Renasant beats Q2 adjusted EPS expectations

Overview

• Renasant Q2 adjusted EPS beats analyst expectations, per LSEG data

• Net income impacted by merger expenses and acquisition provisions

• Net interest income rises due to merger with The First Bancshares

Outlook

• Company did not provide specific future guidance or projections

Result Drivers

• MERGER IMPACT - Merger with The First Bancshares increased net interest income and noninterest income

• CREDIT PROVISION - Day 1 acquisition provision for credit losses impacted net income

• EXPENSE INCREASE - Noninterest expenses rose due to merger-related costs

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "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 $41.00, about 6.2% above its July 21 closing price of $38.46

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 11 three months ago

Press Release: ID:nGNX5yDScC