Regional banking company Renasant (NYSE: RNST) will be reporting results this Tuesday after the bell. Here’s what to expect.
Renasant beat analysts’ revenue expectations last quarter, reporting revenues of $281.9 million, up 66.2% year on year. It was a strong quarter for the company, with a beat of analysts’ EPS and revenue estimates.
Is Renasant a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Renasant’s revenue to grow 58.3% year on year, improving from the 6.2% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Renasant has a history of exceeding Wall Street’s expectations.
Looking at Renasant’s peers in the regional banks segment, some have already reported their Q1 results, giving us a hint as to what we can expect. OFG Bancorp delivered year-on-year revenue growth of 4.2%, beating analysts’ expectations by 4.8%, and Republic Bancorp reported a revenue decline of 11.3%, falling short of estimates by 4.8%. OFG Bancorp traded up 7.6% following the results while Republic Bancorp was also up 1.4%.
Read our full analysis of OFG Bancorp’s results here and Republic Bancorp’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 8.1% on average over the last month. Renasant is up 11.2% during the same time and is heading into earnings with an average analyst price target of $43.86 (compared to the current share price of $39.33).
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