Equities Analysts Set Expectations for RenaissanceRe Holdings Ltd.’s Q1 2017 Earnings (RNR)
RenaissanceRe Holdings Ltd. (NYSE:RNR) – Equities research analysts at Langen Mcalenn lowered their Q1 2017 earnings per share estimates for RenaissanceRe Holdings in a report released on Tuesday. Langen Mcalenn analyst R. Byrnes now anticipates that the brokerage will post earnings per share of $2.23 for the quarter, down from their prior estimate of $2.25. Langen Mcalenn also issued estimates for RenaissanceRe Holdings’ Q2 2017 earnings at $2.20 EPS.
RenaissanceRe Holdings (NYSE:RNR) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $1.55 EPS for the quarter, missing the consensus estimate of $1.92 by $0.37. The company had revenue of $483.30 million for the quarter, compared to analyst estimates of $410.83 million. RenaissanceRe Holdings had a return on equity of 9.41% and a net margin of 27.26%. The business’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.18 earnings per share.
Several other research analysts also recently issued reports on the stock. Zacks Investment Research upgraded shares of RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research report on Friday, October 7th. Keefe, Bruyette & Woods boosted their price objective on RenaissanceRe Holdings from $130.00 to $134.00 and gave the stock a “market perform” rating in a report on Thursday, July 28th. Finally, Citigroup Inc. reissued a “neutral” rating on shares of RenaissanceRe Holdings in a report on Tuesday, June 21st. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company. The stock has an average rating of “Hold” and a consensus target price of $119.14.
Shares of RenaissanceRe Holdings (NYSE:RNR) opened at 123.78 on Friday. The firm has a market capitalization of $5.10 billion, a PE ratio of 12.56 and a beta of 0.49. The company’s 50 day moving average is $120.24 and its 200 day moving average is $116.74. RenaissanceRe Holdings has a 12-month low of $107.27 and a 12-month high of $124.44.
Several hedge funds have recently made changes to their positions in the stock. Capstone Asset Management Co. boosted its stake in shares of RenaissanceRe Holdings by 1.2% in the third quarter. Capstone Asset Management Co. now owns 6,132 shares of the company’s stock worth $737,000 after buying an additional 70 shares during the period. British Columbia Investment Management Corp boosted its stake in shares of RenaissanceRe Holdings by 62.9% in the third quarter. British Columbia Investment Management Corp now owns 33,710 shares of the company’s stock worth $4,051,000 after buying an additional 13,022 shares during the period. Evercore Wealth Management LLC boosted its stake in shares of RenaissanceRe Holdings by 10.1% in the second quarter. Evercore Wealth Management LLC now owns 5,480 shares of the company’s stock worth $644,000 after buying an additional 504 shares during the period. Mason Street Advisors LLC bought a new stake in shares of RenaissanceRe Holdings during the second quarter worth approximately $2,308,000. Finally, Royal Bank of Canada boosted its stake in shares of RenaissanceRe Holdings by 48.7% in the second quarter. Royal Bank of Canada now owns 74,047 shares of the company’s stock worth $8,696,000 after buying an additional 24,247 shares during the period. 94.78% of the stock is owned by institutional investors.
In other news, CEO Kevin Odonnell sold 3,000 shares of the company’s stock in a transaction dated Tuesday, October 4th. The stock was sold at an average price of $119.33, for a total value of $357,990.00. Following the completion of the sale, the chief executive officer now directly owns 267,944 shares of the company’s stock, valued at approximately $31,973,757.52. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Ian D. Branagan sold 2,000 shares of the company’s stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $117.32, for a total value of $234,640.00. Following the completion of the sale, the senior vice president now directly owns 55,589 shares of the company’s stock, valued at $6,521,701.48. The disclosure for this sale can be found here. 2.40% of the stock is owned by insiders.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 15th were paid a $0.31 dividend. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.00%. RenaissanceRe Holdings’s dividend payout ratio (DPR) is presently 12.50%.
RenaissanceRe Holdings Company Profile
RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services. The Company’s core products include property catastrophe reinsurance and specialty reinsurance risks. The Company’s segments include Catastrophe Reinsurance, Specialty Reinsurance and Lloyd’s. Catastrophe Reinsurance includes catastrophe reinsurance and certain property catastrophe joint ventures managed by the Company’s ventures unit.
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