renasant has a price-to-earnings (P/E) ratio of 11.85 and a beta of 0.90. The company’s shares have fluctuated between a 52-week low of $26.97 and a high of $39.63.
Recent research from several analysts has influenced Renasant’s stock outlook. Hovde Group raised their price target from $34.50 to $35.00 and maintained a “market perform” rating. Meanwhile, Raymond James Financial upgraded Renasant from “outperform” to “strong-buy” and set a target price of $40.00. Keefe, Bruyette & Woods, on the other hand, lowered their target from $45.00 to $43.00 while retaining an “outperform” rating. Currently, one analyst rates the stock as a sell, two as hold, three as buy, and one as strong buy, resulting in a consensus rating of “Moderate Buy” with an average target price of $41.00 according to data from MarketBeat.com.
Institutional Investment Trends
Recent trading activity indicates increased institutional interest in Renasant. For instance, Jones Financial Companies Lllp acquired a new stake valued at approximately $67,000 in the first quarter. Jane Street Group LLC also entered a new position worth about $390,000. Additionally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings by 4.6%, bringing their total to 37,167 shares valued at $1,261,000.
Intech Investment Management LLC significantly raised its stake by 40.3%, acquiring an additional 12,062 shares to reach a total of 41,959 shares valued at $1,424,000. Royal Bank of Canada also boosted its stake by 128.5%, now holding 52,238 shares valued at $1,772,000. Institutional investors and hedge funds currently own 77.31% of Renasant’s stock.
Renasant Corporation serves as a bank holding company for Renasant Bank, providing a diverse range of financial services, including wealth management, fiduciary, and insurance services to both retail and commercial clients. The company operates through various segments, including Community Banks, Insurance, and Wealth Management, offering products such as checking and savings accounts, personal loans, and asset-based lending.
As the earnings announcement approaches, investors and analysts will be closely monitoring Renasant’s performance to gauge its financial health and future outlook.
