RenaissanceRe Holdings Ltd. (RNR) Expected to Post FY2016 Earnings of $6.80 Per Share
RenaissanceRe Holdings Ltd. (NYSE:RNR) – Investment analysts at Langen Mcalenn lifted their FY2016 earnings per share estimates for shares of RenaissanceRe Holdings in a note issued to investors on Monday. Langen Mcalenn analyst R. Byrnes now anticipates that the firm will post earnings of $6.80 per share for the year, up from their prior estimate of $6.75. Langen Mcalenn also issued estimates for RenaissanceRe Holdings’ Q4 2016 earnings at $1.66 EPS, Q1 2017 earnings at $2.38 EPS, Q3 2017 earnings at $1.65 EPS and Q4 2017 earnings at $2.60 EPS.
Other equities analysts have also recently issued reports about the company. Zacks Investment Research upgraded RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a report on Friday, October 7th. Keefe, Bruyette & Woods increased their price target on RenaissanceRe Holdings from $130.00 to $134.00 and gave the stock a “market perform” rating in a report on Thursday, July 28th. One analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $119.14.
RenaissanceRe Holdings (NYSE:RNR) opened at 127.89 on Wednesday. The firm’s 50-day moving average is $122.68 and its 200-day moving average is $117.62. RenaissanceRe Holdings has a 52-week low of $107.27 and a 52-week high of $128.09. The company has a market capitalization of $5.26 billion, a PE ratio of 10.87 and a beta of 0.46.
RenaissanceRe Holdings (NYSE:RNR) last issued its earnings results on Tuesday, November 1st. The company reported $2.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.79 by $0.30. The business had revenue of $442.47 million for the quarter, compared to the consensus estimate of $488.38 million. RenaissanceRe Holdings had a net margin of 30.02% and a return on equity of 8.54%. The firm’s revenue for the quarter was up 23.9% on a year-over-year basis. During the same period in the previous year, the company earned $2.58 earnings per share.
Several large investors have recently made changes to their positions in the stock. Walleye Trading LLC acquired a new stake in shares of RenaissanceRe Holdings during the second quarter valued at about $125,000. Seven Eight Capital LLC acquired a new stake in shares of RenaissanceRe Holdings during the first quarter valued at about $192,000. Chevy Chase Trust Holdings Inc. acquired a new stake in shares of RenaissanceRe Holdings during the second quarter valued at about $200,000. BTC Capital Management Inc. raised its stake in shares of RenaissanceRe Holdings by 8.8% in the second quarter. BTC Capital Management Inc. now owns 1,823 shares of the company’s stock valued at $216,000 after buying an additional 148 shares in the last quarter. Finally, Gideon Capital Advisors Inc. acquired a new stake in shares of RenaissanceRe Holdings during the second quarter valued at about $227,000. 94.50% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Aditya Dutt sold 599 shares of the firm’s stock in a transaction on Tuesday, October 25th. The stock was sold at an average price of $125.00, for a total transaction of $74,875.00. Following the completion of the sale, the insider now directly owns 51,049 shares of the company’s stock, valued at approximately $6,381,125. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Stephen Howard Weinstein sold 3,000 shares of the firm’s stock in a transaction on Friday, September 2nd. The shares were sold at an average price of $120.00, for a total value of $360,000.00. Following the sale, the senior vice president now directly owns 82,511 shares of the company’s stock, valued at $9,901,320. The disclosure for this sale can be found here. 2.40% of the stock is owned by corporate insiders.
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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