Overview
Renasant Q3 adjusted EPS misses analyst expectations
Net income for Q3 was $59.8 mln, down from last year
Company announces new $150 mln stock repurchase program
Outlook
Company did not provide specific guidance for future quarters or full year in press release
Result Drivers
LOAN GROWTH - Loans increased $462.1 mln linked quarter, contributing to net interest income growth
MORTGAGE BANKING DECLINE - Mortgage banking income decreased $0.8 mln linked quarter, impacting noninterest income
MERGER IMPACT - Integration with The First and merger expenses affected financial results
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Adjusted EPS | Miss | $0.77 | $0.79 (6 Analysts) |
Q3 EPS | $0.63 | ||
Q3 Net Income | $59.78 mln | ||
Q3 Net Interest Income | $223.52 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for Renasant Corp is $43.00, about 18.7% above its October 27 closing price of $34.98
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago
Press Release: ID:nGNX8Vhncn
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)