RenaissanceRe Holdings Ltd. Declares Quarterly Dividend of $0.32 (RNR)
RenaissanceRe Holdings Ltd. (NYSE:RNR) announced a quarterly dividend on Thursday, August 3rd, Zacks reports. Stockholders of record on Friday, September 15th will be paid a dividend of 0.32 per share by the insurance provider on Friday, September 29th. This represents a $1.28 annualized dividend and a dividend yield of 0.86%. The ex-dividend date of this dividend is Thursday, September 14th.
RenaissanceRe Holdings has raised its dividend payment by an average of 3.5% annually over the last three years and has raised its dividend annually for the last 12 consecutive years. RenaissanceRe Holdings has a payout ratio of 15.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect RenaissanceRe Holdings to earn $9.73 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 13.2%.
RenaissanceRe Holdings (NYSE:RNR) traded down 0.36% on Friday, reaching $147.69. 26,667 shares of the company traded hands. The stock has a 50 day moving average of $141.99 and a 200-day moving average of $142.29. RenaissanceRe Holdings has a 1-year low of $116.10 and a 1-year high of $152.00. The stock has a market capitalization of $5.95 billion, a price-to-earnings ratio of 12.61 and a beta of 0.65.
RenaissanceRe Holdings (NYSE:RNR) last announced its quarterly earnings results on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.46. The firm had revenue of $555.75 million for the quarter, compared to analysts’ expectations of $540.65 million. RenaissanceRe Holdings had a net margin of 28.30% and a return on equity of 8.49%. The company’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.55 EPS. On average, equities analysts anticipate that RenaissanceRe Holdings will post $8.66 EPS for the current year.
Several research analysts have recently weighed in on RNR shares. Wells Fargo & Company reissued a “hold” rating on shares of RenaissanceRe Holdings in a research report on Sunday, April 16th. Zacks Investment Research lowered shares of RenaissanceRe Holdings from a “hold” rating to a “strong sell” rating in a report on Friday, May 5th. ValuEngine upgraded shares of RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Morgan Stanley restated an “equal weight” rating and issued a $144.00 price objective (up from $138.00) on shares of RenaissanceRe Holdings in a report on Friday, July 7th. Finally, J P Morgan Chase & Co lowered shares of RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $165.00 to $145.00 in a report on Friday, July 28th. Ten analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. RenaissanceRe Holdings currently has a consensus rating of “Hold” and an average price target of $143.20.
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In related news, SVP Stephen Howard Weinstein sold 14,000 shares of the business’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $143.19, for a total value of $2,004,660.00. Following the sale, the senior vice president now directly owns 75,162 shares in the company, valued at approximately $10,762,446.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Ross Curtis sold 5,300 shares of the business’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $148.23, for a total transaction of $785,619.00. Following the completion of the sale, the senior vice president now owns 98,564 shares in the company, valued at $14,610,141.72. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 57,644 shares of company stock worth $8,462,507. 1.80% of the stock is owned by insiders.
RenaissanceRe Holdings declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, May 17th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the insurance provider to buy up to 99% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.
RenaissanceRe Holdings Company Profile
RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company’s products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category.
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