RenaissanceRe (NYSE:RNR) Issues Earnings Results, Beats Expectations By $1.12 EPS

RenaissanceRe (NYSE:RNR) announced its quarterly earnings data on Tuesday. The insurance provider reported $8.06 earnings per share for the quarter, beating analysts’ consensus estimates of $6.94 by $1.12, Zacks reports. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%.

RenaissanceRe Trading Down 1.5 %

RenaissanceRe stock opened at $259.23 on Wednesday. The stock has a 50-day moving average price of $261.72 and a 200 day moving average price of $257.43. RenaissanceRe has a 52 week low of $208.98 and a 52 week high of $300.00. The stock has a market cap of $13.46 billion, a PE ratio of 3.74, a P/E/G ratio of 1.90 and a beta of 0.44. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.18.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were given a $0.39 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.60%. RenaissanceRe’s dividend payout ratio is currently 2.25%.

Insiders Place Their Bets

In other news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total transaction of $254,160.00. Following the sale, the executive vice president now owns 79,392 shares in the company, valued at $20,178,270.72. This trade represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on RNR shares. Evercore ISI lifted their price target on RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research note on Thursday, November 7th. Jefferies Financial Group reaffirmed a “hold” rating and set a $282.00 price target (down from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. Barclays cut shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $284.00 to $234.00 in a research note on Monday, January 6th. Wells Fargo & Company lowered their target price on shares of RenaissanceRe from $301.00 to $288.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 14th. Finally, Bank of America lifted their price target on shares of RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $284.00.

About RenaissanceRe

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.