RenaissanceRe Holdings Ltd. (NYSE:RNR) Declares $0.40 Quarterly Dividend

RenaissanceRe Holdings Ltd. (NYSE:RNR) announced a quarterly dividend on Wednesday, November 5th. Stockholders of record on Monday, December 15th will be given a dividend of 0.40 per share by the insurance provider on Wednesday, December 31st. This represents a c) annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, December 15th.

RenaissanceRe has increased its dividend payment by an average of 0.0%annually over the last three years and has raised its dividend annually for the last 30 consecutive years. RenaissanceRe has a payout ratio of 4.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect RenaissanceRe to earn $38.87 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 4.1%.

RenaissanceRe Trading Up 1.7%

NYSE RNR opened at $267.17 on Thursday. The company has a market cap of $12.32 billion, a price-to-earnings ratio of 7.42, a P/E/G ratio of 2.08 and a beta of 0.27. RenaissanceRe has a 52 week low of $219.00 and a 52 week high of $300.00. The business has a 50 day moving average price of $249.48 and a 200-day moving average price of $244.96. The company has a quick ratio of 1.36, a current ratio of 1.40 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, October 28th. The insurance provider reported $15.62 EPS for the quarter, beating the consensus estimate of $9.49 by $6.13. The firm had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $1.97 billion. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.The company’s quarterly revenue was down 4.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $10.23 earnings per share. As a group, equities analysts expect that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on RNR shares. Morgan Stanley dropped their price target on RenaissanceRe from $285.00 to $280.00 and set an “overweight” rating on the stock in a research report on Monday, July 14th. Citigroup started coverage on RenaissanceRe in a research report on Wednesday, August 13th. They set a “buy” rating and a $288.00 price target on the stock. UBS Group upped their price target on RenaissanceRe from $265.00 to $272.00 and gave the company a “neutral” rating in a research report on Wednesday, October 8th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $303.00 price target on shares of RenaissanceRe in a research report on Thursday, October 9th. Finally, Wells Fargo & Company upped their price target on RenaissanceRe from $278.00 to $285.00 and gave the company an “equal weight” rating in a research report on Thursday, October 30th. Four research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $283.67.

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.