Overview

* Renasant ( RNST ) 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/Mis Actual Consensu

s s

Estimate

Q3 Miss $0.77 $0.79 (6

Adjusted Analysts

EPS )

Q3 EPS $0.63

Q3 Net $59.78

Income mln

Q3 Net $223.52

Interest mln

Income

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 ( RNST ) 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:

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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.)