RenaissanceRe (NYSE:RNR) Releases Earnings Results, Beats Estimates By $2.34 EPS

RenaissanceRe (NYSE:RNR) issued its earnings results on Wednesday. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.89 by $2.34, Briefing.com reports. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 27.34%. RenaissanceRe’s revenue was up 52.1% on a year-over-year basis. During the same period last year, the business posted $8.33 EPS.

RenaissanceRe Stock Performance

RenaissanceRe stock opened at $268.12 on Friday. The stock has a market cap of $13.99 billion, a PE ratio of 3.86, a P/E/G ratio of 1.82 and a beta of 0.39. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. RenaissanceRe has a 12-month low of $188.24 and a 12-month high of $300.00. The business’s 50-day moving average price is $267.63 and its two-hundred day moving average price is $241.69.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, December 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.58%. RenaissanceRe’s dividend payout ratio is currently 2.25%.

Insider Activity at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $279.00, for a total transaction of $279,000.00. Following the sale, the executive vice president now directly owns 82,044 shares of the company’s stock, valued at approximately $22,890,276. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Evercore ISI lifted their target price on RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a research note on Thursday. Jefferies Financial Group raised their target price on shares of RenaissanceRe from $270.00 to $314.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. StockNews.com cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. boosted their price objective on RenaissanceRe from $274.00 to $280.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Wells Fargo & Company increased their target price on RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $291.30.

RenaissanceRe Company Profile

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.