RenaissanceRe (NYSE:RNR) Issues Earnings Results, Beats Expectations By $2.32 EPS

RenaissanceRe (NYSE:RNR) announced its quarterly earnings data on Tuesday. The insurance provider reported $12.18 EPS for the quarter, topping analysts’ consensus estimates of $9.86 by $2.32, Briefing.com reports. The firm had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.05 billion. RenaissanceRe had a return on equity of 28.59% and a net margin of 24.79%. The company’s revenue was up 41.3% on a year-over-year basis. During the same period last year, the company earned $8.16 earnings per share.

RenaissanceRe Trading Down 0.4 %

NYSE RNR opened at $218.43 on Thursday. The stock has a market capitalization of $11.51 billion, a price-to-earnings ratio of 4.83, a PEG ratio of 2.91 and a beta of 0.31. The stock’s 50 day moving average price is $226.74 and its two-hundred day moving average price is $216.34. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.40 and a current ratio of 1.40. RenaissanceRe has a 52 week low of $174.22 and a 52 week high of $239.42.

RenaissanceRe Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.39 dividend. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.56 annualized dividend and a yield of 0.71%. RenaissanceRe’s payout ratio is presently 3.45%.

Insider Buying and Selling at RenaissanceRe

In other news, Director Carol P. Sanders sold 880 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $227.59, for a total transaction of $200,279.20. Following the sale, the director now owns 5,363 shares in the company, valued at approximately $1,220,565.17. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Carol P. Sanders sold 880 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $227.59, for a total transaction of $200,279.20. Following the sale, the director now owns 5,363 shares in the company, valued at approximately $1,220,565.17. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Robert Qutub sold 2,500 shares of the stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total value of $586,400.00. Following the completion of the sale, the chief financial officer now owns 70,424 shares in the company, valued at approximately $16,518,653.44. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

RNR has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their price objective on RenaissanceRe from $237.00 to $245.00 and gave the stock a “neutral” rating in a research report on Wednesday. TD Cowen initiated coverage on RenaissanceRe in a research report on Wednesday, January 10th. They issued a “market perform” rating for the company. Evercore ISI boosted their target price on RenaissanceRe from $216.00 to $218.00 and gave the stock an “underperform” rating in a research report on Wednesday. BMO Capital Markets boosted their target price on RenaissanceRe from $216.00 to $295.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Finally, UBS Group boosted their target price on RenaissanceRe from $229.00 to $238.00 and gave the stock a “neutral” rating in a research report on Monday, February 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $249.00.

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.