Eye-Catching Hot Stock: Renasant Corporation (NASDAQ: RNST)

Charles Barnes

I am Charles Barnes and I focus on breaking news stories and ensuring we (“Import Tourism”) offer timely reporting on some of the most recent stories released through market wires about “Financial” sector.

I have formerly spent over 3 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for Import Tourism specializing in quicker moving active shares with a short term view on investment opportunities and trends.

Address: 3819 Sun Valley Road, George, WA 98824, USA
Phone: (+1) 509-785-0774
Email: charlesbarnes@importtourism.com
Charles Barnes

TUPELO, Miss., July 9, 2019 – Shares of Renasant Corporation (NASDAQ: RNST) declined -1.86% to $35.41. The stock grabbed the investor’s attention and traded 106.594K shares as compared to its average daily volume of 189.08K shares. The stock’s institutional ownership stands at 64.20%.

Renasant Corp. (RNST) reported net income of $45.10M for the first quarter of 2019, as contrast to $33.80M for the first quarter of 2018. Basic and diluted earnings per share (“EPS”) were $0.77 for the first quarter of 2019, as contrast to basic and diluted EPS of $0.69 and $0.68, respectively, for the first quarter of 2018.

Financial Condition:

Total assets were $12.86B at March 31, 2019, as contrast to $12.93B at December 31, 2018. While total loans, excluding loans held for sale, at March 31, 2019 grew only slightly when contrast to December 31, 2018, loans not purchased increased $175.90M to $6.57B at March 31, 2019 as contrast to $6.39B at December 31, 2018. Loan production for the first quarter of 2019 was $373.60M as contrast to $396.60M for the same period in 2018.

Total deposits increased to $10.30B at March 31, 2019, from $10.10B at December 31, 2018. Non-interest bearing deposits averaged $2.30B, or 23.1% of average deposits, for the first quarter of 2019, contrast to $1.80B, or 22.4% of average deposits, for the same period in 2018.

The Company declared a $50.00M stock repurchase program in October 2018 under which $42.90M was available as of December 31, 2018.  No shares were repurchased in the first quarter of 2019. The plan will remain in effect until the earlier of October 2019 or the repurchase of the entire amount of common stock authorized to be repurchased by the Board of Directors.

Results of Operations:

Net interest income was $113.10M for the first quarter of 2019, as contrast to $115.50M for the fourth quarter of 2018 and $89.20M for the first quarter of 2018.

Noninterest income for the first quarter of 2019 was $35.90M, as contrast to $36.40M for the fourth quarter of 2018 and $34.00M for the first quarter of 2018. Mortgage banking income for the first quarter of 2019 was $10.40M, contrast to $12.00M for the fourth quarter of 2018 and $11.00M for the first quarter of 2018. Brand Mortgage Group, LLC, which was divested on November 1, 2018, contributed $2.00M to mortgage banking income during the fourth quarter of 2018.

Noninterest expense was $88.80M for the first quarter of 2019, as contrast to $93.30M for the fourth quarter of 2018 and $77.90M for the first quarter of 2018.

Asset Quality Metrics:

Total nonperforming assets were $37.20M at March 31, 2019, as contrast to $37.00M at December 31, 2018, and consisted of $27.00M in nonperforming loans (loans 90 days or more past due and nonaccrual loans) and $10.20M in other real estate owned (“OREO”).

  • Non-purchased nonperforming loans were $13.70M, or 0.21% of total non-purchased loans, at March 31, 2019, as contrast to $12.90M, or 0.20% of total non-purchased loans, at December 31, 2018. Early stage delinquencies, or loans 30-to-89 days past due, as a percentage of total non-purchased loans were 0.35% at March 31, 2019, as contrast to 0.27% at December 31, 2018.
  • Non-purchased OREO was $4.20M at March 31, 2019, as contrast to $4.90M at December 31, 2018. Non-purchased OREO sales totaled $802.0K in the first quarter of 2019.

RNST has a market value of $2.04B while its EPS was booked as $2.87 in the last 12 months. The stock has 57.62M shares outstanding. In the profitability analysis, the company has net profit margin of 31.70%. Beta value of the company was 1.20; beta is used to measure riskiness of the security. Analyst recommendation for this stock stands at 2.80.

Charles Barnes

Charles Barnes

I am Charles Barnes and I focus on breaking news stories and ensuring we (“Import Tourism”) offer timely reporting on some of the most recent stories released through market wires about “Financial” sector. I have formerly spent over 3 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for Import Tourism specializing in quicker moving active shares with a short term view on investment opportunities and trends. Address: 3819 Sun Valley Road, George, WA 98824, USA Phone: (+1) 509-785-0774 Email: charlesbarnes@importtourism.com