Renasant (RNST) Q2 Earnings Report Preview: What To Look For
Renasant beat analysts' revenue expectations by 1.9% last quarter, reporting revenues of $170.6 million, up 4.2% year on year. It was a satisfactory quarter for the company, with a narrow beat of analysts' tangible book value per share estimates but net interest income in line with analysts' estimates.
Is Renasant a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting Renasant's revenue to grow 56.6% year on year to $260.5 million, a reversal from the 3.7% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.73 per share.
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 missed Wall Street's revenue estimates twice over the last two years.
Looking at Renasant's peers in the regional banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Texas Capital Bank delivered year-on-year revenue growth of 15.2%, beating analysts' expectations by 2.7%, and Nicolet Bankshares reported revenues up 12.7%, topping estimates by 4.4%. Texas Capital Bank traded up 4.8% following the results while Nicolet Bankshares was also up 7.8%.
Read our full analysis of Texas Capital Bank's results here and Nicolet Bankshares's results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 7.7% on average over the last month. Renasant is up 9.4% during the same time and is heading into earnings with an average analyst price target of $40.33 (compared to the current share price of $38.80).
Today's young investors likely haven't read the timeless lessons in Gorilla Game: Picking Winners In High Technology because it was written more than 20 years ago when Microsoft and Apple were first establishing their supremacy. But if we apply the same principles, then enterprise software stocks leveraging their own generative AI capabilities may well be the Gorillas of the future. So, in that spirit, we are excited to present our Special Free Report on a profitable, fast-growing enterprise software stock that is already riding the automation wave and looking to catch the generative AI next.
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