Renasant (RNST) shares soared 7.9% in the last trading session to close at $30.07. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 16.4% loss over the past four weeks.
Renasant shares rallied sharply, benefiting from broad market strength following President Donald Trump’s announcement of a 90-day suspension on tariffs for non-retaliating countries. The policy shift eased trade tensions and improved market sentiment, fueling a sharp uptick in RNST shares.
This holding company for Renasant Bank is expected to post quarterly earnings of $0.60 per share in its upcoming report, which represents a year-over-year change of -7.7%. Revenues are expected to be $166.92 million, up 1.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Renasant, the consensus EPS estimate for the quarter has been revised 87.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on RNST going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Renasant is a member of the Zacks Banks - Southeast industry. One other stock in the same industry, First Citizens BancShares (FCNCA), finished the last trading session 11.2% higher at $1,736.33. FCNCA has returned -9.6% over the past month.
For First Citizens
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Renasant Corporation (RNST): Free Stock Analysis Report First Citizens BancShares, Inc. (FCNCA): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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