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

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

RenaissanceRe Price Performance

Shares of RenaissanceRe stock opened at $218.43 on Thursday. The stock’s 50-day simple moving average is $226.74 and its 200-day simple moving average is $216.34. RenaissanceRe has a 52 week low of $174.22 and a 52 week high of $239.42. The company 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 company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.23.

RenaissanceRe Increases Dividend

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

Insider Transactions at RenaissanceRe

In other news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $234.56, for a total value of $586,400.00. Following the sale, the chief financial officer now directly owns 70,424 shares of the company’s stock, valued at $16,518,653.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $234.56, for a total value of $586,400.00. Following the sale, the chief financial officer now directly owns 70,424 shares of the company’s stock, valued at $16,518,653.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carol P. Sanders sold 880 shares of the business’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 value of $200,279.20. Following the sale, the director now directly owns 5,363 shares in the company, valued at $1,220,565.17. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

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